Without commenting directly on the Compass-Rocket partnership, the National Association of Realtors noted it has no policy on coming soon listings and reaffirmed support of the MLS.
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Just days after the announcement of a groundbreaking partnership between Compass and Rocket-Redfin regarding off-MLS listings, the National Association of Realtors has clarified its stance on coming soon listings and its support of the multiple listing service.
Without commenting directly on the three-year exclusive partnership between the megabrokerage and the portal, NAR said that it “does not have a national policy regarding coming soon statuses.”
The statement made clear that NAR has no outright issue with the deal that will involve Redfin hosting Compass Coming Soon listings and, in the coming months, Compass Private Exclusives, both of which face bans from Zillow if they’re marketed publicly for more than a day without being available for publication on Zillow.
“Listing statuses are matters of local discretion, with each MLS determining the appropriate statuses for its marketplace,” an NAR spokesperson said. “Brokers and agents who choose to participate in an MLS agree to comply with that MLS policies and rules, which are designed to benefit consumers and their marketplace.”
Zillow’s Listing Access Standards policy has been a flashpoint in the industry over the past year, as it took direct aim at Compass’ 3-Phased Marketing Strategy, which involves a period where a property is marketed without being widely distributed via the MLS and syndicators.
While some MLSs allow for a pre-marketing period, Zillow’s policy requires listings that are publicly marketed to be made available for syndication on the portals and by other MLS participants within a day, regardless.
In its statement, NAR reaffirmed its support of local MLSs, as well as broad public marketing of real estate listings.
“NAR values the pro-competitive and pro-consumer benefits of MLS, including broad market exposure, access to available properties for sale in a marketplace, and equal access to the public,” the spokesperson said. “We will continue to protect and advance the rights of Americans to own real estate and to support consumers throughout the home buying and selling process.”
Along with its partnership announcement last week, Compass noted that listings within its 3-Phased Marketing Strategy would be available to the tens of millions of consumers who search the Redfin platform each month.
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