- 1 day ago
On today’s episode, Editor in Chief Sarah Wheeler talks with Joe Rath, head of real estate industry relations at Rocket, about Rocket’s partnership with Compass, how the rules around private listings are changing and what to expect next.
Related to this episode:
Compass, Rocket, Redfin urge MLSs to allow seller-directed pre-marketing
https://www.housingwire.com/articles/mls-pre-marketing-rules/
HousingWire | YouTube
https://www.youtube.com/channel/UCXDD_3y3LvU60vac7eki-6Q
More info about HousingWire
https://lnk.bio/housingwire
To learn more about Trust & Will visit trustandwill.com
The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate.
Related to this episode:
Compass, Rocket, Redfin urge MLSs to allow seller-directed pre-marketing
https://www.housingwire.com/articles/mls-pre-marketing-rules/
HousingWire | YouTube
https://www.youtube.com/channel/UCXDD_3y3LvU60vac7eki-6Q
More info about HousingWire
https://lnk.bio/housingwire
To learn more about Trust & Will visit trustandwill.com
The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate.
Category
🗞
NewsTranscript
00:08Welcome, everyone. My guest today is Jo Rath, head of real estate industry relations at Rocket,
00:13to talk about their partnership with Compass, how the rules around private listings are changing,
00:18and what to expect next. Before we dive in, I want to thank our sponsor,
00:22Trust in Will, for making this episode possible. Jo, welcome to the podcast.
00:27Thanks so much for having me. Thank you for being on. Okay, very timely topic. We have gotten so
00:33much feedback on our stories on this topic because people are somewhat confused about what's going on.
00:40I think things are rapidly changing on the real estate listing side, and you guys are sort of
00:45front and center in that. So quick recap of what's been happening with real estate listings in case
00:51people aren't up to speed or even if they are and they're confused is broadly the rules around
00:56private listings have changed a lot in the last several months, right? In November,
01:00the National Association of Realtors changed their policy to give local MLSs, and that is your
01:06multiple listing services, the ability to set their own rules on private listings and non-member access,
01:12among other things. So they've shifted the risk and the decision, right, to those local entities,
01:19and so that's kind of where you guys come in. You're doing a full court press on those guys now
01:24and saying, hey, we should talk about private listings. So my first question to you, just to
01:29set the stage, what is a private listing versus what we're used to? Yeah, I mean, that's the issue
01:35too, right, with the terminology because I feel like there's a lot of overlapping terminology with
01:39different products and how MLSs think about it and how NAR thinks about it. But a private listing to me
01:45really in this partnership, especially with Compass that we'll talk about, is a listing that is in
01:51this phase one or two of Compass's strategy, which is phase one, some would call like an office
01:57exclusive or an exclusive listing. Compass calls it a private exclusive, where basically you just got
02:03the listing agreement signed. Let's pretend this is a Compass agent with a seller, and this agreement
02:08is signed, and for a period of time, it's usually pretty brief. It can be circulated among folks in the
02:14office and shared. We have it by MLS rules as a tally and a black box experience. But that would
02:22be like an exclusive listing. And then there's also this, what you're hearing a lot about, like a
02:26coming soon listing is private or exclusive, which is this sort of soft launch of a listing is the way
02:32we think about it, where you can test the market, you can hide days on market and price change history
02:38and estimates to sort of test that out for a period of time before it goes into full blown, basically,
02:45every real estate website in the country, thousands of websites and broader exposure, essentially. So
02:50the short version is anything that's sort of before that last stage of broad exposure to the market is
02:56private or exclusive.
