Over on LinkedIn, I've been kinda dealing with this gadfly I had never heard of by the name of Steve Koleno.

His theme? Calling me a Gatekeeper controlling the MLS and trying to limit consumer choice. For example:

Robert Hahn Calling it an existential threat, like you did a few days ago, just misses the bigger picture. ChatGPT recommending the best option to a consumer isn’t the real issue—the real problem is holding closed-door meetings and using that kind of language in your last email to try to limit competition—it’s uncalled for and unprofessional on your part.

I mean... I don't mind a debate on the merits, but when it starts with someone lecturing me about my tone and then calling me "unprofessional"... it's a bit hard to take any of that seriously.

Though I do find it infinitely amusing that Koleno thinks I am the Defender of the MLS status quo. Or that he thinks I have all this influence over the MLS.

Still, I ignored it. Until Koleno decided to jump on my latest post with more nonsense:

You don’t have the first clue what consumers actually want. If you did, you wouldn’t be pushing a one-size-fits-all model in a market that’s clearly demanding more options, more transparency, and more control in 2026. This isn’t opinion anymore. The consumer has already moved on.

So I got curious. Who the hell was this guy and why was he so upset? Especially when he isn't a VIP reader so could not possibly have read either of the posts that upset him so much.

I decided to find out just a bit more, and now that I have, I think I understand exactly what the problem is.

Turns out, Steve Koleno is the modern day curbstoner. The way he "practices" real estate might be perfectly legal, but it is certainly not one that deserves the name of "representation." I have zero objections to he and others like him pursuing a different business model that they believe is "consumer first." As I told him on LinkedIn, You do you, boo!

I do have objections that Koleno and those like him have hijacked institutions and structures developed for very different reasons by very different professionals. Whether those institutions like the MLS and REALTOR Associations and state licensing authorities have chosen and are choosing to evolve from representation and fiduciary duty to "modern day consumerism" or have just kinda sorta ended up there is my issue. It isn't Koleno's issue.

Koleno's issue is that he doesn't want to build his own institution, his own structures. He just wants to take advantage of the various loopholes to make money.

This is America, so God bless Koleno and all others like him. As long as what they're doing is legal, I say power to them and caveat emptor. But let's not confuse what they do with what actual brokers and agents do.

So I thought... you know, this is actually a pretty decent place to have a conversation about the "real estate professional" in 2026.

Who Is Steve Koleno?

I think it is worth looking at who Steve Koleno is, to see if he came by his principles first and then his various money-making ventures, or if the money-making ventures led him to his so-called principles.

The best resource has to be his own website for The Koleno Group:

Since 2016, Steve has been one of the most preeminent listing agents in America closing over 4,800+ MLS rental and sales listings, including being the only known Realtor® in history to close over 1,200+ MLS listings in a calendar year for both Rentals (1,253 in 2016) and sales (1,643 in 2021). Steve now holds a real estate license in ten states (Alabama, Connecticut, Florida, Georgia, Illinois, Indiana, Minnesota, North Carolina, South Carolina, and Wisconsin).

Steven Koleno is an accomplished and extremely driven advisor, coach, strategist, visionary, and thought leader within the residential real estate industry in the United States. Experienced professional with residential experience in acquisitions, dispositions, construction, asset management, property management, leasing, and strategic planning with a proven track record of success. A leading real estate expert with 15 years+ experience specializing in re-engineering business practices and defining continuous improvements within the single-family home industry specializing in both the institutional-owned SFR (Single Family Rentals) and residential investing segments on both the leasing and sales sides.

Today, Steve's primary focus is becoming a transformational leader for the residential real estate industry, including a hyper-focus on gaining a deeper understanding of customers' changing behavior and continuing efforts of offering an abundance of solutions while always enhancing the customer's overall experience.

I also went and checked the man's LinkedIn profile to make sure I'm not overlooking something important. And I found this YouTube video where he talks about his background.

After starting out as an engineer, Koleno went into real estate investment pretty hard in the Bubble years. As he says himself, between 2008 and 2010, he and his partner bought 65 homes. The industry is familiar with the story. There's even a very good movie about the story.

The Collapse wiped him out, so he got a job first at Haven Realty Capital, then Americans Homes 4 Rent, first as Midwest Regional Director and then as VP. He then moved on to Invitation Homes for a few years, before launching Worth Clark Realty as a specialist in:

INVESTORS/LANDLORDS/PRIVATE EQUITY:

We are the leading residential real estate experts in the Chicagoland area. From an individual investor looking to get started (been there) to the largest private equity funds in the world. Our experience in the Single-Family Homes segment is truly second to none. Whether you’re looking for the best property management in Chicagoland, or looking to rent your property we can assist.

