the WiRE - Technology Edition

By: the WiRE - the Week in Real Estate
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  • Exploring the tools, trends, and tech driving innovation and efficiency in real estate.
    © 2024 The WiRE Podcast Network. All rights reserved. This podcast and its content, including audio, text, and graphics, are the intellectual property of The WiRE Podcast Network. Unauthorized reproduction, distribution, or use is strictly prohibited without prior written consent. For permissions or inquiries, visit thewirefm.com.
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Episodes
  • MLS is Dead? These Two Just Bet Millions on Its Survival (and the Tech That Proves It)

    MLS is Dead? These Two Just Bet Millions on Its Survival (and the Tech That Proves It)
    Apr 10 2025
    Is the traditional Multiple Listing Service (MLS) on its last legs? In an era of rapid technological advancement and evolving real estate models, the question of the MLS's future is a hot topic. This episode tackles this very question by examining a recent significant development: the investment by NorthstarMLS in Minneapolis and the Mid-America Regional Information System MLS (MARIS) in St. Louis in REcore Solutions. This isn't just a minor financial move; it's a strong statement about the continued importance and potential of the MLS in the modern real estate landscape. Join us as we delve into why these leading MLS organizations are betting big on REcore Solutions and what this means for the future of real estate cooperation and technology.Why the "MLS is Dead?" Talk?Before we explore the investment, it's important to understand why some are questioning the longevity of the MLS. The rise of national portals, alternative listing platforms, and discussions around data access have led to debates about the traditional role of the MLS. However, the actions of NorthstarMLS and MARIS suggest a different perspective – one where the MLS not only survives but thrives through strategic innovation.NorthstarMLS and MARIS MLS: A Vote of ConfidenceOn April 9, 2025, REcore Solutions announced that NorthstarMLS and MARIS MLS had invested in the company. This investment is described as a move that "further solidif[ies] REcore Solutions’ position as a driving force in the MLS technology space". Both MLS organizations articulated their belief in REcore's vision and its potential to address the challenges facing the industry.REcore Solutions: The Technology Behind the BetSo, what exactly does REcore Solutions offer that has garnered this significant investment? REcore Solutions is a "leading provider of MLS SaaS solutions and data licensing". Built by "known MLS technology leaders, for MLSs and Associations," the company aims to solve current industry challenges. Their key products include:REcore (SSO dashboard): Likely a single sign-on dashboard designed to streamline access to various MLS tools and resources.DataCore (MLS data management solution): A platform focused on efficient and secure management of MLS data.Data-licensing solutions: Services related to the licensing and distribution of MLS data.According to the announcement, REcore Solutions focuses on "simplifying workflows, increasing data security, and giving MLSs more ownership options and control over their technology ecosystem".Why This Investment Matters:This investment signifies several key points:Commitment to Innovation: Tim Dain, CEO of NorthstarMLS, stated, "At NorthstarMLS, we believe in investing in products that we consider core to systems and future... REcore is stabilizing the MLS technology landscape and evolving old ideas they pioneered, like MLS front-end of choice". This highlights a proactive approach to ensuring the MLS remains technologically relevant.Addressing Industry Challenges: REcore Solutions was specifically created "to solve the challenges the industry faces today". The investment indicates that NorthstarMLS and MARIS MLS see REcore as a key partner in navigating these challenges.Value of Collaboration and Scale: Cameron Paine, president and CEO of MARIS MLS, emphasized the importance of collaboration, stating, "As an MLS organization with limited programming resources in-house, we understand the importance of leveraging collaboration and scale to develop products designed specifically for our industry’s evolving needs. REcore is building exactly that, and we are proud to be part of their journey". This highlights the efficiency and effectiveness of MLSs working together on technology solutions.Control Over Technology and Data: A central theme is the desire for MLSs to have greater control over their technology and data strategies. Art Carter, CEO of REcore Solutions, noted that the investment "validates our vision and accelerates our ability to deliver cutting-edge solutions that put MLSs in control of their technology and data strategies".The Bigger Picture: The Future of MLSThe investment in REcore Solutions can be seen as a strategic move to ensure the MLS remains a vital component of the real estate industry. By backing technology that enhances efficiency, security, and control, NorthstarMLS and MARIS MLS are demonstrating their belief in the enduring value of the MLS model. This move suggests a future where MLSs continue to adapt and innovate, rather than fade away.Conclusion:So, is the MLS dead? The actions of NorthstarMLS and MARIS MLS, with their significant investment in REcore Solutions, strongly suggest otherwise. They are not just hoping for the MLS's survival; they are actively investing in the technology that will ensure its future success. This episode highlights the ongoing evolution of the MLS and the commitment of key industry players to its continued relevance in the real estate ecosystem.
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    13 mins
  • Broker Apocalypse? Rocket's $11 Billion AI Takeover of the Home Buying Process

