In this episode of Industry Relations, Rob and Greg explore the evolving definition of an “open market” in real estate. They discuss how consumer expectations, technology shifts, and the dominance of platforms like Zillow are reshaping what it means for a listing to be considered publicly available. The conversation also covers the historical role of the MLS, comparisons to other industries, and whether the industry should rethink its terminology to focus on “fair marketplaces” instead of “open marketplaces.”

Key Takeaways

• Definition of Open Market – Rob and Greg discuss the historical and modern interpretations of what constitutes an open market for real estate listings.

• MLS vs. Portals – Analysis of how MLS participation historically defined an open market and how that has shifted with the rise of Zillow and other portals.

• Consumer Behavior and Technology – Exploration of how changes in consumer behavior and technology have influenced the industry’s definition of market openness.

• Fair Market vs. Open Market – Debate over whether “fair marketplace” would be a more accurate and useful term moving forward.

• Risks of Portal Dominance – Discussion on the risks associated with defining the open market based on a single platform’s dominance.

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In this episode of Industry Relations, Rob and Greg examine how changes to MLS rules, especially around delayed marketing and the Clear Cooperation Policy (CCP), are impacting portals, broker strategies, vendors, and the broader real estate ecosystem. They also explore the implications of the Rocket-Redfin merger, challenges for MLS public-facing websites, and what the new data policy landscape means for technology providers.

Key Takeaways

• Portal Impact of CCP Changes – Rob and Greg analyze how platforms like Zillow, Redfin, Realtor.com, and Homes.com are adapting to rule changes.

• Delayed Marketing and Public Portals – Discussion of how CCP affects MLS public-facing websites, particularly HAR and UtahRealEstate.com.

• Vendor Challenges with VOW Feeds – Vendors may need to shift from IDX to VOW feeds, which are more costly and complex to implement.

• Rocket-Redfin Merger – Examination of how Rocket’s acquisition of Redfin could reshape brokerage models and mortgage integration.

• Enforcement Variability – Insights into how different MLSs may interpret and enforce delayed marketing and cooperation rules.

• Broker Website Tech – Consideration of how IDX and VOW data will influence broker sites and lead generation strategies moving forward.

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In this episode of Industry Relations, Rob and Greg react to Zillow’s announcement that listings violating the Clear Cooperation Policy (CCP) will no longer be allowed on its platform. They discuss how this move could impact private exclusives, delayed marketing strategies, and the role of major brokerages like Compass and eXp. They also explore how this policy could affect MLS governance and whether Zillow’s position signals a shift in industry power.

Key Takeaways

• Zillow’s CCP Policy Enforcement – Listings that violate CCP by being publicly marketed before entering the MLS will be banned from Zillow.

• Impact on Compass’s Strategy – The change could limit Compass’s three-phase marketing model and influence future iterations.

• eXp’s Public Support – Zillow’s announcement included backing from eXp, raising questions about why other brokerages didn’t join.

• MLS Power and Governance – Discussion on how Zillow’s move challenges the authority of MLSs that have their own coming soon policies.

• Consumer Impact and Transparency – Debate over how the policy affects sellers, buyers, and the perceived openness of the listing marketplace.

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In this episode of Industry Relations, Rob and Greg analyze the latest developments in the Clear Cooperation Policy (CCP) and its impact on brokerages, MLSs, and the industry at large. They also discuss how exclusive inventory strategies are reshaping competition, the DOJ’s scrutiny of MLS policies, and what these shifts could mean for agents and consumers moving forward.

Key Takeaways

• Clear Cooperation Policy (CCP) Developments – Updates on how MLSs and brokerages are adjusting to changes in CCP and what’s next.

• Exclusive Inventory Strategies – How brokerages are leveraging private listings to gain a competitive edge.

• DOJ’s Focus on MLS Rules – The Department of Justice’s position on CCP and how it could impact industry regulations.

• Brokerage Competition and Market Power – The role of large firms in shaping listing practices and potential consequences for smaller brokers.

• Future of the Real Estate Marketplace – What shifts in policy and competition could mean for agents, buyers, and sellers.

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The Business Case for Exclusive Inventory

Now what Compass?

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In this episode of Industry Relations, Rob and Greg break down the big news about the Clear Cooperation Policy (CCP) and what its potential changes could mean for the future of real estate. They discuss the DOJ’s ongoing investigation into NAR, the evolving landscape of MLS policies, and how major brokerages are responding. With key shifts on the horizon, they explore what these developments mean for agents, brokers, and the industry at large.

