Zillow is set to implement new standards for listings, aligning with the Clear Cooperation rules but potentially conflicting with the National Association of Realtors’ “delayed marketing” policy. This move, supported by eXp, could impact listings promoted through social media, yard signs, and other means permitted by NAR’s policy.
The decision to bar listings not widely shared via the MLS from public promotion on Zillow.com aims to level the playing field in real estate marketing. Errol Samuelson, Zillow’s chief industry development officer, emphasized the importance of making listings available to all potential buyers, in adherence to the Clear Cooperation Policy enforced by NAR.
Despite Samuelson’s statement that the new standards are not a direct response to recent updates in the CCP, the provision for “delayed marketing exempt listings” under the Multiple Listing Options for Sellers policy could be significantly impacted by Zillow’s actions. This provision allows sellers and listing brokers to advertise listings on various platforms during a delayed marketing period.
Zillow’s definition of public marketing, including social media, email campaigns, and yard signs, could lead to listings being excluded from the platform if not submitted to an MLS within 24 hours. This approach aims to ensure fair access for all potential buyers and maintain transparency in the real estate market.
eXp Realty has endorsed Zillow’s move, emphasizing the importance of providing clients with transparent and comprehensive access to property listings. CEO Leo Pareja highlighted the agreement with Zillow as a step towards creating a more efficient and trustworthy marketplace for real estate transactions.
While Zillow hopes for broader industry support for their new standards, Samuelson pointed out that most brokerages in the country value equal access to listings. Recognizing the benefits of an open marketplace facilitated by MLS, they aim to uphold the cooperative nature of the real estate industry for the benefit of consumers.
Research conducted by Zillow and Bright MLS revealed that off-MLS listings could result in significant financial losses for sellers, particularly impacting communities of color. The data underscores the importance of maintaining fair and transparent listing practices to ensure equitable outcomes for all parties involved in real estate transactions.
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