Real Estate From The Trenches

NAR Reconsiders SOP 10-5 Amid Free Speech Concerns

May 26, 2025

The National Association of REALTORS® (NAR) is set to consider revisions to Standard of Practice 10-5 at its upcoming June 2025 Board of Directors meeting. These proposed changes aim to address longstanding concerns about the scope and enforcement of the standard, which prohibits REALTORS® from using harassing speech, hate speech, epithets, or slurs based on protected characteristics.

Since its adoption in 2020, SOP 10-5 has been criticized for potentially infringing on members’ freedom of speech, particularly in contexts unrelated to their professional real estate activities. Notably, there have been instances where REALTORS® faced disciplinary actions for expressing personal religious beliefs outside of their professional roles. For example, Wilson Fauber, a Virginia REALTOR® and ordained minister, was found in violation of SOP 10-5 after reposting a Bible verse on his personal Facebook page. The post, which supported the biblical view of marriage, led to ethics complaints and potential penalties, including fines and loss of REALTOR® membership .

Clear Cooperation No Longer Clear-Cut as Howard Hanna Breaks Away

May 24, 2025

Hanna Rejects NARS clear Cooperation Policy

Howard “Hoby” Hanna didn’t mince words in his interview with Inman this week. The CEO of Howard Hanna Real Estate Services drew a hard line in the sand, declaring that his company will no longer view the National Association of Realtors’ Clear Cooperation Policy (CCP) as binding. “We’re giving our sellers and ourselves choice,” Hanna said, emphasizing the need for flexibility, innovation, and freedom from what he called “the edicts of organized real estate.” His broader point echoes what I’ve written about before—real estate is local, not one-size-fits-all. National policies that fail to respect the uniqueness of individual markets create confusion, increase legal risk, and ultimately don’t serve consumers or agents well.

Hoby’s argument, that MLSs should control their own participation rules rather than enforcing blanket NAR mandates, aligns with what many of us in the industry have been quietly thinking (although I’m not always so “quiet” on it). As the structure of compensation and cooperation continues to unravel post-NAR settlement, it’s time for brokerages to evaluate their models. I’ve long said that giving buyers and sellers more transparency and agents more tools is the path forward, not adding layers of compliance. Hanna’s defiance may seem bold, but it’s likely just the beginning. As he put it, “We actually think other people should take a hard look.” I think they will.

Rocket, Redfin, and the Real Estate “Renaissance”: Wall Street’s Take from the Trenches

May 22, 2025

Zillow vs Costar vs MLS - Wall streets take on the real estate industry

I just finished Rob Hahn’s latest Notorious POD episode with Ryan Tomasello, managing director and equity research analyst at KBW (see his profile here). The episode is required listening for anyone trying to understand what’s really coming next for our industry. You’ll find the full episode embedded below.

Wall Street analysts are calling this a real estate “renaissance.” This is not business as usual. As Tomasello pointed out, there’s no modern industry that’s seen this kind of disruption—not even the taxi/Uber fight compares. We are watching the foundation shift in real time.

Agents Are Making More Money—but Losing Faith in NAR, Survey Finds

May 6, 2025

A newly released industry survey puts some hard data behind the shift many agents have been sensing: higher income potential, yes—but also higher dissatisfaction with the profession and its institutions. The survey, conducted by Redfin in partnership with Ipsos, focused on 500 non-Redfin agents who closed at least one deal in 2024. Among its most striking findings: while nearly 30% of agents reported earning over $100,000 last year, only 21.2% would recommend real estate as a career. And over half now say they hold an unfavorable view of the National Association of Realtors (NAR)—up sharply from just 19% the year before.

As the chart below shows, more agents are getting deals done. In 2024, 72.2% closed more than five sales, up from 63% in 2023. Incomes rose in step, with 58% earning over $50,000 compared to 49% the prior year. But performance isn’t the whole picture. The Redfin survey highlights growing pressure from commission negotiations, uncertainty about brokerage support, and sharp disillusionment with NAR following last year’s $418 million settlement. Nearly four in ten agents say those changes have already hurt their business, while over half report more clients are trying to haggle commissions. It all adds up to a real disconnect: the deals are getting done, but confidence in the industry’s leadership is slipping fast.

