Robert Reffkin discussed the impact of clear cooperation on listings, stating that it can lead to negative insights and questioning the longevity of the anti-pocket listing rule.
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Compass CEO Robert Reffkin expressed his views on the National Association of Realtors’ clear cooperation policy during the company’s Q2 earnings call. Reffkin criticized the policy as “anti-homeowner” and suggested that it may not be sustainable in the long run.
He also hinted at Compass’s potential entry into the portal wars by aiming to offer more inventory on its website than third-party platforms. However, this strategy could clash with NAR’s clear cooperation policy, which aims to prevent pocket listings and discrimination in listing visibility.
Reffkin argued that clear cooperation does not benefit consumers and can lead to negative perceptions such as days on market or price reductions being associated with listings. He highlighted the advantages of “private exclusives” that allow homeowners to test the market without facing such negative insights.
Despite the current push for all listings to be included in the MLS, Reffkin believes that this forcing mechanism will eventually come to an end. He pointed to regions where MLSs are not affiliated with NAR and operate successfully without clear cooperation policies.
Reffkin also referenced the Department of Justice’s investigation into clear cooperation, noting that it has raised concerns about antitrust implications. He concluded by suggesting that a centralized platform for listings is inevitable, but homeowners should have the option to control when their listings become public.
Update: This story was updated after publication with additional comments from Reffkin and background on related legal cases.
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