    Broker Apocalypse? Rocket's $11 Billion AI Takeover of the Home Buying Process
    Apr 3 2025
    Welcome to the show where we dive deep into the rapidly evolving real estate industry. Today, we're tackling a potentially seismic shift: Rocket Companies' aggressive expansion into a fully integrated, AI-powered homeownership platform. With recent acquisitions totaling over $11 billion, including Mr. Cooper for $9.4 billion and Redfin for $1.75 billion, is the traditional real estate brokerage model facing an existential crisis? We analyze Rocket CEO Varun Krishna's ambition to create the "Apple of homeownership" and the potential consequences for agents and brokers.Key Talking Points:Rocket's Ambitious Vision: We explore Krishna's three-pronged strategy: consumer interaction, origination (including financing and title), and servicing with a focus on recapture. How does integrating Redfin's search platform and Mr. Cooper's massive servicing portfolio fit into this vision? The goal is to build an integrated homeownership platform where Rocket interacts with consumers at the top of the funnel, manages the origination process, develops a lifetime relationship through servicing, and facilitates repeat transactions.The AI Factor: A central theme of Rocket's strategy is leveraging AI to enhance efficiency and personalize the homeownership experience. Mr. Cooper's investments in AI within their servicing platform and Rocket's reported million-hour efficiency gain through AI in origination highlight this commitment. Krishna believes AI powers better experiences. We also consider how AI property advisors like Aiden from RealReports are providing agents and clients with instant answers, document analysis, and actionable insights. Similarly, ARDI AI, developed by Markt and Voiceflip, aims to streamline support for MLSs using AI to answer inquiries about systems and industry topics.Potential Impact on Brokers: Does this consolidation and focus on technology threaten the traditional role of real estate brokers? Will streamlined digital processes and AI-driven insights reduce the need for human agents? Or will agents need to adapt and leverage these new technologies to enhance their value proposition, similar to how Stellar MLS is encouraging agents to use platforms like Rayse to demonstrate their value by offering data-driven insights and transparent communication to clients.Synergies and Efficiencies: We examine the anticipated $100 million in revenue synergies and $400 million in expense savings expected from the Rocket-Mr. Cooper merger. This deal integrates the largest servicer in the country into Rocket’s flywheel. Combining technology platforms, including Mr. Cooper's stake in Sagent and Rocket's use of ICE Mortgage Technology's MSP, along with Redfin's technology, requires integration but is seen as manageable. The complementary AI-driven nature of Rocket's origination platform and Mr. Cooper's servicing platform is a key factor.Recapture and Customer Lifetime Value: A key driver of the merger is the "magical" recapture potential of marrying Rocket's brand and capabilities with Mr. Cooper's 7 million customers. Bray believes this combination will turbo-charge retention. By creating a more balanced company against rate cycles and leveraging the combined dataset for AI-driven experiences, the potential for serving clients with new products and services increases significantly.Broader Technology Trends: We briefly touch on other technological advancements in the real estate sector, such as the partnership between RentSpree and Docusign to simplify and expedite rental transactions by integrating RentSpree's rental tools into Docusign's platform. This aims to reduce administrative tasks and improve efficiency. We also note the availability of tools like PropertyBoost through UtahRealEstate.com, enabling agents to promote listings on social media, illustrating the increasing role of technology in various aspects of real estate. Even the potential sale or ban of TikTok highlights how external technological factors can influence marketing strategies in the real estate industry.Conclusion: The real estate industry is undergoing a significant transformation driven by technology and consolidation. While Rocket Companies' bold moves present a vision for a more integrated and efficient homeownership journey, the implications for traditional real estate brokers are significant. This episode explores whether this marks a "Broker Apocalypse" or an opportunity for adaptation and innovation in a rapidly changing market.Next Steps for Our Listeners:Consider how AI and technology, such as AI-powered property reports and MLS support, can augment your real estate practice and provide added value to clients.Explore platforms that streamline processes and enhance client communication, such as those offered by Docusign and RentSpree, or client management tools like Rayse.Stay informed about industry consolidation, such as Rocket's acquisitions, and its potential impact on your business and the competitive landscape.Think about ...
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    21 mins
  • MLS Meltdown? The $53 Million Bet That Went Bust