02:58Right. And this is pretty controversial, because there are people who feel like, you know, the MLS,
03:03that that sort of like public listing that there's no like pocket listings or private listings is one of the
03:09strengths of the US, you know, housing market, when you're searching for stuff, it's all very visible, you can
03:15see it, or your real estate agent can see it and share it with you. And you don't have to
03:19go searching for a lot of
03:20different places if it's private. So tell me about like, obviously, Compass came into this, even before they
03:27joined you really coming out saying, you know, they have a different model, they want to do this
03:32differently. And then you guys partnered up. So so maybe tell us how that looks from your
03:36perspective and compasses perspective, I do want to talk about that, because that is the why the
03:41partnership came about. But I think maybe it'd be helpful, just to go back to last summer and
03:46rockets acquisition of Redfin. So Redfin, obviously, is this very large portal, beautiful website,
03:52there's 50 million people per month on it. And after this acquisition, so we're the proud new owners
03:57of this beautiful portal. And we're wondering, like, how do we use this to solve real world problems for
04:04what's actually happening in the market. And as you know, like the biggest problem in the market right
04:08now is affordability and bringing more homes to market. So like we this is all this all started
04:13with a belief, basically, where, you know, with the seller being able to choose how to market a property,
04:19that would create more opportunities because because when they have more options, more of them
04:25are likely to list and by default, affordability will approve. So that's the backdrop. And then
04:31enter compass that has this three phase marketing strategy, whose first two phases basically accommodate
04:38what we're looking for was to get sellers off the fence. And we could talk about what scenarios where
04:43that's true and a little bit too, because I think there's some misconceptions around it. But basically,
04:47they have this three phase marketing plan, where in phases one and two, you can test the market out,
04:52you can get a strategy in place before broad distribution. And we seemed like a natural
04:57partner there where they had just got done, or were in the planning stages of an acquisition of
05:02anywhere themselves. And so they were about to become the largest listing brokerage in the country,
05:07which has since happened. And it's like, okay, well, this sounds like a good opportunity to get as much
05:11inventory as possible on to redfin.com to help with affordability.
05:16Thank you for that backstory. Because, you know, people maybe who aren't paying attention to this
05:20part of the market are like, why are you talking to a guy at Rocket about real estate stuff?
05:25Yeah, exactly.
05:26It's very relevant, obviously, because you guys did buy Redfin. You know, everything that happened last
05:31summer has led to us to this point. And then to partner with Compass, to your point, number one,
05:38bought number two. I mean, huge, huge company now.
05:42Yeah, exactly. And also, I knew a lot about that deal, because I came over to Rocket as a part
05:46of
05:46that deal. I was at Redfin for 11 years before coming over to the Rocket side of things. So yeah,
05:52when I talk about it as the most beautiful website in the country, maybe I have a little bit of
05:55bias there. But certainly, that's what our customers think, too. But I did like the idea,
06:00too, of just like, most people know, to your point, Rocket as a mortgage company, that is our
06:05flagship product. So Rocket was always thinking about ways to help with affordability. But from
06:11the housing perspective, and you have this new portal, how do we actually bring more homes onto
06:16that portal to help with the same problem? And that's what we're intending to do with this partnership.
06:21So maybe walk us through this a little bit. So Compass has, like I said, and you referenced,
06:27I mean, they came out already and said, listen, we want this three-step model,
06:30this tiered model, and they feel like they're willing to take the hit on that. And there could
06:35be a hit on that, right? They could get fined. They've had, I believe it was Zillow that was like,
06:42okay, so we're not going to carry any of your listings if they're not going to be
06:46available to everyone. If you're going to have this three-phase model. And Robert Refkin,
06:52the CEO of Compass, was like, bring it on. He's not afraid of that. And even in his most recent
07:00earnings call said, listen, now not only do I say bring it on, but I've got Rocket behind me,
07:04too. So double bring it on. Double dog dare you to do it. Yeah. Well, and that's a big part
07:09of my
07:10job, too, is to advocate for rule changes at the MLS level. Like a big part of my job is
07:14actually
07:15being like a liaison between the Rocket family of companies and these different industry stakeholders,
07:20and very much including MLSs in that group. So there's two different camps here, really, where
07:26I should underscore the fact that it's a minority of MLSs that really still have this all or nothing
07:32value proposition of you're either everywhere or you're nowhere. Like you can whisper around a
07:39water cooler. I think that's an outdated reference at this point in your office, or you have to be
07:44everywhere across every website. And we're trying to like basically come up with seller options along
07:49with Compass to really thread that needle because we do talk to hundreds and thousands of sellers that
07:55want different options. And the way I think about it is because I've been an agent for almost 20
08:00years now. When you put a sign in the yard, there's this sort of oh shoot moment where like as
08:07soon as
08:07that happens, that means you have neighbors that are asking you a lot of questions and want to go
08:12through it. Your kids might have other kids at school that are asking like, hey, I heard you're moving.
