The Update Podcast with Saul Klein, John Reilly, and Tristan Ahumada

Episode 51: Buyer Agent Commissions Getting Destroyed | Here's What's Next

Real estate market trends tell you exactly what is going down right now while the whole industry gets a major reality check. This episode of The Update has Tristan Ahumada, Saul Klein, and John Reilly breaking down what you actually need to know to keep making money. Our real estate expert hosts take a quick break from bragging about their vintage boats to explain why the housing market is feeling a ton of pressure. Local real estate agents who think these legal giant battles won't touch their daily grind are completely missing the big picture. We look at the newest real estate lawsuits to show how these random property industry updates mess with your day-to-day business. The massive Compass lawsuit, the giant Zillow portal, and the Northwest MLS are locked in a heavy fight over listing data control. On top of that, buyer agent commission changes and real estate commission lawsuits are forcing a giant regulatory reset all over the country. If you want to understand what happens after that crazy Sitzer Burnett verdict, we lay out the current antitrust litigation updates without making your brain hurt. Saul and John simplified a super messy topic into a clean real estate infographic focused on the absolute future of real estate. We look at whether local areas face total data fragmentation or if a single national MLS will ever actually happen. Honestly, local housing markets love their independence, so a single system is going to be incredibly tough to build. New tech keeps popping up every single day. We explain how smart tools and artificial intelligence tools give a massive technological advantage to agents who actually use them. Meanwhile, huge brokerages are trying to lock down their market share through quick brokerage consolidation and big company mergers. We also have a good laugh at Bed Bath & Beyond buying Fathom Realty. People are calling it a bold real estate business strategy, but combining a residential property purchase with kitchen towels is definitely a choice. Keeping your commission split high, fixing your lead generation, and building real client trust requires actual industry expertise. The smart pros look way past a single home sale to see how new tech-driven real estate platforms handle daily property listings.   #RealEstateLawsuit #ZillowVsCompass #RealEstateAgent #MLS #Commissions #HousingMarket #PropTech #LabCoatAgents

Episode 50: Zillow vs Compass: The Wild Battle for Real Estate Data, Listings, and Your Leads

Every two weeks Tristan Ahumada, Saul Klein, and John Reilly look at the headlines and wonder if the drama will finally slow down, but the friction in the real estate market just keeps accelerating. This episode breaks down the massive clash between industry giants, focusing on the legal feud between Zillow vs Compass and how Chicago’s MRED and the Northwest MLS got dragged into the mix. Saul takes us on a quick history lesson spanning the last 25 years, tracking everything from the birth of the IDX feed and VOW rules to the days when a listing was simply a marketing asset. Back then, realtors put a physical sign on a front lawn or ran a newspaper classified ad for the sole purpose of generating a fresh buyer lead. Eventually, the industry made a major miscalculation by handing all of its proprietary property data over to web portals for the sake of exposure, which backfired tremendously. Now, those exact same platforms are selling those identical real estate leads back to the original listing agent, all while pocketing a 30% to 40% cut of the hard-earned commission. The tables are turning, however, as Compass attempts to build a protected walled garden using a private listing network, while Zillow fights back with a strict program designed to ban listings that fail to hit the MLS system on time. John breaks down Zillow’s massive data moat, explaining how they track both consumer behavior and agent behavior through a proprietary system that now connects straight into CRM platforms like Follow Up Boss. Just when the real estate industry seems as messy as humanly possible, Google is stepping into the sandbox through a pilot project with House Canary and Come Home, allowing brokers to utilize Google search for property data. This leaves us wondering if artificial intelligence will completely change how people look for homes, bypass traditional portals entirely, and leave legacy companies facing total financial ruin. From intense antitrust fights to Saul's massive 16-page white paper, this conversation covers exactly where the business is heading.   #RealEstate #Zillow #Compass #MLS #PropertyData #FollowUpBoss #GoogleRealEstate #TheUpdate

