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Rob and Greg open the episode by honoring Glenn Kelman's retirement from Redfin, reflecting on his leadership style, industry impact, and memorable moments. The conversation then pivots to new state-level legislation in Wisconsin and Washington targeting listing transparency, and whether laws attempting to regulate "public marketing" will actually change broker behavior—or simply create loopholes.

• Glenn Kelman's legacy: Widely regarded as a first-ballot industry Hall of Famer for his longevity, candor, and mission-driven leadership at Redfin.

• Marketing vs. data: "Marketing" a listing is not the same as disclosing full MLS data—an important distinction lawmakers may be overlooking.

• Legislation limits: New laws requiring public marketing are difficult to define and enforce, and may fail to prevent private or limited-exposure listings.

• Free market tension: Over-regulation can lead to workarounds and unintended consequences rather than the transparency it aims to create.

• MLS role evolving: MLS participation is increasingly seen as a trade-off rather than a necessity, though inertia and seller expectations remain powerful forces.

Links

Satirical Realtor Video

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Production and Editing Services by Sunbound Studios

The Industry Relations Podcast is now available on your favorite podcast player!

Rob and Greg dive into a packed week in real estate: the Compass–Anywhere deal officially closes, CoStar announces major spending cuts for Homes.com, and the recently settled Top Agent Network lawsuit raises big questions about the future of Clear Cooperation. They debate what these moves mean for MLSs, brokers, and portals—and preview the industry shake-ups still to come.

• MLS Reset is sold out, with Rob returning as a featured speaker.

• Compass–Anywhere deal closes, surprising some who expected DOJ interference.

• CoStar cuts Homes.com spending by 35%, signaling a shift in strategy but not an exit from residential.

• Debate over Homes.com's future: Will CoStar pivot, partner with brokerages, or rethink its model?

• Top Agent Network settlement surfaces new guidance from NAR, suggesting TAN may not violate Clear Cooperation—potentially reshaping private-listing practices.

• Rob and Greg strongly disagree on the long-term impact of the TAN news and the strength of private networks.

• Upcoming injunction ruling (Zillow vs. NAR/DOJ context) may matter less than expected depending on how Compass positions itself.

Links

Compass Article

Greg Hague Guest Post

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Production and Editing Services by Sunbound Studios

The Industry Relations Podcast is now available on your favorite podcast player!

In this episode, Rob and Greg dive into the implications of a future where exclusive listings become the industry norm. They explore how this shift could reshape brokerages, MLS operations, agent recruitment, consumer transparency, and portal business models. With a slow news week in real estate, the discussion becomes a deep speculative analysis of what happens if the market fully embraces private listing networks, how big brokers consolidate power, and whether the MLS becomes a "nice to have" rather than a necessity. They also touch on political factors, Zillow vs. Homes.com strategy, and how agents might adapt in a less transparent ecosystem.

• Exclusive listings could dramatically shift power to large brokerages, enabling stronger recruitment flywheels and disadvantaging boutique firms.

• Big brokers may form alliances to consolidate private listing access, leaving smaller shops struggling to compete.

• MLSs risk becoming secondary tools—useful but no longer essential—if private networks supply the bulk of market inventory.

• Consumer transparency may decline if days-on-market and price-change history disappear, increasing agent value as data interpreters.

• Portal strategies (Zillow, Homes.com) may need to adapt, especially if sellers aren't willing to pay for exposure under an exclusive model.

• The industry still misunderstands exclusive listings, which are less about double-ending and more about recruiting, retention, and leverage.

• Market cycles and seller psychology remain central, as many sellers still prefer full exposure while others choose convenience and certainty.

• Political housing policy may shift unexpectedly, though current geopolitical chaos makes predictions uncertain.

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