    MLS Meltdown? The $53 Million Bet That Went Bust
    Mar 27 2025
    Welcome to this week's deep dive into the rapidly evolving world of real estate technology. We're your guides to understanding the innovations, partnerships, and market shifts that are shaping the industry and impacting how you do business. From smarter ways to track lead engagement to the high-stakes battle for the real estate "super app," we've got the insights you need to stay ahead.Key Topics Discussed:Smarter Call Effectiveness with Real Estate Webmasters (REW) CRM:REW CRM has launched "Conversations" metrics, a new feature designed to provide more detailed assessments of phone interactions.CEO Morgan Carey emphasizes that simply tracking call volume isn't enough. The new metrics focus on the interaction itself, offering deeper insights into lead engagement and agent performance by evaluating connection rates.This allows team leaders to better understand agent performance and identify training needs.The metrics can also reveal the effectiveness of different lead sources (e.g., Google Ads, SEO, Facebook, YouTube), helping businesses make more informed marketing spend decisions."It’s not just about how many clicks turn into leads, but how many leads turn into meaningful conversations," says Carey.Conversations offers a flexible alternative to dialers, allowing agents to manually log calls with durations and details, even on personal phones.The metrics are a "gamechanger for performance management and coaching," enabling tailored training and support.Agents can also log voicemails and measure time spent on related activities, providing a fuller picture of outreach efforts.The development was inspired by feedback from real estate leaders.The goal is to empower agents and teams with tools to succeed by identifying growth opportunities.The Impending Sale of Remine:Remine, an MLS-owned data and analytics platform, is being offered for sale via an "Assignment for the Benefit of Creditors" (ABC), an alternative to bankruptcy.Four leading MLSs acquired Remine in October 2021 for $53.5 million with the vision of shaping the future of the real estate industry.However, the company never turned a profit and owes $11.2 million to investors.Remine lost customers, and the partnership lost momentum. Its reach decreased from serving almost 60 MLS markets (representing over 1.2 million professionals) to 40 markets (representing 600,000 professionals) as of March 2025.The ABC filing aims to provide a quick and discreet means of selling the distressed business.Unlock (formerly ACTRIS MLS), one of the acquiring MLSs, described the ABC process as "the most efficient and responsible path forward" to minimize disruption.Remine had previously reached out to seven real estate/proptech companies to explore acquisition.Unlock stated that its investment in Remine was not for financial return but to give subscribers a voice in MLS technology. They learned valuable lessons and took decisive action when further investment wasn't the best path.The hope is that this outcome won't discourage MLSs from making bold decisions for their subscribers.PropStream Partners with BeachesMLS:Real estate data and lead-gen provider PropStream has partnered with BeachesMLS.BeachesMLS members will have access to a 7-day free trial of PropStream’s tools, as well as a monthly subscription and interface within their member dashboard.PropStream offers a flexible platform for discovering niches and building high-conversion lead lists.Dionna Hall, CEO of BeachesMLS, stated the partnership aims to offer a powerful lead generation tool to complement existing resources.Brian Tepfar, president of Propstream, believes data accessibility and accuracy are foundational for success in the industry.PropStream is hosting a webinar for BeachesMLS members to learn how to use the platform.DepositLink Revolutionizing Real Estate Payments:DepositLink is a mobile-responsive payments platform aiming to revolutionize how money moves in residential real estate.It allows electronic collection of earnest money deposits, commission payments, refunds, and rental deposits.Launched in October 2019, DepositLink has securely transferred over $3 billion.Founder and CEO Jay Rooney, a former real estate agent and broker, recognized the inefficiencies of paper checks and the risks of bank wires.DepositLink prioritizes security, utilizing the ACH network and bank-level security to prevent fraud. No banking information is stored within the platform.Clients like Atlanta Fine Homes Sotheby’s International Realty and Lamacchia Realty praise DepositLink's security, ease of use, and efficiency.The platform streamlines operations by automating payment collection and providing real-time status notifications.DepositLink also positions agents as tech-savvy professionals.Future focus includes enhancing security, removing friction, and speeding up payments through real-time payment networks, with the goal of building a frictionless network like Venmo for real estate.Rocket vs. Zillow: The ...
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    13 mins

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