Episode 49: MLS Secrets: The Multi-Billion Dollar Battle for Listings

The real estate market operates on a massive pile of data that most people ignore until it gets sold back to them for a premium. Tristan Ahumada, Saul Klein, and John Reilly gets into why portals like Zillow and Compass are obsessed with controlling listings before they even hit the open market. This episode breaks down the move toward private listing networks and why "Team Zillow" and "Team Compass" have completely different philosophies on who gets to see a home first. If you think the MLS exists just for your convenience, you are playing checkers while billion-dollar entities are playing real estate chess. Everything from the Real and Remax merger to the rise of AI forecasting with House Canary comes down to one thing: who gets the data first wins the consumer eyeballs. We look at the "gray market" where information is packaged and sold without the MLS seeing a dime, and why consolidation is the only path forward. Every agent should understand how portals use an API to hit servers thousands of times a second just to get a two-day jump on the competition. This conversation gets into the weeds of data monetization and why the current system often feels like a success tax on brokers who actually do the work. What You Will Learn: * The reason big portals pay the same entry fees as a small brokerage. * How Zillow uses a two-day jumpstart to dominate search rankings. * The reality of "Real Max" and what consolidation means for your fees. * Ways the MLS can track gray market data to protect your information. #RealEstateNews #MLS #Zillow #CompassRealEstate #PropTech #RealEstateData #BrokerageStrategy #HousingMarket2026 #TristanAhumada #TheUpdate

Episode 48: The $52M NAR Settlement: Geniuses or Just Desperate?

The real estate industry moves fast, but Tristan Ahumada, Saul Klein, and John Reilly move slightly faster (mostly because Saul won't let John retire). In this episode of The Update, we pick apart the massive MLS consolidation happening in Florida. Combining 93,000 agents sounds like a great way to ensure nobody agrees on what to call a "bedroom," but we look at why realtor associations are rushing toward these megamergers despite the looming governance nightmares. We also cover the "breaking news" of the NAR settlement in the Tuccori case. While most are still reeling from Sitzer-Burnett, NAR is attempting to de-risk by paying $52 million to handle the buy-side of the legal mess. It’s a strategic play involving opt-in vs. opt-out class actions that could determine how much of your commission ends up in a lawyer’s pocket. Then there’s Tennessee Realtracks, which is actually standing up to say brokers own the data. We explain why the listing compilation is the real gold mine and how data monetization could eventually kill the subscription model entirely. Plus, we get into the weeds of data licensing, breaking down IDX feeds, VOW feeds, and the BBO (Broker Back Office) without making you fall asleep at your desk. If you’ve ever wondered why Zillow wants the VOW pipe instead of the IDX one, we have the answer. #RealEstateNews #NAR #MLS #TheUpdate #RealEstateAgent #PropTech #HousingMarket #RealtorLife #DataMonetization #CommissionLawsuit #Zillow #RealEstateInvesting

Episode 47: The MLS is Dying & Nobody's Talking About It

Tristan Ahumada and Saul Klein break down the legal and digital mess currently surrounding real estate listings. This episode examines who actually owns real estate data and why that control dictates your bottom line. While the Compass vs. Northwest MLS lawsuit makes waves, the industry sits at a breaking point because of the rise of private networks. Some big brokerages keep the best inventory away Multiple Listing Service access, essentially creating a "walled garden" for their own gain. We look back at 1995 to show how fragmentation, the industry's oldest ghost, is returning to haunt your lead generation strategy. Between the DOJ’s constant shadow and the impact of AI search on finding homes, we analyze why mandatory submission is failing and what "buyer’s choice" means when coming soon listings stay hidden in the dark. The discussion expands to cover exclusive listings, the brokerage model, and why the national association of realtors guidelines are currently under fire. We cover Zillow’s preview program, the reality of pocket listings, and why a single source of truth is the only thing preventing total market anarchy. Saul even shares a slide from 1995 proving the industry just repeats the same mistakes because memory is short and lawyers are expensive. Inside this talk: * The monopolistic claims hitting Northwest MLS. * How publicly traded companies prioritize shareholders over the consumer experience. * The "Fear, Greed, and Love" marketing framework, because logic alone is boring. * Why days on market is the data point everyone tries to hide yet everyone needs.   #RealEstate #MLS #PropTech #RealEstateInvesting #DOJ #Zillow #Compass #RealEstateNews #HousingMarket2026 #BrokerageStrategy