On January 1, 2010, organized real estate was still reeling from the recession. Dale Stinton was steering the ship at NAR. Zillow was seen as the enemy of the MLS. Real estate software was meh. Agent teams were rare. Nearly all brokerages took a split. Selling your house online seemed outrageous. And we still signed documents in pen.
On this episode of Industry Relations, Rob and Greg are looking back at the last 10 years in real estate. They discuss the passing NAR’s MLS Statement 8.0 Clear Cooperation Policy, debating the significance of the office exclusives loophole and how it might lead to government involvement. Our hosts also express their disappointment around the Newsday investigation in Long Island, Testing the Divide, challenging brokerage leadership to make a strong statement against the egregious racism it uncovered.
Greg and Rob go on to share their top 10 defining moments and trends with the biggest impact on the industry over the last decade, describing how the rise of agent teams, 100% commission brokerages, the iBuyer model and consolidation have transformed organized real estate. Listen in for insight into how NAR’s decision to fund RPR and Upstream changed the way the MLS saw Zillow and explore how the space has evolved from 2010 through the end of 2019.
NAR’s passing of the MLS Statement 8.0 Clear Cooperation Policy
Rob & Greg’s take on the Newsday investigation in Long Island
How the loophole in 8.0 could lead to government involvement
The 10 defining trends/events in the last decade of real estate
The end of poorly designed software The rise and domination of agent teams The transition in leadership at NAR Opendoor pioneering the iBuyer model Zillow’s acquisition of Trulia 100% commission brokerages Consolidation and the influx of capital The practice of buying agents/agent teams The mainstreaming of digital signatures NAR’s decision to fund RPR + Upstream Connect with Rob and Greg:
MLS Clear Cooperation Policy
Compass Pre-Litigation Letter to Bright MLS
Bright’s Response to Compass
Newsday Documentary: Testing the Divide
Rob’s Blog on the Newsday Piece
1000watt Article on Real Estate Software
The Millionaire Real Estate Agent by Gary Keller with Dave Jenks and Jay Papasan
Ben Thompson Interview with Rich Barton
The Red Dot