08:17And like all the sort of drama or stress that might come along with that and not having control
08:22about what those conversations sound like with your kids. And then MLSs and other websites are
08:27like, and you have to be everywhere all at once. And it's happening as soon as you put a staked
08:31sign
08:32in the yard. And so we're just trying to go back to that in between of seller choice and be
08:38able to
08:38say like, let's throttle that back a little bit because I'm not sure we nailed the price. I think I
08:43can
08:43get X, but maybe it's Y, or I don't want to be punished with things like days on market and
08:48price change
08:49history. So that's a product we were really interested in from the compass perspective.
08:53But really for us, it just comes back to seller choice and not having this all or nothing value
08:59proposition of you're either basically nowhere or you're everywhere all at once.
09:04I think complicating this for most people is that your average consumer does not know what an MLS is,
09:11do not know how these listings, how they get posted one place or not another, why I can see them
09:15on my
09:17realtor site. But if I go on Zillow, I don't, I don't see them. Maybe they're on realtor.com.
09:21So I don't, I think it's already a little bit complicated from, from a consumer perspective.
09:27And so what, but what you guys are trying to do, or I think you're trying to do right is
09:31like make it where they actually have the choice and the policies go back to what does the seller want
09:38to do? Yeah, that's exactly right. And again, there are MLSs and there's a danger of not being
09:44comprehensive here, but I'll name a few just because they do have these rules that accommodate
09:49exactly what we're looking for. Bright MLS, unlock, real tracks is in Nashville, MLS pin is in Boston.
09:56There's huge momentum in this direction, but there are a few MLSs that still hold on to these
10:02antiquated rules that do only allow for that all or nothing value proposition. And the reality is,
10:07is they just get really involved with the distribution of the listing and how it is
10:11displayed across the internet. And again, that's where we think that that part's up to the listing
10:16broker and anyone, the listing broker wants to part with, but it's not up to the MLSs to help agents
10:21or
10:22tell sellers how they should think about marketing. We literally got an email from a, an agent in New
10:29Jersey this morning that when he logged onto his MLS, it said, there's no such thing as a seller that
10:35doesn't want to be on the MLS. A very bold statement. And that to me, it just shows you
10:41exactly what we're up against here and why we wrote the letter, which was basically to say,
10:45to call some of those MLSs out and say, this is problematic because our clients want something
10:51different than what you're offering. So let's talk about that letter. So Compass,
10:55Rocket and Redfin together, you wrote a letter to the big MLSs urging them to allow seller-directed
11:02pre-marketing, which is what we're talking about here, right? What's been the feedback so far?
11:08So you have, you have MLSs who even before this were on board. Where do you see the, the biggest
11:14resistance? I think that what we're interested in the most is to just like, make sure the conversations
11:20are taking place because as part of the Compass and Redfin Rocket deal, we did proactive reach out,
11:26both companies did, which was to say, Hey, we understand your rules. We have brokers there. We have
11:31agents. We understand everything that's going on with it for what we are doing as part of this deal.
11:36Here's how it relates to your rule set and what we're asking as a participant member that we'd
11:40like to see to accommodate seller choice. That was kind of all over the place. You had,
11:46I think like a heavy dose of what is this a little bit of fear, but not one of the
11:5130 conversations I
11:51had in the last two weeks sounded like the one before or after it. And it just goes to show
11:55you
11:55there are 484 MLSs that alone is not sustainable, or it's very problematic for us to have that many
12:02conversations in a short amount of time where to analyze that many rule sets and approach each
12:08one as a participant and say, this is what we'd like to see. It sort of shows you what we're
12:11dealing
12:12with in terms of actually just trying to advocate for what our clients are telling us at the dining room
12:17table. So, you know, we've been talking about seller choice and that's important, but there's another
12:22person to consider here and that's the buyer. And from a buyer perspective, I'm not sure that
12:27chopping these into, okay, so you could say, well, it's, it's difficult with the MLS or whatever,
12:32but from, from a buyer perspective, I do think it's best if, if things can be seen everywhere all at
12:37once, right? Otherwise, how do you get around the fact that like, oh, my real estate agent doesn't even
12:43know that exists or, and I don't know that they don't know. How would I know that? How would I
12:48know that
12:48they're a real estate agent that's plugged into this? Um, how do I know that that's not,
12:52those private listings aren't being used to discriminate against a certain group of people?
