Listing Bits

According to research conducted by Freddie Mac, there are 83 million mortgage-ready renters in the US! But most grossly overestimate how much they need for a down payment and very few know about the low down payment programs available to low and moderate-income home buyers. How much could a real estate business grow simply by making down payment assistance part of its business development strategy? Rob Chrane is the CEO of Down Payment Resource, a platform that aggregates down payment assistance program data and connects homebuyers with down payment assistance. Rob has more than 30 years of experience as a top-producing Realtor and mortgage broker, and he has been recognized as a HousingWire Vanguard for his leadership in the housing economy.   On this episode of Listing Bits, Rob discusses who down payment assistance is designed to help and why some agents and lenders are reluctant to incorporate these programs into their workflow. We also discuss the evolution of Proptech as well as the pros and cons of the fractional ownership model. Listen in for insight around how Down Payment Resource shares its data with MLSs, lending companies, and individual agents and LOs—and learn about the massive opportunity available to real estate players with access to down payment assistance tools.   What’s Discussed:  How Rob connects homebuyers with down payment assistance What inspired Rob to create Down Payment Resource Who down payment assistance programs are designed to help Why agents and lenders are reluctant to use these programs How Down Payment Resource gets its data to industry players MLSs and Associations Enterprise solutions for lenders Down Payment Connect (individual agents, LOs) How Down Payment Resource makes money via a subscription model How Rob thinks about the Proptech fractional ownership model How DPR’s data shows up for MLS clients vs. individual agents   Resources: Urban Land Institute Freddie Mac Housing & Economic Research Cloud CMA MGIC Divvy Shelley Specchio   Connect with Rob:  Down Payment Resource Down Payment Connect

Many agents might view Opendoor as a competitor, yet another tech platform out to eliminate their jobs. But what if you could leverage the iBuyer as a partner to build your real estate business? Shannon Fitzpatrick leads a team of 45 agents at Movoto Real Estate in Las Vegas and Henderson, Nevada, and Tyler Hixson serves as the Director of Real Estate Partnerships and Strategy at Opendoor. In this episode of Listing Bits, Tyler and Shannon explain how agents can leverage Opendoor as a tool to grow their business, bringing cash offers to prospects and tying multiple transactions together. Shannon speaks to the value of going into a listing presentation with an Opendoor offer, describing how it allows him to do what’s best for the seller, and Tyler discusses why agents can get a stronger offer from the platform by articulating the property’s unique features. Listen in for insight into the misconceptions agents have about Opendoor and learn how to work WITH the iBuyer to serve your clients and generate more leads. What’s Discussed:  How Shannon uses Opendoor to bring a cash offer to prospects Leveraging Opendoor to tie multiple transactions together The value of going into a listing presentation with an Opendoor offer Opendoor’s offer valuation process and associated service fees How Opendoor passes its vendor discounts on to sellers How Opendoor can serve as a powerful lead gen tool for agents Why agents can get a stronger offer from Opendoor than sellers How Opendoor works directly with agents through closing How Shannon uses Opendoor as a recruiting tool at his brokerage The advantage to sellers of working with an agent AND Opendoor The misconceptions agents have about the Opendoor platform Quality of offer + fees Think it’s out to eliminate agents Opendoor’s plans to expand to serve all customers, home types Resources: W+R Studios Cloud CMA Opendoor/CloudCMA   Connect with Tyler:  Opendoor’s Agent Partner Program   Connect with Shannon: Movoto Shannon’s Website Shannon on Zillow  

When you move fast, you break things.  Mark and the rest of  Remine’s co-founders are definitely shaking things up in the MLS space.  This conversation was recorded at the CMLS Conference in Salt Lake City on October 17th before their recent attempt to launch a new listing portal and Zillow’s decision to cut off access to their Zestimate API   As Mark says, in this wide ranging conversation, Remine’s attitude is to “go big or go home.” In February 2019, Remine raised $30M in private equity to grow its real estate data and analytics platform. A month later, the company announced a painful reduction in force as they shifted focus from upselling agents to partnering with the MLS. So, what prompted Remine’s pivot to an enterprise model? And how are they making the transition from predictive analytics to a next-level MLS system?  Mark Schacknies is the Cofounder and CEO of Remine, a software company that delivers real estate intelligence to more than 825,000 realtors in 40-plus MLS markets. On this episode of Listing Bits, Mark shares the Remine origin story, discussing how the founders started out as competing agents but came together around a shared fondness for data-driven strategies. Mark speaks to Remine’s pivot from predictive analytics tool to full MLS system, describing what inspired their transition to an enterprise model and how they are addressing their lack of experience in the realm of MLS conversion. Listen in for insight around how Remine’s philosophy differs from legacy incumbents like CoreLogic and learn what success looks like for Mark’s team on their journey to an IPO.   What’s Discussed:    How the founders of Remine started out as competitors Leveraging tech to transform real estate from within How the MLS governs the world’s most important asset class Why Redfin is at the top of Mark’s list of consumer portals Balancing privacy with data to empower decision-making What inspired Remine’s pivot to a full MLS platform What a day-in-the-life of Mark Schacknies looks like How Remine is addressing a lack of experience in MLS conversion The difference in philosophy between Remine and CoreLogic How Remine’s UI gives control to MLSs re: business rules What success looks like for Remine + the IPO timeline Resources:   CMLS 2019 The Third Wave: An Entrepreneur’s Vision of the Future by Alvin Toffler Cloud CMA Joe Kazzoun Connect with Mark:   Remine Mark on LinkedIn  

