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August 2021

T3 Insight Monthly Executive Brief

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The industry has so many stories, blogs, press releases and announcements each month that we all struggle to digest the information and distinguish between truly meaningful developments and hype or advertisement. Here are this month’s articles.

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August 2021
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Tracking real estate brokerage and technology brand consolidation

The large real estate brokerages and technology companies are getting even larger. And it is becoming more difficult to determine who owns whom when companies maintain the brands of some firms they acquire. This post summarizes the most significant brands operated some of the industry’s largest companies.
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August 2021
]

Understanding real estate technology integrations

Increasingly, the power of real estate technology does not lie with the systems brokers and teams use, but in how they use them. And perhaps nothing influences the way companies can use different technologies than the degree to which they integrate with each other. In this article, we outline the four main types of real estate integrations with examples of each.
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August 2021
]

A business case for increasing diversity in real estate leadership

Many real estate leaders are realizing that improving the diversity of their leadership teams support their corporate ideals, but they may not realize that it improves their bottom lines. In this article, we discuss the business case for improving diversity on real estate leadership teams
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In addition to the three deep-dive articles above, T3 Sixty has, in addition, identified a collection of noteworthy articles from various news sources. Here are those honorable mentions.

Inman News acquired by Beringer Capital

  • Article available on Inman
Inman News, the long-time leader of residential real estate industry news, has sold to private equity firm Beringer Capital. This is another sign of consolidation and corporatization of the residential real estate industry continues as yet another established industry entrepreneur sells a company. While he retains some equity through the deal, Inman News founder Brad Inman, who has been a leading source of industry insight and connection since founding his media company in 1996, undoubtedly now enters a more distant relationship with real estate coverage. Inman, and its growing competitor in the real estate media space, HousingWire, are now both owned by private equity.
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Opendoor launches agent referral program

  • Article available on Opendoor
Opendoor has launched a new referral program, Agent Access, in which the iBuyer will pay listing agents a referral fee equal to a 1 percent commission rate for sellers they refer to the company. To participate, agents make an Opendoor cash-offer request through the Agent Access portal and pay the referral when a sale closes. In addition, Opendoor incentivizes agents to participate by providing cash bonuses for the more listings (that lead to sales) they refer. A separate Opendoor referral program refers buyers and sellers to partner agents, who pay the iBuyer a 1 percent referral fee upon close. This new program represents another evolution in the iBuying business model as iBuyers look to expand their reach and revenue by partnering with agents to help expand their consumer base.
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New Connecticut law limits real estate team naming

  • Article available on Inman
A new Connecticut law, which will take effect in January 2022, limits the naming conventions real estate teams can use in the state. In addition to registering with the state and paying an annual fee, teams must use naming that does not suggest they’re a “business entity.” For example, the law prohibits suffixes “Group,” “LLC,” and “company.” This ruling could have wider ramifications for the industry as the size and power of real estate teams proliferates across the country. In some cases, it’s difficult for consumers to tell the difference between a team and a brokerage, and this law is intended to clarify to consumers the company behind the transactions they engage in. If this becomes a trend for other states, teams will have to bear a new fee and potentially accept a less independent position in branding.
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Bright MLS study reveals MLS-marketed homes sell for more

  • Article available on Bright MLS
Based on an analysis of single-family homes in its market sold on its MLS and those outside of it for 2019 and 2020, Bright MLS reveals that homes marketed on the MLS sold for a median of 16.98 percent higher than those not. The study also revealed that of the 442,829 sales identified in the market over the two-year time period, over a quarter (26 percent) were sold without MLS marketing. In addition to the price benefits sellers received when their homes were marketed through the MLS, the large percentage of off-MLS deals jumps out from this study. As iBuyers proliferate, they increase the number of homes sold outside the MLS as they often purchase homes from homeowners directly, and, in some cases, list the homes they have for sale through their networks. These, along with office exclusives – in which brokerages market listings internally instead of the MLS – has eroded the centrality of the MLS as a market’s complete source of listings. This study’s findings creates a powerful narrative as to the value of MLS.
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DOJ intervenes in REX antitrust suit against NAR and Zillow

  • Article available on Inman
The U.S. Department of Justice formally submitted a “statement of interest” in the active antitrust lawsuit from real estate broker startup REX Real Estate against NAR and Zillow Group. The suit alleges that Zillow Group’s application of a NAR rule that listings from MLSs and other sources be kept separate in property search results violates antitrust laws as it disproportionately harms firms with listings not in the MLS. In a motion to dismiss the suit, NAR and Zillow Group say a 2008 consent decree between NAR and the DOJ shows that the DOJ approves the “commingling” rule by NAR. In this August statement, the DOJ formally makes clear that it had never explicitly approved the NAR commingling rule and that the court should not take that statement in the motion to dismiss the REX lawsuit into account when ruling.
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