12:57Yeah. I mean, to start with, I would argue that, uh, instead of having MLS as the mechanism just on
13:02its own, Redfin, uh, and Compass combined have 60 million users. So, uh, not really trying to hide
13:09anything there and not actually not at all trying to hide anything there where that inventory is
13:13available. Another important point is any, or 90 plus percent of listings that start in phase one
13:20and two actually go on to that phase three, where it's broader distribution. So this really is like
13:25a soft launch. This really is testing the market for a period of time before it gets to that broad
13:29distribution. And the only reason it's always like phase two and three encompasses plan. And the only
13:36reason phase one listings exist in a black box, uh, is because MLS rules won't let us give any property
13:43information about that without triggering a bunch of other rules around public marketing.
13:47So we're actually not interested in hiding listings at all. It's only MLS rules that force us to do that.
13:53So walk me through that a little bit, because you know, that's a little bit in the weeds for me.
13:57I don't really, I just want to make sure I understand. So in that phase one, the goal is not,
14:03I mean, I would think the goal is not to have it on, on that huge platform that everybody can
14:08see.
14:09So how does that change whether the, what the MLS is do?
14:12Yeah. And again, it all, like to us, it starts with the seller's choice. So let's,
14:15let's say that the seller for truly private sales, I think every broker in the country would tell you
14:21the same thing, which is there needs to be at least a carve out for that case where it's a
14:26sensitive
14:26situation or, you know, you don't want to actually broadcast out. Like I hired you because you can work
14:32this a small network to sell it. I don't need any distribution, let alone broad distribution.
14:37So that use case already exists even within MLS and NAR policy. So those are also phase one listings,
14:44but the only reason that we don't show more information about some phase one listings,
14:49and it just exists again, as like a tally to say, if you're searching in a market like,
14:55like Los Angeles, and we would say, well, there's five private exclusive listings here.
15:01The only reason we have to have that black box experience, which is really just a contact form
15:07or a way to get ahold of the listing agent is because MLS rules prevent us from giving out
15:11an address, showing any photos, basically any information about the property before again,
15:17back to the all or nothing value proposition. As soon as we even show a little bit of the address,
15:22it has to be on every brokerage website across the world. And that again,
15:27is where we're trying to go find an in-between space. Most of those go on to phase two,
15:3360 million people. And then once it's in phase three, 250 million plus.
15:39All right. You know, what's the appetite from, you know, a federal, it's one thing for
15:45Compass to say, Hey, MLS is if you come after this on, you know, we're willing to weather that storm,
15:50the fines individual agents might get from individual MLSs. It's another thing to feel like
15:55is the federal government on board with this after we had the whole commission lawsuit settlements.
16:01I know that was a class action thing, but we've also had the DOJ weigh in on some of these
16:07real
16:07estate things. You guys must feel pretty confident that you guys are not going to be caught up in
16:12anything, you know, from that perspective to go forward, correct?
16:16Well, we just feel like we have a fiduciary duty to our clients to actually market the homes the way
16:21that they want to. So real estate is a licensed activity. Like we do trust our agents to have
16:26those conversations in a way that's really thoughtful about local licensing laws. And we
16:31even know that state legislation is being proposed and passed in some locations that actually does
16:36accommodate for a seller to step in and say, I actually choose my home to be marketed this way.
16:41There's still early stages there. It's just something we're monitoring, but anything that rhymes
16:44with a seller choosing how to market it sounds like something we're probably going to be on
16:48board with. It's just early innings on that. But in terms of like any sort of repercussions,
16:54I think I would stand that up and say, well, we're really just doing this specifically at the seller's
16:59instruction and probably even have a document. Well, we do have documentation to show this was their
17:04instruction. It's really the MLS levels where we are blocked. Again, not everywhere though. Like
17:11again, this has been the most exciting thing about my last two weeks is the movement and
17:15the seller choice direction has been really encouraging. So, you know, from your perspective,
17:21obviously like this is a seller and I talked again earlier about the buyer, but from your perspective,
17:27you don't see a problem with like, like I, I can see both sides of this as a buyer. I
17:31want to see
17:32everything. And, and I do think that private listings tend to, um, tend to be less favorable.
17:40If you are a new, uh, first time home buyer, potentially, I mean, people don't know maybe who
17:46is a good agent to go with or who they're going to have. You know what I mean? Like, I
17:50feel like it
17:50puts another level here on, um, who you choose as an agent is even more important, which obviously
17:56might be part of your business plan. You're like, yes, you need to come to these agents, but I'm just
17:59saying like, it does seem like there's somebody who could be disenfranchised here. I don't know.