Then it's a string of RE/MAX, Exit Realty, his own (Koleno Group), Direct Residential, Beycome, Epique, and who knows how many other brands?

Investor, Property Management and Institutional Background

Now... I do have to point out that while they are perfectly legal businesses, American Homes 4 Rent and Invitation Homes are two of the so-called Wall Street landlords who have been under criticism for years. You might not want to visit this Facebook group for "Tenants of American Homes 4 Rent" if you're in a good mood. Invitation Homes got spanked by the FTC for "Deceiving Renters, Charging Junk Fees, Withholding Security Deposits, and Employing Unfair Eviction Practices" and paid $48 million in fines. It has gotten to a point that banning them from buying SFRs is the one place where Donald Trump and Elizabeth Warren agree.

I'm not saying Steven Koleno had a direct hand in any of the issues at AH4R and Invitation Homes. But I am saying that I find claims of having this true understanding of what consumers really want to be a bit hard to take coming from a guy whose entire history appears to be investors, property management, buying distressed properties, flipping and Wall Street landlords.

I would 1,000% believe Koleno if he were to tell me what big Wall Street hedge fund "clients" are looking for; I do believe he's the authority on that topic. If he were to tell me more about what buy-low flippers want, I would take careful notes. If he wants to tell me how to walk through the home and assess all the damages, repairs, and renovations the home needs before a new tenant moves in, whether the renter is actually responsible for the cost, I will believe that he is the man for that.

But on what actual American buyers and sellers want? Hmm....

The #3 REALTOR in America

But Rob, you never even had a license, and Koleno is the #3 real estate agent in the country with over 4,800+ rental and sales listings! He closed over 1,643 transactions in 2021!

Yes, I know. And that's part of the problem. The above is from Koleno's own website. And I'm confused by it.

His big headline claim is "Consumer Focused Results" and he claims 18+ years of real estate experience. But he's been breaking away from industry norms since 2017?

But... in 2017 he was still working for Invitation Homes as its Director of Brokerage Services & Designated Broker. In that role, he "[oversaw] the approval of pricing strategies to maximize the revenue from each available property."

That would include the timeframe for this claim in FTC's complaint, which again Invitation Homes paid $48 million to settle:

For example, since at least 2018, Invitation Homes has added undisclosed fees to residents’ rent, first in the form of a “utility management fee,” and later a “Lease Easy bundle” fee, which includes the utility management fee, an “air filter delivery” fee, and a “smart home technology” (or “smart home”) fee. This fee bundle, which can add $60 per month to residents’ rental payment and $720 over the course of a one-year lease, is mandatory for the substantial majority of the company’s homes, yet the costs of these services are hidden from people.

I guess the guy who oversaw revenue maximization for Invitation Homes really puts consumers first, right? I mean, who cares about my friends who actually have helped widows sell their family homes, or cleaned my oven when I was moving. Those randos don't know shit about consumers. Koleno is the man who really understands consumers, with his vast experience in institutional landlording and buy-and-flip investing.

Then there's the 13,200+ closed MLS transactions since 2013. But in 2013, Koleno was "Senior Leasing Manager" for Haven Realty Capital. And you definitely don't want to google that name. 2014 through 2019, he was with AH4R and Invitation Homes. I should hope he had thousands and thousands of leasing transactions in the MLS as an employee of those companies.

And finally, there is the matter of the 13+ states that he proudly claims to serve.

A Real Estate Superhero

Koleno should update his own website some, because he's underselling himself! According to Homes.com, Koleno is actually licensed in 14 states:

Alabama #001347840 Texas #0779766 Colorado #100106017 South Carolina #116486 Tennessee #383485 Georgia #396707 Minnesota #40493701 Florida #471019159 Illinois #471019159 Wisconsin #6041290 Michigan #6502432047 Ohio #BRKA2024001687 Indiana #RB20001987 Connecticut #REB0792869

Not only that, but in his capacity as VP of Consumer Empowerment and Real Estate Broker at Spot Real Estate, according to Homes.com, Steven Koleno of Chicago Illinois is an expert in these neighborhoods:

I mean the dude is the real estate Superman. He might live in Chicago, but goddamn, he's an expert in Port Charlotte and Marion Oaks in Florida!