Key Takeaways

• Clear Cooperation Policy (CCP) Under Fire – What the latest updates mean for listing practices and market transparency.

• DOJ vs. NAR – Ongoing legal scrutiny and potential implications for how real estate operates.

• MLS Policy Changes – How the rules around listing distribution may evolve and what it means for competition.

• Brokerage Adaptation – How leading firms are adjusting to the shifting regulatory and policy landscape.

• Industry Power Shifts – The role of leadership changes and legal actions in reshaping the real estate ecosystem.

Resources

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**This podcast was recorded the Friday BEFORE the announcement from NAR on CCP**

In this episode of Industry Relations, Rob and Greg dissect the latest drama surrounding NAR’s Clear Cooperation Policy (CCP), the DOJ’s stance on MLS rules, and the future of PropTech in a shifting real estate landscape. They analyze how recent DOJ statements are being interpreted (or misinterpreted), debate whether the MLS still holds power over large brokerages, and discuss the potential consequences of a fragmented listing system.

Key Takeaways

• DOJ’s Footnote Controversy: Did the DOJ “call out” misleading claims about CCP, or is the industry reading too much into a footnote?

• The Power Struggle Over MLS Data: Rob argues large brokerages are taking control over listing distribution, while Greg questions whether MLSs still provide enough value to keep them in check.

• The PropTech Dilemma: What happens to tools like CMAs, reverse prospecting, and analytics when listings become fragmented across private networks?

• Compass’s Playbook: Is Compass leading the charge toward a new listing system, or just using exclusive listings as a leverage play?

• Enforcement vs. Policy: Greg insists MLS rules work because agents police each other, while Rob questions whether large firms can simply ignore the rules with no real consequences.

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In this episode of Industry Relations, Rob and Greg break down three major real estate bombshells—the rumored Compass acquisition of Berkshire Hathaway HomeServices (BHHS), the Redfin-Rocket merger, and the potential shake-up of NAR’s Clear Cooperation Policy (CCP). They discuss whether Compass is actually in talks with BHHS or if this is just Wall Street speculation, how Redfin and Rocket could disrupt the brokerage model, and why NAR might be making CCP optional to dodge legal liability.

Key Takeaways

• Compass x BHHS Rumors: Wall Street Journal reported that Compass was acquiring BHHS—but BHHS CEO Gino Blefari strongly denied it. So what’s the truth?

• The Redfin-Rocket Power Move: Why Rocket’s mortgage empire could turn Redfin into Zillow’s biggest competitor—and how Respa exemptions give them an edge.

• NAR’s CCP Shake-Up: Is NAR making CCP optional just to shift legal liability onto MLSs? Rob and Greg debate whether this is NAR’s “race to irrelevance.”

• Does Warren Buffett Want Out of Real Estate?: If BHHS is actually up for sale, what does that say about the future of traditional brokerages?

• How the MLS Landscape Could Change: If MLSs get to decide CCP for themselves, will we see regional MLS battles over compliance and cooperation?

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In this episode of Industry Relations, Rob and Greg tackle three major industry shake-ups: Gary Keller selling a stake in Keller Williams, REX losing its lawsuit against NAR and Zillow, and the launch of a new NAR alternative, AREA, by Mauricio Umansky and Jason Haber. They debate what these moves mean for the future of real estate, the ongoing battle over commission structures, and whether the DOJ’s real target is the MLS monopoly. If you’re looking for sharp analysis with a side of sarcasm, this episode delivers.

Key Takeaways

• Keller Williams Goes Private Equity: Gary Keller sells a stake to Stone Point Capital—what does this mean for KW’s future and private equity’s role in real estate?

• The Death of REX?: REX loses its lawsuit against Zillow and NAR. Was this just a bad case, or is the DOJ preparing to take a bigger swing?

• AREA’s New MLS Policy: Mauricio Umansky and Jason Haber’s new NAR alternative introduces a Clear Collaboration Policy—but is it just a repackaged CCP?

• DOJ’s Real Endgame: Rob argues that the Department of Justice doesn’t care about commission lawsuits—it’s after MLS monopolies.

• The Free Market MLS Debate: Should agents have multiple MLS options? Greg and Rob debate the risks and rewards of breaking up the monopoly.

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