18:04I mean, I, I don't think so because again, like the, the goal here is broader marketing and about
18:10bringing more inventory to the market. So as a buyer, if I'm looking, I, the idea that we did,
18:17we commissioned this or, or we did some research on this where we think this could actually bring
18:21up to 10% or more inventory to the market. Uh, those seller fence sitters would come off the
18:27sidelines and basically decide to list, uh, as a result of giving sellers more options.
18:33So number one, as a buyer, I think that they are very interested in there being more options
18:37for sale. Uh, I also would have the confidence in knowing that this is really just one stage
18:43in a pre-marketing process that all the other portals have gotten on board with too. It sounds
18:47like that most do go onto that full distribution. To me, it does go back to that conversation.
18:53You can still say in phase three, it will get the most eyeballs. It will drive up the price the
18:58most.
18:59Buyers can find it everywhere. It's on the licensee to have that conversation with the seller.
19:03But as a buyer, I'm thinking this is good for both more inventory available and for affordability
19:09because the more homes that come to market, the more prices come down and I can afford it.
19:13And then there's the mortgage element that we're also offering, which is as part of this deal,
19:17we have up to $6,000 in closing cost credit or a 1.0% reduction in your interest rate
19:24in the first
19:24year. So we're still working the mortgage part of it too. So we have all of these different ways
19:29that we're trying to help buyers with the same problem of affordability.
19:32It'll be interesting. I think, and, and point well taken there, except that I just feel like how
19:37many of those in the phase one are going to get snapped up and don't get to, because right now
19:41we could
19:42say 90%, if you actually get more list as, as we roll this out through more MLSs or it becomes
19:48broader,
19:49is that still the statistic or, or does it become a lot of things get snatched up in that,
19:55in that stage one mode and then buyers aren't seeing everything, um, you know, it becomes more
19:59of an issue. Yeah. I, I take your point. And I do think that again, it's sort of back to
20:04if the seller,
20:05uh, in phase one is saying like, Hey, you know, being behind a black box, not, you know,
20:10for a period of time, maybe just to get it ready. I have a few more repairs to do in
20:14my house or,
20:15uh, let's set aside real privacy issues, which is just like truly private sale will never come
20:20out of phase one. Um, but I would say that most of what our conversations sound like is
20:25I'm very interested in getting into phase two and testing out our marketing thesis and especially
20:30our pricing. And I don't want to be punished for it. And again, even 94% of them are getting
20:35into phase
20:36three. So you're right. Like the more companies start taking this on, the more we are trusting
20:42agents to have those conversations and trade-offs with sellers. Uh, but at the end of the day,
20:46we think that the net of bringing more houses to the market, it's going to be a good thing for
20:50buyers
20:50too. I'm going to be really interested. So we track a metric, um, uh, price cut percentage
20:57per weekly per week, right? It's one of the things we do on our housing market tracker every week.
21:01And just like normal in a normal market, everything's going the way it should be.
21:0630% of listings have to take a price cut before they sell. So obviously there's a disconnect there
21:12between what the seller thinks the house is worth, they're going to sell for, and then what the buyer
21:16is willing to pay. Um, and we've just, you know, 33% is, is just normal in, in over time,
21:23over history.
21:23So it'll be interesting to see if, you know, as, as potentially more of this, you know,
21:28phase one listing happens and if it spreads, you know, does that change or do we get to a, um,
21:35a better price faster or, uh, you know what I mean? Like how, how would that change that price
21:40cut percentage? Yeah. I think that's really interesting too, just as someone that sat down
21:44with sellers at the dining room table and had these conversations, I would tell you sometimes
21:48the pricing, there's a disconnect between the ambition of a price and what the agent's recommending.
21:53Um, but I do think that this is a really good way to solve for that. And I do think
21:57that
21:57they shouldn't be punished when they're really trying to get to that right number. Uh, and,
22:02and again, like phase one and phase two and phase three, these are all like compass terms because
22:06they have three phase marketing, but back to just marketing strategies, uh, period that still goes
22:12back to just seller choice. And again, that the alignment came from that. And I think these sellers
22:17ability call it phased marketing, call it testing out the market or soft launch other brokerage
22:22or other portals are coming out with their own products. I think that that's why this movement exists is
22:26because not everybody is on board with this all or nothing value proposition.