And he's an expert in Texas, judging by the number of listings he has there:

I do wonder if we dropped him off in Houston with no map and no phone and asked him to drive to Ben Wheeler, TX... could he? He sold a house there after all.

Designated Managing Broker

And as the Designated Broker and Top Producing Listing Agent for Beycome in AL, CT, FL, GA, IN, MI, MN, SC, OH & TX, as well as the Designated Managing Broker for Premier Agent Network in GA, CO, MI & TN, Mr. Koleno sure does have a ton of supervisory responsibilities.

As an unlicensed man married to a recovering managing broker for Coldwell Banker, I defer to her and to the internet (as well as this little thing called a law degree) to find out what duties a managing broker has in various states. Many thanks to my research assistant Claude for digging these up. This is a long-ass list, and I encourage you skim it... but the point is just to understand what Steven Koleno, Designated Broker, is supposed to do to comply with real estate license laws in all of these states.

Now, I have no idea how many agents Koleno is supposed to "directly supervise." But here are two of his many companies:

That's 17 in that one company in one state. Here's another:

That's 37.

I can go on, but I won't. The point is made, I think.

When I asked Koleno about this, here is his response:

You can’t comprehend scale, so you assume it’s fake. You can’t operate outside your zip code, so you think nobody else can either.
That’s the difference.
You’re still stuck in a “local expert” script from 1995. I’m running a system built for how the world actually works today. Distributed teams, centralized process, data-driven execution. The same model used by every serious operator in every other industry.
And trust? It doesn’t come from pretending to know every street. It comes from delivering results, giving people real options, and not hiding behind outdated narratives.
This isn’t about resumes. It’s about calling out bad takes and bad actors out.. That's you!.
What you said is anti-consumer and HONESTLY ANTI-AMERICAN to think YOU KNOW BETTER!

I'm pretty sure I can comprehend scale; I wonder if Koleno can comprehend the plain language of Colorado Real Estate Commission Rules:

An employing broker must provide a high level of supervision for new associate brokers which includes:
-Providing specific training in office policies and procedures;
-Being reasonably available for consultation;
-Providing assistance in preparing contracts;
-Monitoring transactions from contracting to closing;
-Reviewing documents in preparation for closing; and
-Ensuring that the employing broker or an experienced associate broker with more than two years’ active licensure attends closings with a new associate broker or is available for assistance.
An employing broker must not contract with any associate broker so as to circumvent the requirement that the employing broker supervise associate brokers.

Whether the real estate commissions in those 15 states want to inquire about those responsibilities having been fully fulfilled or not is their call, not mine. After all, it is up to them and to the state legislatures who actually have these license laws on the books as to whether those laws and regulations are still valid no matter what year they're from.

If Koleno running a system built for how the world actually works today is 100% fine under the rules and regs, then who the hell am I to wonder?

But I sure would like to know more about how one man in Chicago can "directly supervise" hundreds of agents across multiple states, and also be responsible for maintaining records of all transactions. If that's how the world is supposed to work today, then it is up to the government to let us all know so we're not stuck back in 1995 or 1939.

If, on the other hand, the modern world is supposed to fit into the laws and regulations that govern everybody else in real estate, then it is up to the commission to let us know that as well.

This Is Not a Representative

Let me move into the real point.

What Steve Koleno does for a living is perfectly legal, assuming that the various state real estate departments say so. He has chosen to be the poster boy for the MLS-fee only companies in the industry. Power to him and to them.

I have never once criticized any of those companies for what they do, just like I have never criticized Redfin for its discounted business model, nor Zillow for its lead-sales business model. All legitimate ways to make money are fine by me.

What Koleno (at least in the Beycome and PAN and other forms) does is he collects a fee from FSBO sellers to put them into the MLS. This is legal. He claims this is just the way the world works today; okay, good for him! I only care to the extent that everyone I advise has to think about license law and fiduciary duty and broker responsibility, so if those are old-fashioned and outdated concepts, then the DREs well tell us all and we all can move on.

That the MLS has created this loophole is on them, not on Koleno. It's the MLS's fault that they decided not to accept FSBO listings from homeowners, but created the loophole for Koleno to walk through. I don't know why the MLS did that, but I do know they ought to look at the issue now in light of AI.

What I can say with 100% certainty is that Koleno is not a "representative" of the seller in any sense of that term. He can yell from the rooftops (as he is currently doing) that he is all about consumer focused results, but he cannot yell that he is about client focused results because what he does bears no resemblance to a true principal-agent relationship that is the basis for real estate.