You can ask Alexa to turn on the lights, show you the forecast, remind you what’s on your calendar today, or give you the score of the Astros game. And now, voice assistants are expanding to the real estate industry, allowing agents to open their business information and even access the MLS—with the sound of their voice alone!   Miguel and Ami Berger are the creators of Voiceter Pro, the conversational search platform that brings real estate and consumers together via conversations with voice assistants like Amazon’s Alexa and Google Home. On this episode of Listing Bits, brought to you live from the 2019 RESO Fall Conference, Miguel and Ami share their mission to provide customized voice technology to the real estate space, affording voice access to websites, MLSs and associations.   Miguel and Ami explain how they came to create the company and describe their vision for Voiceter 2.0, offering insight around potential features and applications that could be added to the platform. Listen in to understand why the Voiceter technology is system agnostic, how industry standards make it easier for small teams to innovate, and what applications Voiceter might facilitate beyond the real estate vertical. What’s Discussed:  Voiceter’s mission to provide voice to the real estate industry How Voiceter affords voice access to MLSs and associations The potential for Voiceter customization by MLS and agent How Miguel and Ami came to create Voiceter Pro Miguel’s vision around potential features for Voiceter Pro Why the Voiceter Pro team has decided to be system agnostic How the consumer search works and what info it provides Voiceter Pro’s intention to integrate with other vendors, APIs How industry standards support developers like Voiceter Pro Potential voice applications beyond the real estate vertical How Voiceter Pro brands to the agent, broker or association   Resources: Ami’s Voiceter Pro Presentation at RESO RESO 2019 Fall Conference FBS CoreLogic Trestle Samsung Bixby Adam Cheyer The BBC’s Beeb Cloud CMA Developers Page ShowingTime   Connect with Miguel & Ami: Voiceter Pro Voiceter on Vimeo Voiceter on Twitter Voiceter on Facebook Ami on LinkedIn Miguel on LinkedIn  

Michael Wurzer is 100% confident of one thing: The MLS creates value in the real estate market that doesn’t exist in any other way. No one else has created enough trust to generate that same level of cooperation among competitors. And rather than being a scourge to brokers, Michael argues that the MLS powers the market. That unique value prop is the reason why he believes current trends will prove the value of the MLS—not kill it.   Michael is the CEO of FBS, the leading innovator of MLS technology. He has 22 years at the helm of this highly-respected real estate software brand which was named one of Forbes2019 Small Giant companies. On this episode of Listing Bits, Michael addresses the trend toward off-market listings, sharing his take on why it’s not a threat to the MLS. He weighs in on the potential creation of a ‘vendors association’ that would afford prescreened developers access to real estate data.   Michael also discusses the likelihood of consolidation in the MLS vendor space, tech adoption in the employee versus independent contractor models, and the importance of data in light of high agent churn. Listen in for insight around the value of integration among real estate tech vendors and learn Michael’s take on the role of the MLS in creating choice for its members.   What’s Discussed:    How standards are key in making software easier to build The trend toward off-market listings and its impact on the MLS The idea that pocket listings are a kind of DIY-Upstream The resilience of the MLS community and its unique value prop The creation of a ‘vendor’s association’ to prescreen developers Why ShowingTime’s acquisitions of CSS is a holy shit moment The likelihood of consolidation in the MLS vendor space Tech adoption in employee vs. independent contractor models The importance of data in light of high agent churn Why SaaS marketing techniques don’t work in real estate The value of integration among vendors and with the MLS The role the MLS plays in creating choice for its members   Resources:   Pocket Listings on Industry Relations EP037 Inman Panel on the MLS & iBuyers Michael’s ‘Death of MLS?’ Blog Post Andy Woolley at Homes.com Swanepoel Trends Report ShowingTime’s Acquisition of CSS Lone Wolf Technologies Software is Eating Real Estate on Industry Relations EP029 Cloud CMA Developers Page BombBomb Curaytor   Connect with Michael:   FBS Flexmls Michael on LinkedIn  

