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- Real estate lists that were published to consumers earlier this month but not listed on Local MLS within a business day will no longer be displayed on Zillow.
- This step is in line with the National Association of Realtors’ clear cooperation policy. This is intended to prevent exclusive real estate listings and increase buyers’ fairness.
Real estate giant Zillow is shaking the housing industry with new standards it says is in line with new regulations aimed at transparency, but others believe it represents the power play of the country’s largest residential real estate listing service.
The company has announced through Yard Sign that a property listing that is publicly available to consumers will no longer appear on Zillow or its daughter company Trulia if it is not listed on the local MLS on the brokerage website, but within one business day.
Agents may agree with sellers who say they list properties only on broker websites, not MLS. Zillow says that these lists don’t appear. Similar lists posted to the platform before these new standards remain on the website.
This step is in line with the National Association of Realtors’ clear cooperation policy. This is intended to prevent the property list from being selectively sold to certain people and create an even playing field for all buyers.
“At the heart of these standards there is one simple principle: Listings that are publicly available to buyers must be sold to all buyers. This makes sense for MLS, Zillow, and even portals or securities sites other than Zillow,” reads Zillow’s April announcement. “Why is this important? Because consumers deserve fair access to their listings without accessing behind a velvet rope controlled by either company.”
Several real estate agents, including West USA Realty, Exp Realty and Nexthome, have already vowed to follow Zillow’s new standards.
But another well-known real estate company, Homes.com, criticised Zillow’s new standards in an email to agent subscribers, saying the listing platform remains neutral, and that this is an “epic ratio power play.”
“Zillow argues that not NAR, not your brokerage, not your listing agent, and even homeowners paying for a commission home should decide how their listings are sold.” “This is not about protecting consumers, it’s about protecting Zillow’s ability to profit from Zillow’s listings by selling leads to competing agents.”
According to a presentation by Zillow Investor in February, 80% of consumers go directly to Zillow for residential real estate. Zillow also attracts 64% of all traffic among users of your listing app. That’s more than four times as much as our closest competitor, Realtor.com.
So, Zillow said this is a step in the right direction to minimize disruption among consumers and ensure fair access to real estate information for all buyers.
“By requiring timely listings on MLS and other sites that receive MLS feeds, Zillow aims to prevent the disadvantages that arise from private list networks and limited inventory.
Maddie McGay is a real estate reporter for Northjersey.com and Records, covering everything worth celebrating about life in North Jersey. Find her on Instagram @maddiemcgay, x @maddiemcgay and sign up for her North Jersey Living Newsletter. Are there any tips, trends, or great homes she should know? Email her to mmcgay@gannett.com.