Koleno himself brags that he closed 1,643 for sale transactions in one year, which is 31.6 transactions per week, or 4.5 per day including weekends. I'm sure he provided the highest level of professional guidance and representation to all of those clients. Except we all know Koleno did no such thing; he just had legions of agents under his name funneling deals up so he can take credit in the MLS. If he were actually supervising them, perhaps that isn't as bad as it appears, but in his own words, he knows operating at scale. Centralized process, distributed teams, data-driven execution, because he's a serious operator, donchaknow?

That the client being processed like a McNugget on a conveyor belt is not being represented, protected, or guided is irrelevant to Mr. Serious Operator. And that's fine, because those people signed up for what Koleno is selling.

Let's just not pretend what he's selling is representation, or professional services.

I have zero objection to being consumer-focused. Go be consumer focused! In-N-Out is consumer focused. Amazon is hella consumer focused. Robinhood is consumer focused. None of them provide professional services, and neither is Koleno. Good luck to all of them.

But I do happen to have an objection to those not providing professional services hijacking institutions like the MLS and REALTOR Associations that were created by and for those providing professional services. The objection is not to Koleno and the other curbstoners; the objection is to those institutions for allowing the hijacking.

More Than That...

But really, where I have the biggest objection to Koleno is the utter hypocrisy.

A man who got his start in real estate like the stripper from The Big Short, then worked for three of the worst Wall Street landlords – one of which actually got sued by the FTC for screwing over renters – is going to lecture anybody about being "consumer focused"? Especially when he was working there at the time the illegal shit the FTC sued Invitation Homes was taking place? That's the guy who's going to lecture me about what consumers want?

I'll pass, thanks. I'll take health advice from a Pfizer exec first.

A "managing broker" who manages nothing and no one is going to lecture anybody about consumers? Why? Because he uses fancy and meaningless terms like "distributed teams, centralized process, data-driven execution" without actually explaining how that means his agents are directly supervised? What consumers really want, apparently, are unsupervised agents just doing shit because that feeds into "centralized process" and "data-driven execution" whatever the hell that means.

Oh wait, you know who has a ton of distributed teams, centralized process and data-driven execution? Haven Realty Capital, American Homes 4 Rent, and Invitation Homes. Huh.

I'll pass, thanks.

If that's fiduciary agency, if that's client representation, then it's time to call the whole thing off. Eliminate licensing. Get rid of real estate laws. Why? Because Texas gives us a good example of why real estate licensing laws were promulgated in the first place:

The purpose of the statute is to eliminate or reduce fraud that might be occasioned on the public by unlicensed, unscrupulous, or unqualified persons. Henry S. Miller Co. v. Treo Enterprises, 585 S.W.2d 674, 675-76 (Tex. 1979)

The entire idea of the licensed profession in real estate is that certain individuals would represent and protect the public in the biggest transaction of their lives by using their education and expertise. But for big serious operators like Koleno, that's living in the past man! Get with the times!

Funny that professions like law, accounting and medicine are besieged by the same things that affect real estate but still somehow manage to hold on to quaint old notions like duty to clients and patients. And those who don't are looked down on and ostracized, and often punished by the authorities.

At the end of the day, Steve Koleno is a 21st century curbstoner, just throwing around fancy-ass phrases that justify the deception ("I'm an expert on Port Charlotte!" "I am directly supervising agents two time zones away!"). What they do is perfectly legal. Until regulators say otherwise. Maybe what they do is a better "business model" over traditional stuck-in-the-90s real estate. I don't know what it is that they do, but I do know what it isn't.

It isn't representation.

Why the 21st century curbstoners think the professionals who built all of the systems they rely on, the legislators who were concerned about protecting the public, the real estate regulators who are supposed to look out for consumers, ought to shut the hell up and go along with what they say is beyond me.

The correct answer back to the curbstoners is simple: You do you, boo!

You think the MLS is stuck back in the 1960s? Cool – go build your own. It's not that hard in 2026 with all your distributed systems and centralized process and data-driven execution, bro. Just make your own. Stop weaseling your way into something that wasn't meant for you.

You think the obsession with oversight is stupid? Cool – you go get 'em boyo!

You want to abandon outdated client-focused to embrace modern consumer-focused? Cool – you do you! Just don't do it here. Do it at your own place, okay?

Leave us the hell alone, and spare us the stupid ALL CAPS lectures.

-rsh