C
ompass is launching a new "Private Exclusives Book" that will allow consumers and agents to view the brokerage's private listings not yet available on the MLS. The digital and physical book aims to provide transparency and highlight Compass' willingness to co-broker with other brokerages. This move appears to address concerns about fair housing and potential discrimination, as the company claims the book is open to any group of buyers regardless of protected characteristics.

    Compass has been scaling up its private inventory and argues that sellers want the option to pre-market before going to the MLS. Critics counter that keeping inventory private could harm buyers and sellers, and goes against the cooperative ethos of the MLS system. Compass' announcement suggests it is responding to claims that the brokerage is leaning into private listings to capture both sides of a transaction.

    The company says its goal is not to double-end deals, but to share its private exclusives with the entire brokerage community. The physical books will be updated throughout the week, while the digital version reflects private exclusive inventory in real-time. Compass claims this initiative "reimagines" the spirit of original MLS books by putting all private listings in one place while respecting sellers' marketing strategies.

    Industry leaders have expressed concerns about fair housing and equal access, warning that Compass' approach could return to an era where inventory was fragmented and access was limited. eXp Realty CEO Leo Pareja called it "exactly what I've been warning would happen" and raised concerns about fiduciary responsibility. Despite this, investors appear to approve of Compass' direction, with the company's stock increasing 35% year-to-date.