I
ndustry leaders debated the potential impact of repealing the Clear Cooperation Policy (CCP) on residential real estate. Key points from a web panel discussion include:

    A complete repeal of the CCP could lead major portals like Redfin and Zillow to pivot into the brokerage business, posing an existential threat to agents and brokerages. NextHome CEO James Dwiggins warned that these companies have the resources and expertise to make this shift.

    Redfin is particularly well-positioned to thrive in a post-CCP environment, with its rapid expansion of Redfin Next and recruitment of traditional brokers. Zillow also has the potential to become a major player in the brokerage world, with 220 million unique visitors and a strong online presence.

    The loss of access to listings could prompt portals to pivot into the brokerage business, potentially leading to an industry dominated by a few large companies. Dwiggins noted that this scenario is plausible if portals suddenly lose access to listings.

    However, Redfin CEO Glenn Kelman and Zillow President Susan Daimler have expressed support for the CCP, warning of potential consequences such as reduced transparency, lower home sale prices, and Fair Housing concerns. They argue that private listing networks are anti-consumer and anti-agent.

    The debate highlights the tension between those who see pocket listings and private listing networks as a free-market approach and others who view them as anticompetitive. The outcome of this debate will have significant implications for the future of residential real estate.