The U.S. brokerage and portal operator Redfin has become the latest major player to take a public stand on the controversy surrounding listing transparency, announcing that it will no longer display homes that are publicly marketed before being shared with the MLS. (View Highlight)
“Because we believe that all buyers should be able to see all listings, Redfin.com will not publish any listings that have been publicly marketed before being shared with all real estate websites via the MLS,” CEO Glenn Kelman said in a statement this week. (View Highlight)
The policy—similar in scope to one announced by Zillow just days earlier—comes in response to the National Association of Realtors’ recent amendment to its Clear Cooperation Policy (CCP), which now allows for “delayed marketing exempt listings.” The change opens the door for more private marketing of listings before they hit broader MLS distribution, something Redfin and Zillow both see as a risk to consumer transparency. (View Highlight)
While supporting the principle of CCP, Kelman used the announcement to push for a new middle ground: a “coming-soon” designation that would allow sellers to test the waters without showing Days on Market or pricing history. “Once brokers give our clients control over how their listing appears online, every client will want that listing to appear everywhere,” he said. (View Highlight)
Redfin’s stance is particularly significant given its soon-to-close acquisition by Rocket Companies and comes as other major brokerages and portals take sides. Brokerages eXp and NextHome have backed Zillow’s position, while Compass and CoStar boss Andy Florance have pushed back, suggesting the policy is more about Zillow protecting its lead pipelines than transparency. (View Highlight)
