T
he National Association of Realtors (NAR) has revised its policy on listing public availability, allowing brokers to market properties privately before posting them to the public. This change has sparked a reaction from real estate websites like Zillow and Redfin, which argue that giving certain buyers a head start through "pocket" or "off-market" listings violates their principles.

    Redfin CEO Glenn Kelman stated that his company will not publish listings that have been publicly marketed before being shared with all real estate websites via the MLS. However, not all sites are opposed to this new policy, and some brokerages are promoting private listing services as essential for luxury properties.

    Companies like Douglas Elliman and Compass are launching or enhancing their own private listing approaches. Compass CEO Robert Reffkin emphasized that his company advocates for homeowners having control over how their listings are marketed, allowing them to test prices, gain insights, and generate early demand without negative consequences.

    Compass's Coming Soons listings are searchable only on Compass.com and "protect home sellers" from listing days on market and price drops. The company claims that its private exclusives can help homeowners fine-tune their positioning for the best possible sale outcome and avoid damaging public price drops.

    NAR's new policy, part of its Handbook on Multiple Listing Policy, allows brokers to create a category called "delayed marketing exempt listings." This means homes can be listed with MLS while being privately marketed, but they won't be syndicated or displayed through IDX feeds. Supporters argue that this ensures sellers reach a wide range of potential buyers and gives buyers an even playing field.

    However, critics claim that transparency can create a stigma if a house is online for a long time or prices are cut. Some owners may prefer private marketing over reaching out to a wider audience who cannot afford the property. Redfin's Kelman suggests creating a "coming soon" designation for listings to prevent search sites from showing how long a home has been for sale and at what prices.

    The debate highlights the tension between public access to listings and the desire for private marketing, with some arguing that this change could lead to an uneven playing field.