22:31And then you have some portals that are just saying like, we're all about transparency,
22:35but they still ban listings and have a policy. Like, I think that that has been watered down
22:40a little bit or, or revised. I'm not really sure that sounds smart to me. Um, but I think that
22:45there's
22:45this sort of groundswell in the movement of seller choice for exactly the reasons we've been talking about.
22:51So, you know, the other thing that ultimately you think about is we are, there's a lot of work going
22:56on on this particular issue, um, has been over the last year, looks like to continue, but I wonder,
23:02and I, I heard a real estate agent say this yesterday on social is like, at some point,
23:07at what point do, does the AI go out there and scrape everything and deliver it to you?
23:12And it really doesn't matter where it was listed. If it's listed anywhere,
23:15you're going to see it because it's going to come to you.
23:19I know. And I wish I had a crystal ball because like, we think about these things a lot too,
23:24and what that future experience is going to look like. Um, but the one thing that we do think that
23:28even in as LLMs to side on their own approach to it and MLSs and brokerages and portals all partner
23:34with them or don't partner with them and have boundaries and don't have boundaries that we do
23:39still think the agent is central to the transaction. Uh, you've probably heard this on many podcasts
23:43before too, as, as this sort of thesis, but like homeownership and buying and selling is different
23:48where you really do want that personal touch and personal approach. Like if I was buying tomorrow,
23:53I, if I'm trying to picture me being outside of baseball for a second and the fact that my whole
23:57family's in real estate, setting that aside, I still do think that I would work my personal network
24:02or try to find an agent that I really trust to be able to navigate me through this process.
24:07So I think like whatever search looks like, I think that element will still be there.
24:11I agree with you. And I mean, that's been true in my, in the homes that I've bought. Um,
24:15you know, when I, I sat through some of that Sitzer Burnett trial on what the value of the agent
24:19was. And I think, you know, what the, what the plaintiff's lawyers who eventually won, uh,
24:25convinced, you know, they convinced a jury, just one jury, uh, that the value of the agent,
24:31because you could go out and find the listing somewhere, the value of the agent wasn't very high.
24:36And I was just like, they obviously, you know, these are people maybe who don't understand
24:40what that looks like because, you know, finding the listing, just knowing that it exists out there
24:45is the lowest hanging fruit, right? Like I, I, I bought a house in Colorado and, um, we were not
24:53from Colorado and I had this great agent who is like, she, I mean, there's no way I would have
24:58bought
24:59a house in Colorado without her. Um, and even she warned me about some things that I ignored that
25:04I should have paid attention to. I just, I just think about, you know, it comes back to again,
25:10what is the value of a real estate agent? We've seen that value be so sticky, no matter what sort
25:14of technology or how we change these other things is it comes down to that agent. If they're a good
25:19agent, they know, they know the neighborhood, they know the pitfalls, they know what you should be
25:24looking for. They know who you are, what you want. And that's a whole different thing than just like,
25:29here's a listing. Yeah, I totally agree. And I still think that the best agents went out here.
25:35Uh, so again, back to whatever home search looks like, I still think that, uh, they will have a
25:40place in that market, uh, first and foremost as sort of like the front line there, because that
25:44thesis has been tested time and time again, where it's going to be like the death of the real estate
25:48agent. And it's like, well, adoption of working with agents has never been stronger. And by the way,
25:53I still feel a way about MLS is too. So like we're hearing as a result of this partnership,
25:57lots of things around death of the MLS. And my talking point has been like, well, it doesn't
26:02have to be like, you have these good models that either invented a different product or
26:07interpret their rules in a different way that does accommodate this, that are really saying like
26:12seller choice is something we believe in too. Like have fun with your partnership. That sounds
26:16exactly in line with what our philosophy is. And then you have some that just don't see it that way
26:21and get really involved, very rule heavy sort of downstream of filing a listing with the MLS.
26:26They're very prescriptive on the way it it's displayed and distributed. And, and again,
26:31we think that should be in the hands of the seller.
26:34Joe, I really appreciate the conversation. Thanks for coming on and, um, you know,
26:38giving us more insight into this. We'll obviously be following this really closely.
26:42This is a, uh, a fast moving train one way or the other, lots of things happening.
26:47Yeah, absolutely. This was fun. Thanks, Joe. Thanks.
26:56...
26:57...
26:59You
Comments