Coldwell Banker CEO denies ‘reversing course’ on private listings
Kamini Lane says her stance hasn’t changed — but in the few cases where listing privately makes sense, her brokerage is committed to providing the best tools.
Key points:
- Coldwell Banker Realty President and CEO Kamini Lane said agents have a duty to do what’s best for the consumer — and for the vast majority of sellers, that means listing on the MLS.
- But for the small number of sellers using the brokerage’s Exclusive Look program, Lane said it’s still important to ensure agents have the best tools.
- The brokerage recently expanded the program, allowing all Anywhere-affiliated agents to view the listings, to better serve sellers who need “a more flexible marketing strategy.”
When Coldwell Banker Realty President and CEO Kamini Lane sent out an email last month announcing an expansion of its exclusive listings program, rival brokerage and private listings proponent Compass accused the company of "reversing course."
The update, a Compass spokesperson told Real Estate News, "stands in sharp contrast" to Kamini's Inman op-ed in July, in which she indicated private listings ignore the law of supply and demand and stated that "the value of full exposure is priceless."
But Lane maintains that her stance — and that of Coldwell Banker Realty — has been consistent: It is the fiduciary duty of real estate professionals to do what is in the best interest of the consumer, and for the vast majority of sellers, maximum exposure on the multiple listing service will result in maximum value.
"It's not something that I made up, and it's not something that anyone in our industry can change," Lane told Real Estate News.
'A bespoke conversation' with every seller
Lane acknowledges there are "limited circumstances" in which a private listing strategy makes sense, such as when a beloved football coach has decided to take a job elsewhere and isn't ready to make that public, or if a home has a really unique or idiosyncratic feature.
"It's the job of a real estate agent to have that conversation with their client," Lane said.
"The thing that has gone wrong and where some other people have lost the lead here is that they're taking such a broad brush and saying that every listing should be in a private network for some period of time" — likely a reference to Compass's three-phased marketing strategy that begins with marketing listings as office exclusives.
"That just doesn't make sense," Lane said. "Every listing deserves a bespoke conversation with your real estate agent."
Combining 'the best tool' for private listings with broad network exposure
For the small share of listings that might benefit from being listed privately — less than 1%, Lane estimates — Coldwell Banker offers Exclusive Look, a program the company launched in 2020 when the National Association of Realtors' Clear Cooperation Policy was first enacted.
In August, the brokerage opened up its Exclusive Look "Sneak Peak" option — which allows agents to share listings up to one day before they hit the MLS — making those listings visible to all Anywhere-affiliated agents, not just those within its own brokerage. "This additional functionality through Exclusive Look ensures you are empowered to serve your sellers whose unique needs may require a more flexible marketing strategy," Lane wrote in an email to agents.
While Coldwell Banker Realty has about 55,000 agents, the Anywhere umbrella encompasses about 200,000, which Lane said is a "key differentiator" for the brand.
"That's something that no other real estate company can boast, you know?" Lane said.
"Creating an option for agents taking advantage of the size of the Anywhere network was really important in fulfilling that promise of [providing] the best tool for those limited circumstances" where a private listing is warranted, she noted.
The brokerage declined to disclose how many of its listings are currently being marketed under Exclusive Look.
'A really bad consumer experience'
Anywhere CEO Ryan Schneider has repeatedly said the company is ready to flip the switch on private listings if they gain ground, telling investors "we will not let our agents be disadvantaged," but he has also maintained that a wholesale shift to private networks is "short-sighted" and not what the company recommends.
Some consumer advocates have sounded the alarm that if large brokerages go all-in on private listings, they would quash competition from smaller brokerages and lead to a fragmented market where there is no source of comprehensive listings, forcing buyers to go brokerage-by-brokerage to see what is for sale.
"That would be a really bad consumer experience," Lane said.
She said she "can't really comment on what Ryan says," but Coldwell Banker Realty's stance has been clear: "We advocate for the consumer and transparency, and posting on the MLS — that is the world we live in now."