New squabble erupts over private listings 

Two sides have clearly emerged since the National Association of Realtors announced its Multiple Listing Options for Sellers companion policy to Clear Cooperation last month. One, led by Compass, is attempting to drive the industry toward office exclusives. Zillow is leading the other by asserting its dominant position in home search to discourage private listings.

Members of these competing factions recently took to LinkedIn to trade barbs after Zillow published an April 18 blog post seeking to clarify its new standard for listings barring those that are publicly marketed but not shared via the MLS. Zillow's policy launched with an endorsement from eXp on April 10. The policy was backed by NextHome the following day and later received support from Redfin CEO Glenn Kelman.

"What isn't okay is a listing publicly marketed to some buyers but hidden from others," Zillow Chief Industry Development Officer Errol Samuelson wrote in the post. "That's the line, and we will share more details about implementation of these standards in the coming weeks. The goal isn't to catch anyone unaware; the goal is to encourage consumer transparency."

eXp doubles down

eXp Realty CEO Leo Pareja and SVP of Brokerage Operations Holly Mabery, who hosted a livestream on April 16 unveiling the brokerage's new pre-marketing disclosure form for sellers, voiced support for Zillow's position on the issue. 

"Sellers do and have had choice," Mabery wrote. "The spin that they are suddenly missing out because their property is only restricted to one company that chooses to limit their marketing for specific purposes is disingenuous."

Pareja shared a similar sentiment, adding that the "drive to exclude properties from the open market is a guaranteed recipe for a fair housing nightmare" and that discussions about seller choice should include "telling the actual truth, not steering everyone into a self-serving scheme for recruiting and double-ending transactions."

Pareja also addressed Compass CEO Robert Reffkin directly, challenging him to debate the issue in person. 

Compass calls out 'bully behavior'

Reffkin jumped into the discussion with multiple posts and comments over the weekend. "This is bully behavior and is an abuse of monopoly power coordinated by the largest trade association in the United States and the largest real estate portal in the United States," Reffkin wrote, referencing NAR and Zillow in a comment that has since been edited.

"Zillow makes money by selling buyer leads to inexperienced agents," his comment continued. "Zillow is effectively saying to the homeowner, 'You can't sell your home unless I get some revenue off of it.'"

Glenn Sanford, eXp founder and CEO of the brokerage's holding company, pushed back on Reffkin and challenged Compass to provide data backing up its claims that private exclusives work in sellers' favor. 

"If Compass's Private Exclusive strategy really delivered better results, it wouldn't need defending through analogies. It would stand on its own numbers," Sanford wrote.

Compass continued to punch back over the weekend, with Reffkin taking swipes on his own channel and via the pages of the company faithful. In an April 20 blog post, Reffkin also alleged that Zillow and Redfin have engaged in activity that "aligns with the classic definition of anticompetitive behavior."

"By choosing to suppress valid MLS listings that don't comply with Clear Cooperation timelines, Zillow & Redfin are not merely making a business choice — they are acting in concert with other organized real estate entities to restrict off-MLS competition," Reffkin wrote.