Compass Widens Private Listings Reach
Compass will share select off-MLS listings with Redfin under a new three-year agreement that could alter how some properties are marketed.
LOS ANGELES — Compass will allow its property listings that have yet to hit the broader market to appear immediately on real estate brokerage Redfin’s portal, part of a three-year agreement announced Thursday.
The move could potentially bring more than 500,000 additional listings across Redfin’s website and app, New York-based Compass and Detroit-based Rocket Cos., a mortgage lender and parent of Redfin, said in a statement.
As part of the agreement, Rocket Mortgage will also offer certain pricing incentives to Compass’ customers, including a temporary interest rate reduction or a lender credit.
The move comes as Compass remains in a legal dispute with Zillow after Zillow adopted a policy declining to display listings that were marketed elsewhere before appearing on Zillow.
Traditionally, agents list homes in a multiple listing service, or MLS, which feeds listings to major portals such as Zillow and Redfin. Those platforms typically display information such as days on market and any price reductions.
Under the new agreement, certain Compass listings that are not yet entered into the MLS could appear on Redfin’s site before being broadly marketed through the MLS system. That differs from the standard MLS distribution model and from Zillow’s current policy on listings first marketed elsewhere.
Some brokerages also offer limited-exposure options before a full public launch. Compass, for example, provides a “Private Exclusive” listing visible only to its agents and their buyers, as well as a “Coming Soon” option on Compass.com in which certain listing details are not publicly displayed until the property is fully launched.
Limited-exposure listing options are not uncommon in the industry. At Compass, those include a “Private Exclusive” visible only to its agents and their buyers, and a “Coming Soon” listing on Compass.com that withholds certain public details until the property is fully launched.
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