MLS leader offers forceful defense of private listings
With Zillow enforcement of listing rules on hold in the Chicago area, MRED’s CEO makes her case for their PLN as a way to offer “compassion and options.”
Midwest Real Estate Data CEO Rebecca Jensen issued a sweeping and emotional defense of the MLS's private listing network this week, describing the PLN as "one of our most human-centered innovations."
In an open letter to MRED's 50,000 members, Jensen said private listings give sellers and their agents flexibility as they navigate challenging life events including divorce, death, disability, displacement and downsizing.
"The PLN allows us to respond with compassion and options, not threats and strict fines to the listing broker trying to help families navigate their home sale during a difficult time," Jensen wrote in the letter, as first reported by RISMedia.
"Without imposing arbitrary 'Coming Soon' timelines or rigid listing data and media submission rules, MRED intentionally designed the PLN to adapt to human circumstances, not force listing brokers to be caught between MLS rules and providing service to their sellers," Jensen wrote, adding that MRED's rules require any listing that's publicly advertised to be entered in the MLS within 24 hours.
PLN by the numbers: Jensen also offered up a range of 2024 data to support her heartfelt arguments. Private listings on MRED, which covers the Chicago area and beyond:
Sold faster than traditional listings (13 days vs. 22)
Achieved higher percentages of list price (97.5% vs. 95.4%)
Showed a minimal increase in double-ended transactions (6.7% vs. 6.6%)
Listings spend nine to 17 days in the PLN before going active, Jensen wrote, with only 3.5% of private listings selling within a day of going active. In addition, just over two-thirds of brokers who used private listings once go on to use them again.
Zillow isn't named in the letter, but … The message from MRED comes as Zillow is rolling out its listing access standards, which require publicly marketed listings to be made widely available.
Enforcement of the standards has taken effect nearly everywhere except the Chicago region, where Zillow acknowledged a delay "due to the unique situation" involving MRED's long-standing PLN.
When asked for comment on the letter, Zillow shared this statement: "On the rare occasion a seller has a legitimate reason to keep their listing fully private — whether for privacy, safety or another personal reason — we support that," calling it the "exception, not the norm."
"In those cases, the listing never gets publicly marketed (on Zillow or anywhere else online) and there is an existing path in the MLS for these unique sellers," the statement said, adding that "when a listing is made public, it should be accessible to every consumer and every agent. Anything less creates an uneven playing field."