Real Estate’s New Reality: Rules Are Out, Big Players Are In

April 28, 2025

If you’re still operating like the real estate world runs on clear policies and NAR rulebooks, you’re already behind. What’s happening now — with CRMLS refusing to implement a mandatory NAR policy, and Zillow quietly setting its own listing standards — is a clear signal: the old rules-based system is collapsing. We’re moving into a market where size, reach, and direct consumer control will matter more than compliance with association mandates. For agents, brokers, investors, and even homeowners, this means adjusting expectations fast. If you’re relying on the MLS or traditional structures to protect your interests, it’s time to rethink your strategies.

Large players like CRMLS and Zillow aren’t waiting for formal decisions anymore; they are acting independently based on their market power. Smaller MLSs, brokerages, and agents who can’t or won’t adapt risk being pushed aside. Investors and homeowners should pay attention too — as access to listings, transparency, and even who controls information about their properties is changing. Those of us who work “in the trenches” know this shift isn’t theoretical; it’s happening in real time. Power, not rules, is now setting the pace of real estate — and the only way to stay relevant is to move with it, not against it.

CRMLS Says No to New NAR Listing Policy, Citing Clarity Over Complexity

April 24, 2025

Last month, NAR rolled out a new MLS policy they’re calling “Multiple Listing Options for Sellers.” The idea is to let sellers delay when their listings appear on IDX sites and third-party portals, even while they’re actively marketing the property. It’s optional for MLSs, and CRMLS didn’t waste any time reviewing it—and flat out said no.

Why? Because we don’t need it. CRMLS’s current system already gives brokers the ability to opt out of IDX and syndication. Adding a new listing category just to hit a checkbox creates more problems than it solves. We’re talking more confusion, more compliance issues, and more explaining to do with sellers who just want to know where their listing is showing up online.

Zillow’s Big Rule Change: Game-Changer or Nothing Burger?

April 21, 2025

Zillow’s April 18 clarification, courtesy of Chief Industry Development Officer Errol Samuelson’s LinkedIn post, attempts to clear the air after some major industry blowback following their April 10 announcement. Zillow boldly doubled down on its shiny new “listing access standards,” insisting that any listing marketed to some buyers must be accessible to all—essentially throwing shade at the trendy rise of private listing networks. Samuelson confidently frames these standards as a noble effort to level the playing field and ensure transparency. But, just to spice things up, he also dismisses opposing views as “misinformation,” suggesting critics are merely craving the spotlight.

So, what exactly is Zillow allowing or disallowing under this supposedly big rule shift?

Redfin Joins Zillow in Blocking Listings Not First Shared via MLS

April 14, 2025

Redfin Follows Zillows lead on blocking non MLS Listings

Glenn Kelman, CEO of Redfin, announced this week that Redfin.com will no longer display listings that were publicly marketed before being shared through the MLS. In a post published April 14th on Redfin’s blog, Kelman stated, “Because we believe that all buyers should be able to see all listings, Redfin.com will not publish any listings that have been publicly marketed before being shared with all real estate websites via the MLS.” In an effort to support this approach, he also called on MLSs to adopt a coming-soon designation that hides days on market and price changes, features often cited by agents and sellers as barriers to listing early on the MLS.

Zillow Blocking Listings? Less Access for you?

April 12, 2025

🏠 Zillow’s New Policy: Game-Changer or Power Grab?

Zillow and Compass Tackle NAR Clear Cooperation Policy from Opposite Angles

April 10, 2025

Public vs Private Listings- Zillow vs Compass

Moments ago, Zillow announced new listing access standards aligned with the National Association of REALTORS® (NAR) Clear Cooperation Policy, taking a firm stance on listing transparency. According to Zillow’s press release, the standards, effective May 2025, emphasize that any property publicly marketed must be listed on the MLS within one day and also displayed on Zillow and other platforms receiving MLS feeds.

Zillow’s release states clearly, “If a listing is marketed directly to consumers without being listed on the MLS and made widely available where buyers search for homes, it will not be published on Zillow.” They justify this position by arguing selective access to listings “create confusion, harm consumers, and erode trust in the marketplace.”