Compass CEO Robert Reffkin has been vocal about his opposition to the National Association of Realtors’ Clear Cooperation Policy, which requires properties to be listed on the Multiple Listing Service within a day of being publicly marketed. This led to a packed conference room at the NAR NXT conference in Boston where a panel discussed the future of multiple listing services. The panel included Reffkin, as well as the CEOs of the nation’s two largest MLSs – Art Carter of CRMLS and Brian Donnellan of Bright MLS. Errol Samuelson, Zillow’s chief industry development officer, and Kymber Lovett-Menkiti, the co-owner of Keller Williams Capital Properties, were also on the panel.
During the panel discussion, Reffkin expressed his view that Zillow would eventually become the MLS. However, the audience did not respond with applause as they had throughout the session. Samuelson, representing Zillow, emphasized the platform’s support for the pro-consumer MLS system and highlighted the importance of equal access to information. The panel also discussed the role of cooperation and competition within the MLS system.
The panelists touched on the importance of MLS cooperation and compensation, with Carter noting that data is a critical factor for brokers in their work. Lovett-Menkiti stressed that brokers need information and Carter suggested that MLSs should compete based on service and price rather than the availability of listing content. Reffkin emphasized the need for a strong MLS but suggested that data should be provided in a more controlled manner to protect value.
Reffkin argued that sellers should have more control over their experience and how their information is shared. He highlighted the need to treat homeowners as clients and provide them with more options. Reffkin expressed frustration with the lack of listing agent attribution, a sentiment that Carter echoed. The panel concluded with a discussion on the concept of homeowners having a choice, with Reffkin pushing for increased rights for sellers.
After the panel, Reffkin continued to discuss his views on Clear Cooperation and the rights of homeowners. He emphasized the importance of homeowner choice and defended his stance against the policy. Critics may view Reffkin’s opposition as self-serving due to Compass’s interest in private listings, but Reffkin maintained that the debate is about providing more options for homeowners. Ultimately, the panel and subsequent discussions highlighted the complexities and challenges facing the real estate industry, particularly in relation to MLS policies and the rights of sellers.
