realestate

Compass CEO seeks court order to block Zillow's listing restrictions

Compass CEO Robert Reffkin claims new standards will cause "irreparable damage", accusing Zillow and Redfin of colluding against him.

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ompass CEO Robert Reffkin has filed a motion in the company's antitrust suit against Zillow, requesting a preliminary injunction to prevent the home search giant from enforcing its listing ban during litigation. The move comes as Compass challenges Zillow's new Listing Access Standards (LAS), which bar publicly marketed listings not widely available on its site.

    Reffkin claims that Zillow's enforcement of LAS will cause "irreparable damage" to Compass, stifling innovation and restricting choice for home sellers and buyers. He also asserts that the uncertain impacts of the listing standards have caused investor confidence to wane, with investors doubting the soundness of their investment in Compass.

    Reffkin points to anecdotal evidence suggesting that competitors are already taking advantage of the uncertainty surrounding LAS. He claims that competing agents are using the uncertainty to dissuade sellers from working with Compass, and that at least one Compass region lost its top-performing team due to fears about the impact of LAS on their business.

    Reffkin also alleges a conspiracy between Zillow and Redfin executives to harm Compass. He cites conversations with top industry leaders, including Redfin CEO Glenn Kelman and Zillow executives, in which they discussed pressuring consumers into complying with Zillow's listing rules.

    In response, a Zillow spokesperson reiterated the company's stance that private listings create risks for individual consumers and the market as a whole. They argued that LAS is designed to ensure transparency, equal opportunity, and broad visibility for all sellers and buyers.

Compass CEO in court to block Zillow's listing restrictions nationwide.