H
anna believes the portal's new listing standards "penalize" agents and home sellers, while his brokerage — and Compass — are the real innovators. He argues that rules limiting how listings can be marketed and displayed stifle innovation.

    Forcing all listings onto public search sites impacts a brokerage's value proposition and ability to differentiate, Hanna said. Antitrust and fair housing concerns related to private inventory are overblown, he argues.

    Hanna's company, Howard Hanna Real Estate, pulled its listings from the Internet Data Exchange (IDX) two years ago in an effort to keep them off competitors' websites. He believes that having more control over listings is essential for creating a value proposition and differentiating his brokerage.

    When asked about his value proposition, Hanna explained that working with him at Howard Hanna means having access to all listings on the company's website, often 24 hours before they're available to the public. This allows clients to stay ahead in a competitive market.

    Hanna views the current debate over private exclusives as a Compass versus Zillow argument, but he believes every brokerage has had private listing networks for decades. He argues that companies like Compass are innovating and shouldn't be vilified for it.

    Critics of exclusive inventory have highlighted risks such as fair housing and discrimination concerns. Hanna dismisses these arguments, saying they don't make sense in today's day and age.

    Regarding Zillow's new listing standards, Hanna believes they limit innovation and creativity by trying to homogenize the display of listings. He argues that Zillow doesn't procure inventory but relies on brokerages like Howard Hanna to provide it.

    Hanna concludes that strong brokerage firms should be able to control their own listings for a short period before they're syndicated to other platforms, allowing them to recapture some of the value they've lost by giving data away for free.