“These combinations are fragile. You’re pulling 43 associations together. You’re pulling all these different boards together. You’re pulling all these different things together … so, I suppose you could look at blowing it up and go, ‘Why the hell did you do that?’ [The consolidation of MLSs] was a big deal and was very, very expensive. It really was, both in time and energy and everything involved. But you could also look at it this way: It’s something that had to be done. It really, really did. So, you can take your pain now or later.” Brian Donnellan is the interim CEO of Bright MLS, a consolidation of nine forward-thinking MLSs in the Mid-Atlantic region that serves 85K real estate professionals and facilitates approximately 250K annual transactions valued at more than $70B. Brian has 13 years of industry experience, serving as CFO and COO of MRIS prior to the merger. On this episode of Listing Bits, Brian shares the challenges of merging different personalities and cultures and explains how the Bright consolidation gave others the courage to follow suit. Brian also offers insight around the power of relationships in the real estate industry, the factors that influence growing agent attrition, and the value of building a product that helps brokers and agents make better decisions. Listen in to understand why Bright MLS is bringing on new staff from outside the industry and learn how the team’s commitment allowed them to endure criticism during the consolidation and get to a place they can be proud of! **A quick note, due to a microphone issue the sound quality of this isn't that great.**   What’s Discussed:    Brian’s background in information systems and public policy How we underestimate the relationship aspect of real estate Brian’s insight on the factors that influence agent attrition How building a better product supports agent production The challenge of merging the cultures of MRIS + TREND MLS The distinction among members, customers and subscribers The rocky start to the process of consolidating Bright MLS How the Bright team endured the criticism on social media The value of bringing in new staff from outside the industry Brian’s pride in Bright’s progress and vision of the future   Resources:   Inman Connect Teaching Strategies Homesnap Tom Phillips David Charron Frank Major Chris Finnegan Mike DelGaudio   Connect with Brian:   Bright MLS Brian on LinkedIn

Ever wonder what happened to all the business cards you’ve handed out over the years? Wish there was a better way to engage with prospects beyond simply giving them your contact information and hoping for the best? The SavvyCard platform affords real estate professionals the opportunity to provide immediate value to new leads, sharing information relevant to their initial conversation with the prospect. And most importantly, SavvyCard gives the agent control of the follow-up!   David Etheredge is the cofounder and CEO of SavvyCard, a lead development platform designed to facilitate proactive, tech-enabled follow-up with prospects. David and his team are committed to helping real estate agents, brokers, associations and affiliates build a direct relationship with buyers and sellers through technology and networking tools that put the customer experience first. Prior to SavvyCard, David managed software development teams for Disney Interactive, Microprose and Hasbro Interactive and cofounded a boutique digital marketing agency.   Today, David shares the origin story behind SavvyCard, explaining the platform’s intent to facilitate proactive follow-up by way of a digital business card. He discusses the SellerShare feature, describing how it can be used to engage sellers in promoting their own listing on social media. David also walks us through best practices for following up with prospects, addressing the data around how quickly agents should follow up and offering ideas for how to provide value. Listen in for David’s insight around the role of advertising in growing a business and learn why real estate professionals should take advantage of social platforms to promote new property listings!   What’s Discussed:    David’s background managing software development teams How SavvyCard originated as a better way to engage prospects How progressive web apps will change the way content is distributed How SavvyCard facilitates tech-enabled, proactive follow-up Engaging sellers in promoting their listing on social via SellerShare The data around following up within 10 minutes of meeting a lead Following up with a relevant article or service recommendation Why it’s valuable to post new property listings on Facebook David’s insight around the role of advertising in growing a business SavvyCard’s intent to become a part of the real estate toolkit   Resources: SellerShare   Connect with David: SavvyCard David on LinkedIn

“We will never sacrifice service to our existing customers to growth. We just won’t. Our first priority is taking care of our customers.”   Merri Jo Cowen is the CEO of Stellar MLS, the third-largest regional MLS in the US with nearly 60K members in 16 REALTOR Associations throughout Central and Southwest Florida and Puerto Rico. Formerly known as My Florida Regional MLS, the organization’s recent rebrand is inspired by its reputation as the country’s most customer-focused MLS and intention to design a curated experience for each subscriber. Merri Jo’s resume also includes a 6-year run as CEO of Northern Nevada Regional MLS, and in her 35-plus years in the industry, she served as president of CMLSand played an integral role in the development of the CMLXprofessional accreditation program.   Today, Merri Jo shares her journey from entering listing input at the Reno Board of Realtors to CEO of Stellar, offering insight around the challenges she faced in moving from NNRMLS to MFRMLS in 2008. She discusses her commitment to foster future industry leaders, her involvement in the MLS Grid, and her proactive approach to solving for front-end of choice. Listen in to understand how MFRMLS has grown under Merri Jo’s leadership—without sacrificing service—and learn how the organization is working to create a ‘curated customer journey’ for each of its members.   What’s Discussed:    Merri Jo’s journey from entering listing input to MLS CEO Merri Jo’s commitment to foster future industry leaders Merri Jo’s leadership in developing the CMLX program   The challenges of moving from NNRMLS to MFRMLS The experience of expanding Stellar to include Puerto Rico What inspired the rebranding of MFRMLS to Stellar MLS Stellar’s emphasis on creating a curated customer journey Why Merri Jo sees value in being part of the MLS Grid Merri Jo’s proactive approach to solving front-end of choice   Resources:   NNRMLS CMLS CMLX Shelley Specchio Chris Carrillo Sean Murphy T3 Summit MLS Grid Flexmls Matrix Remine Cloud MLX NAR Legislative Meetings Rapattoni   Connect with Merri Jo:   Stellar MLS Email:  ceo [at] stellarmls [dot] com

