Coldwell Banker CEO talks about Zillow, MLS expansion, and Coldwell Banker, a Compass International Holdings company.
Kamini Lane is back where it started.
She currently serves as President and CEO of Coldwell Banker Realty, a position she assumed in 2023. However, Mr. Lane previously worked for Compass as general manager and later as regional president.
Now, thanks to Compass’ acquisition of Anywhere Real Estate, which owns Coldwell Banker, she’s back under the Compass umbrella.
The merger will give Lane a unique perspective on the giant brokerage at a time when Compass is wielding its power to win the debate over when, how and where real estate listings are shown to the public.
Lane is scheduled to speak at Inman Connect San Diego later this summer. She spoke to Inman about the pressing issues facing the company and the industry as a whole.
Inman: You were with Compass when you first entered the real estate industry, and now you’re several months into the merger. Aside from size, what has changed about the current Compass, and what hasn’t changed?
Kamini Lane: I joined Compass in early 2019. I signed up in 2018 and started in January 2019, so 7 years ago now. At that time, the technology was in its very early stages. I was lucky enough to see many of the products that are the foundation of the Home Platform being conceived, built, and launched, and I was lucky enough to be pretty deeply involved in some of those processes.
The difference today is that the Home platform was truly born as the best, and truly the only, end-to-end platform in real estate built 100% for real estate agents. That was our dream at the time. The big difference is that it actually happened.
What remains the same is the company’s complete focus on the end customer. We used to say that all the best ideas come from real estate agents. This fundamental idea is what makes the Home platform so valuable. It’s very tempting to build the coolest, most exciting thing instead of really building for the customer. The ethos of building for customers, with customer feedback in mind, and with customer use cases and experiences in mind, has been exactly the same since I joined Compass.
For listed distribution, does Coldwell Banker feed directly into Zillow separately from IDX?
Although we do not have a direct feed to Zillow, all listings that are syndicated by the MLS (IDX feed) go to Zillow, unless there is a situation like MRED where MRED disconnected the feed to Zillow.
Our view is that every seller deserves a well-curated marketing plan for their home developed in collaboration with an agent. One size does not fit all. Every seller and every agent has the right to choose, and they have the right to be the ones deciding how to market their home. It should not be directed by Zillow, and it should not be directed by a brokerage firm. We believe in curation. Again, we believe in choice because the majority of Americans have the majority of their net worth tied up in their homes. Only they decide how to market it.
What do you think about the move by some MLSs to partner with Compass to open up membership to anyone, anywhere and power what has essentially become a national private listings network?
Behind it is a strong belief in seller selection. It should not be the portal that dictates what sellers do with their most valuable assets.
MRED is a perfect example. This is a strong statement that if a seller chooses to work with an agent and list on the Private Listing Network, it is their choice. When Zillow says it will ban listings once they hit the public market, it means Zillow is trying to dictate what sellers do with their most valuable assets. Zillow does not own the assets. Zillow has no proprietary rights [interest] regarding that asset. The strategy belongs to the seller and the agent. So I think what’s behind these moves is actually supporting seller selection.
Do Coldwell Banker agents currently have access to all of the Home platforms, or are some platforms still online?
We’re planning to start a pilot in July, which is very exciting. The network-wide launch will then take place in September. That’s my main focus right now. Our mission is to help real estate professionals realize the full potential of their entrepreneurial businesses through technology and home platforms.
I recently got my real estate license and went through the process myself as a buyer. It gave me a different perspective on how valuable this kind of integration technology is, and how fragmented things can be when piecing together tools from Dotloop, ShowingTime, and other services that Zillow now owns. Do you think the time has come for brokerages to take back control over the trading process?
What we can say about the Home platform is that the innovation is in the integration. As you yourself can attest, buying or selling a home is a complex process. There are many forms, many steps, many disclosures, and many risks. This is the most important emotional and financial transaction in most people’s lives, and the majority of Americans have the majority of their net worth tied up in their homes. Small mistakes can have a big impact.
Consolidating everything into one platform reduces risk for agents and clients. Everything is in one place, everything is tracked, everything is integrated. That integration is part of ensuring a more seamless experience and reducing risk.
Our philosophy, and this is actually a long-standing philosophy at Coldwell Banker Realty, is that our agents should spend their energy on their clients and their relationships. We help maximize value for sellers and help buyers get into the right home. We’ve created an easy-to-use platform so it won’t take you unreasonably long. So your contractor doesn’t have to go from one vendor to the next, print everything out, make sure the zip code address is exactly correct on each form, or fill out up-to-date lead paint disclosure information. Because that kind of thing gets overlooked.
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