Compass CEO Robert Refkin is opposed to the National Association of Realtors’ Clear Cooperation Policy, which requires properties to be listed on the MLS within a day of being marketed. At the NAR NXT conference in Boston, a panel discussion about the future of multiple listing services was convened with Reffkin, Art Carter of CRMLS, Brian Donnellan of Bright MLS, Errol Samuelson of Zillow, and Kymber Lovett-Menkiti of Keller Williams Capital Properties. Reffkon expressed his belief that Zillow will evolve into the MLS and suggested that it was a matter of time before that occurs.
Errol Samuelson from Zillow, who was once considered an outsider in the industry, now supports the MLS system and believes that the best agents succeed based on their skills rather than information asymmetry. The discussion at the panel revolved around the future of MLS, focusing on cooperation, competition, and consolidation. There was a consensus that data is vital for brokers and that the MLS should focus on providing comprehensive information to help brokerages thrive.
The panelists discussed the importance of brokers being able to compete on service and price, rather than on the availability of listing content. Reffkin emphasized that sellers should have more control over their experience, and cited concerns about the lack of information available to them, such as days on market and price drops. He also mentioned the issue of listing agent attribution, which Carter supported by stating that MLSs should defend the listing agent on the listing.
After the panel discussion, Reffkin reiterated his stance against Clear Cooperation, stating that it is about homeowners’ rights. However, some may view his opposition as self-serving since Compass is embracing the idea of private listings. Reffkin emphasized the importance of homeowners having a choice in how their information is shared, suggesting that more competition in the market will ultimately benefit sellers. While there was no consensus on the future of the MLS, the panel discussion shed light on the ongoing debates within the real estate industry regarding data sharing and seller representation.
