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After updates to the National Association of Realtor’s Clear Cooperation policy on pocket listings, Zillow announced that it will not publish homes that are not published on multiple listing services.
“It’s simple: sellers want exposure, and buyers deserve access,” Errol Samuelson, chief industry development officer at Zillow, said in a statement. “When all buyers don’t have the same access to home listings — and are forced to navigate barriers, possible bias and incomplete inventory – it undermines consumer trust and weakens the market. From day one, Zillow has focused on unlocking real estate information for all. Zillow is committed to empowering brokerages and agents who are dedicated to raising the bar for access. This is why we invest in software and tech tools for real estate professionals, and why we stand up policies that move the industry forward – not back.”
In its new standards, a listing publicly marketed to any buyer must be in the MLS and published on Zillow as well as other sites that receive MLS feeds, the company said. If a listing doesn’t meet the standards set by Zillow, it will not be published for the life of the listing.
In its updates to Clear Cooperation, a new category of listings called “delayed marketing exempt listings” was introduced. This will allow a seller the option to instruct their listing agent to delay marketing a listing through Internet Data Exchange and syndication for a period of time. Each MLS will have the discretion to determine how long or short the delayed marketing period shall be.
Zillow said in its announcement that it is encouraging other industry leaders, such as brokerages, MLSs, and tech platforms, to commit to transparent practices prioritizing access for all consumers and agents.
The company was joined by national brokerage eXp Realty a combined attack on the idea of pocket listings.
EXp said in an announcement jointly issued with Zillow that the company was promising to post its listings on MLSs within one day of publicly marketing them to consumers “and enuring that eXp listings are on Zillow and available to the largest possible audience of buyers.
In a statement, CEO Leo Pareja characterized it as a “non-negotiable” position that “protects consumers first.”
“We’re deeply committed to giving our clients the most transparent, comprehensive access to property listings in the market. Our new agreement with Zillow ensures that every eXp Realty listing has maximum visibility, creating a more efficient, trustworthy, and open marketplace,” Pareja said. “This partnership is about delivering value and building trust, two things that matter more than ever in today’s rapidly evolving real estate landscape. By tapping into Zillow’s massive consumer reach, eXp agents are positioned to serve more people and create more opportunity. At the end of the day, this is a strategic move that reflects our relentless commitment to innovation, agent empowerment, and delivering excellence for our clients.”
The real estate industry is being rocked by debate over NAR’s Clear Cooperation updates. Some executives, most notably Compass CEO Robert Refkin, have pushed NAR to allow changes to its pocket listings policy that would, in effect, allow agents to market a home to their clients for some time before posting the listing on an MLS, preventing the listing from accumulating a high number days on market that might deter potential buyers.