Rather than trying to predict the future of real estate and act accordingly, Gene Millman is working to collaborate with brokerages to create the future together. He comes to MLS leadership from a unique perspective, leveraging his experience running a brokerage to find ways to say YES to his members and champion the industry as a whole.   Gene is the CEO of Northern Nevada Regional MLS. With 32 years of experience in the real estate industry, he served as an agent, broker-manager and broker-owner before making the transition to MLS executive. Greg has held key leadership roles with various local, regional and state associations, and his recognitions and honors include Realtor of the Year for the Delaware Association of Realtors and Hall of Fame Inductee at the New Castle County Board of Realtors.     Today, Gene explains how serving on the board at TRENDintroduced him to the MLS world and how working on consolidation ignited his passion for the space. He introduces us to his mission to partner with brokers and create a future together. Gene also offers his predictions around the potential iBuyer market share and shares his take on portals as a broker versus MLS exec. Listen in for insight on creating culture within a team and securing buy-in for your vision—and learn how Gene’s background as a broker influences his approach to running an MLS.   What’s Discussed:    How serving at TREND introduced Gene to the MLS world How MLS consolidation ignited Gene’s passion for the space The differences among governance models from MLS to MLS Gene’s approach to running the MLS to serve the brokers Why Gene doesn’t believe that the MLS is under threat The MLS’s responsibility to secure data, give brokers control Gene’s aim to partner with brokers + create a future together How a market correction may impact views toward the MLS Gene’s take on portals as a broker-owner vs. MLS executive Gene’s predictions around the potential iBuyer market share The value in creating culture + getting buy-in for your vision   Resources:   T3 Summit TREND MLS   Connect with Gene:   Northern Nevada Regional MLS Gene on LinkedIn

Glenn Kelman has always had the ambition to make real estate better for consumers. But it took him a while to realize that he wasn’t the only one who wanted to do that. He came into the game with an US vs. THEM mentality, assuming that all of Redfin’s competitors were villains and snake oil salesmen. To his relief, it turned out that his industry rivals were actually good people. And while that doesn’t make him any less driven, he does concede that this shift in perspective has made him ‘not quite so insufferable.’ Glenn Kelman is the President and CEO of Redfin, a technology-powered brokerage designed to redefine real estate in the customer’s favor. Prior to Redfin, Glenn cofounded the startup Plumtree Software and served as its VP of Marketing & Product Management until its acquisition in 2005. Glenn has been the CEO of Redfin for the past 13 years, and under his leadership, the company was twice named Innovator of the Year by Inman News. Redfin went public in July of 2017, and today, its market cap is $1.82B. Today, Glenn explains why he still feels like an underdog, despite Redfin’s success. He weighs in on running a mission-driven company, discussing his aim to ‘do something good for real estate consumers’ whether Redfin makes money or not. Glenn also covers the civil nature of the relationship between Redfin and Zillow, Redfin’s new partnership with Re/Max, and the impetus behind Redfin’s ‘buy without an agent’ feature. Listen in for Glenn’s insight on cultivating agent professionalism and learn how his perception of the competition has changed over time. What’s Discussed:  Why Glenn still feels like an underdog despite Redfin’s success Glenn’s aim to ‘do something good for real estate consumers’ Glenn’s take on the tribal nature of American politics How becoming a father has made Glenn a better leader The learning culture Glenn works to cultivate at Redfin How Glenn’s perspective of his competitors has changed Glenn’s solutions-based approach to candor with employees How Glenn is driven by the desire to live up to his potential The civil nature of the relationship between Redfin and Zillow How Redfin addresses the idea of agent professionalism The impetus behind Redfin’s new partnership with Re/Max What inspired Redfin’s new ‘buy without an agent’ feature   Resources: T3 Summit Glenn’s ‘Once and Future King’ Post Vendor Alley Andreesen Horowitz Real Estate Stats   Connect with Glenn:  Redfin Glenn on LinkedIn