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

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

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!

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

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!

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

Rob Hahn and Greg Robertson close out the year with their annual predictions episode. They debate where housing transactions, interest rates, and home prices are headed, then turn to broader market forecasts. The conversation shifts to industry-specific predictions around lawsuits, private listings, MLS policy, portal strategy, and where consolidation may reshape brokerages and real estate technology next.

• Existing home sales, interest rates, and median home price predictions — with very different rationales.

• Why mortgage rates may be driven more by the bond market than the Fed.

• Bold calls on NASDAQ, gold, and Bitcoin.

• Compass vs. Zillow and the future of private listings.

• A potential overturning of the NAR settlement and what that would mean for the industry.

• Why forms litigation could be the next major legal battleground.

• What portals like Zillow, Realtor.com, and Homes.com may need to change.

• Predictions around major brokerage, franchise, and proptech consolidation.

• MLSs redefining participants, IDX access, and control of listing data.

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 Hahn and Greg Robertson close out the year by revisiting their 2024 predictions and grading how they actually turned out. From transaction volume and mortgage rates to MLS power shifts, NAR's role, Zillow's influence, and major industry moments, the episode becomes a candid year-in-review on what really changed—and what didn't—in real estate.

Key Takeaways

Greg outperformed Rob on most economic predictions, including transaction volume, mortgage rates, and median home prices.

The stock market's strong performance validated Rob's bullish call.

MLSs and NAR dominated debate: MLS autonomy increased, while NAR's influence continued to erode.

Realtor.com's acquisition activity missed Greg's specific predictions, while Rob's calls on Phoenix-style breakaways and MLS mergers did not materialize.

Zillow's growing power, ongoing lawsuits, and IDX tensions were identified as major forces shaping the future.

Housing affordability emerged as a defining political issue, highlighted by discussions around commissions, younger voter sentiment, and proposals like 50-year mortgages.

Both hosts frame 2025 as a "transition year," where the consequences of earlier lawsuits and policy shifts fully surfaced.

Next week, 2026 Predictions!

Links:
Bingo Board
Vendor Alley

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!

Rob Hahn and Greg Robertson dig into the escalating conflict between Zillow and MRED over private listing networks (PLNs), IDX rules, and Zillow's Listing Access Standards (ZLAS). What starts as a dispute over listing visibility quickly becomes a deeper conversation about power: who ultimately controls listing data—the MLS or the portal? The episode explores MRED's emails to brokers, Zillow's outreach for direct feeds, potential January disruptions, and why this fight could set a precedent for MLS–portal relationships nationwide.

• Zillow and MRED are on a collision course over whether Zillow can selectively exclude PLN listings while still receiving IDX feeds.

• MRED argues selective exclusion violates its IDX rules; Zillow argues it owes transparency to sellers and consistency to its standards.

• Emails suggest Zillow may pursue direct broker feeds, potentially bypassing the MLS if access is cut off.

• The dispute is less about private listings themselves and more about control—"who runs Barter Town."

• Outcomes range from MLS dominance, to Zillow dominance, to a hard-to-define compromise—with major implications for brokers, sellers, and other MLSs.

Links

Zillow stalemate with Chicago's MLS looks like it's coming to a head

Mad Max Clip

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!

In this episode, Rob and Greg dive into the recurring issue of embezzlement and financial mismanagement within small Realtor associations. Using recent cases as a jumping-off point, they debate what "transparency" should actually look like in a member-driven nonprofit, whether associations should provide full access to financial records, and what safeguards could reasonably prevent future financial failures. The discussion gets spirited as they explore audits, member oversight, governance culture, and how much transparency is too much—or not enough.

• Embezzlement in small associations: Recent cases highlight how financially fragile many smaller associations are and how one incident can destabilize them.

• Audit funding proposals: Rob suggests that state or national associations should fund audits for smaller associations that can't afford them.

• Transparency debate: Rob advocates for allowing any member to inspect line-item financials; Greg argues that professional audits—not member investigations—are the correct mechanism for oversight.

• Concerns about disruption: Greg emphasizes how untrained members digging through records could create confusion, waste staff time, or misinterpret legitimate expenses.

• Proper purpose & confidentiality: Rob proposes a compromise where members may inspect records but must keep information within the association; Greg notes NDAs may be required due to vendor contract confidentiality.

• Governance culture: Both agree that trust has eroded in parts of organized real estate, though they disagree on the extent and cause.

• Association survival risk: When embezzlement happens in small associations, they may face insolvency or be forced to merge.

• Checks & balances: Discussion includes dual-signature thresholds, expense-tracking systems like Ramp, and the importance of third-party annual audits.

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!

Rob and Greg break down the newest developments in NAR governance, the fallout from the failed referral-fee disclosure vote, and the rapid moves by industry players like eXp and CAR to implement their own transparency standards. They also examine broader structural questions: Should MLSs raise the bar? Is the NAR brand salvageable? The conversation then turns to Zillow's decision to remove climate-risk scores, shifting public sentiment, and the growing political and economic pressures facing housing, affordability, and real estate professionals.

• NAR's proposed change to the Code of Ethics regarding referral-fee disclosure failed—not at the board level, but at the delegate body, highlighting severe governance issues.

• eXp and the California Association of REALTORS® are moving ahead with their own transparency and disclosure updates, signaling a break from NAR's direction.

• The discussion raises whether MLSs should (or realistically can) "raise the bar," with Rob arguing it could undermine the MLS value proposition.

• Greg and Rob note that weakened enforcement and membership incentives make it difficult for NAR to rebuild the Realtor brand without major structural reform.

• Zillow has removed on-site climate risk scores after industry pushback, which Rob frames as Zillow aligning with shifting consumer and cultural sentiment.

• The hosts raise concerns about affordability, generational frustration, and political volatility—warning that real estate professionals must better understand and respond to consumer mood.

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