Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview In this episode, Rob and Greg dive into the newly surfaced Zillow–Compass court documents, a leaked Zillow strategy plan, and Mike DelPrete's analysis of the preliminary injunction hearing. They also discuss the broader market context—from the real cost of living in 2025 to generational tension—and debate whether the lawsuit will meaningfully change industry behavior. The conversation closes with predictions, stakes, and possible compromise paths between Compass and Zillow. Key Takeaways A "must-read" macro article kicks off the show. Rob discusses a Substack piece on the U.S. poverty line and how outdated metrics distort today's economic reality. Zillow and housing affordability tie back into the industry. The leaked Zillow strat plan is unusually strong. Both hosts agree the internal document is one of the most robust strategic plans seen in real estate, showing detailed situational analysis and clear tactical pathways. MLSs should study its structure. Compass vs. Zillow: The PI hearing matters. Rob argues the preliminary injunction ruling may reshape industry norms more than the eventual trial. If Compass wins, Zillow may need to pivot fast. If Zillow wins, Compass may face recruiting and retention issues. DelPrete's takeaway: "Nothing will change." Greg leans toward this view, citing industry inertia. Rob disagrees, pointing to long-term structural shifts like MLS loss of compensation and NAR's diminishing relevance. Broker exclusives and 3PM are the core battle. The debate centers on whether private/preview listings harm consumers or empower brokers. Greg doubts the model's long-term viability; Rob sees competitive incentives that could drive proliferation. Potential compromise ideas emerge. The hosts float options such as removing Days on Zillow, hiding public price-change history, or creating a paid Zillow product for private listings. No clear middle ground exists yet. Predictions and a steak-dinner bet. Both tentatively lean toward Compass having a better storytelling advantage in court, though the outcome is far from certain. Links Zillow's coordinated pressure campaign against MLSs Ocusell Fills the Gap Aligned Showings A Strategic Analysis of the Compass v. Zillow Court Hearing Connect with Rob and Greg Rob's Website Greg's Website Watch us on YouTube Our Sponsors: Cotality Notorious VIP The Giant Steps Job Board Production and Editing Services by Sunbound Studios

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg break down what happened at NAR NXT in Houston — from the empty expo floor to major MLS–Association policy changes. Greg shares on-the-ground insights from meetings, parties, and conversations with MLS leaders, while Rob analyzes the strategic implications of NAR's 18-point PAG recommendations and what he calls the "emancipation" of MLSs. They also discuss winners and losers of the policy shifts, potential impacts on associations, vendors, portals, and brokers, and tee up a future episode on NAR's new strategic plan. Key Takeaways Expo Floor Shift: Major real estate brands were largely absent, and new vendors were mostly centralized in the REACH kiosk area. NAR's pavilion took up a large portion of the floor. Tightened Meeting Access: Vendors and some MLS staff were denied entry to MLS policy roundtables, signaling increased NAR gatekeeping. Policy Changes = MLS Freedom: NAR repealed disciplinary guidelines and removed the requirement for MLS users to be association members, pushing authority to the local level. Rob argues this effectively removes NAR from the MLS business. Winners & Losers: Winners: Large MLSs, large brokers, possibly Zillow (depending on data access negotiations). Losers: State and local associations relying on mandatory membership; potentially Realtor.com as syndication leverage shifts. Associations Must Reinvent: Without mandatory membership, associations must create new value propositions and revenue paths. Strategic Plan Concerns: Rob calls NAR's new strategic plan "a pile" of platitudes and plans a full breakdown in a future episode. Parties & Atmosphere: Rentspree, ICE, and others hosted strong events, but the conference felt less relevant overall with notable CEO absences. Connect with Rob and Greg Rob's Website Greg's Website Watch us on YouTube Our Sponsors: Cotality Notorious VIP The Giant Steps Job Board Production and Editing Services by Sunbound Studios

Rob and Greg dive into the buzz surrounding the NAR Annual Conference, discussing attendance patterns and committee speculations. They explore the implications of a potential 50-year mortgage and debate whether lower interest rates could actually stimulate home sales. The conversation shifts to a new Zillow-related lawsuit and how Rocket/Redfin might navigate potential RESPA risks. Finally, they highlight the polished experience at Zillow Unlock, attended by top agents, where business connected with brand strategy.

Zillow's recent privacy policy changes spark a heated debate on data access and agent trust. The term 'mutual customer' triggered significant backlash, revealing communication failures at Zillow. Discussions highlight concerns over CRM data use and potential industry ripple effects as agents fear for their client lists. Both hosts emphasize the erosion of trust as a significant risk, while also placing Zillow's decisions within a broader trend in tech. The conversation wraps up with advice for agents to adapt to these evolving privacy expectations.

Hosts dive into the challenges facing real estate's innovation, focusing on outdated MLS technology and bureaucratic hurdles. They tackle the slow permissioning process that stalls startups and explore a proposal for a faster license system akin to a SAFE agreement. The discussion highlights the need for standardized guidelines to tackle inconsistency and fragmentation across MLS systems. With governance issues creating bottlenecks, the call for reform emphasizes both speed and fairness in the industry.

Rob and Greg tackle the contentious CRMLS EULA update, highlighting the clash between broker data rights and MLS ownership claims. They examine the fallout from miscommunication that left many unaware of significant changes. The debate intensifies with Compass CEO Robert Reffkin's posts prompting industry scrutiny. Topics include MLS strategies for data ownership, governance issues, and the vital need for improved communication to brokers. With calls for transparency, they explore the potential impacts on the industry and stress the importance of ongoing dialogue.

Rob and Greg dive into the intriguing Zillow-ChatGPT integration, sparking debates on IDX compliance and the evolving role of AI in real estate. They compare this shift to the early days of Google, highlighting how AI filters listings with more nuance than traditional search. The hosts question outdated MLS policies and advocate for new principles to govern data use. As AI reshapes the industry, they stress that agents embracing these tools will outperform those who resist. Who needs data restrictions in the age of AI? It's a thought-provoking discussion!

A surprising acquisition by Compass could redefine residential real estate. The debate centers on whether Anywhere is truly the industry's crown jewel or just a pawn. Zillow's dominance looms large, prompting talk of potential responses from lobbying to launching their own brokerage. The future of private listings sparks concern over an arms race among brokerages. Discussions also examine Rocket Companies' strategy, impacts on MLS visibility, and how AI might disrupt traditional listing models.

Rob and Greg dive into the highlights of CMLS 2025 in Toronto, discussing both the venue's hiccups and the strong content presented. They tackle bold leadership topics, including the separation of associations and MLSs, as well as the implications of the Compass/Anywhere merger. Vendor frustrations emerge with slow sales cycles and entrenched competition. The duo debates AI's potential impact on the realtor landscape and questions Opendoor's AI-first strategy. Overall, they navigate the shifting dynamics of MLS operations and technology.

Rob and Greg explore the monumental acquisition of Anywhere by Compass, unpacking its $1.6 billion all-stock deal and the debt implications. They discuss the potential for industry consolidation, antitrust concerns, and how this move could redefine private listings. With predictions of competitors like Zillow and Keller Williams adopting private listing strategies, they dive into the shifting dynamics of brokerage operations. The conversation also touches on how this acquisition could impact traditional MLS practices and consumer preferences in the real estate landscape.