As Zillow continues to lead a nationwide pushback against private listing networks, the portal giant is bringing its new standards to the unique New York City market, according to a release from the company, going a step further to block access to certain programs for agents who are not “committing to transparency.”
Starting sometime in June, agents will be required to submit listings to Zillow-owned consumer portal StreetEasy within one day of publicly marketing them, as long as that listing is “subject to an exclusive for sale listing agreement,” exempting rentals and leases.
And agents and teams who “choose to publicly market listings to some buyers but not all buyers” in New York City will lose access to certain Zillow and StreetEasy programs, including Zillow Premier Agent and the StreetEasy Concierge system. These agents will also be excluded from new tools the company plans to release soon.
“Our listing access standards ensure accountability, giving all New Yorkers an equal opportunity at homeownership and enabling agents to better serve their clients. Anything less risks sending the NYC housing market backwards,” said Caroline Burton, StreetEasy general manager. “A listing marketed to some buyers should be marketed to all buyers.”
Listings will still appear on StreetEasy even if an agent chooses to first market them on a private platform, though they will still not be allowed on Zillow based on previously announced national standards. StreetEasy also will not punish fully private listings that are never publicly marketed at the seller’s request.
While the application of Zillow’s new listing principles to a subsidiary like StreetEasy—a ubiquitous platform in the Big Apple—is unsurprising, the choice to switch up the incentives is notable. A Zillow spokesperson did not address questions regarding whether the company was considering similar initiatives outside of New York City.
It is also notable because in this case, Zillow is pushing people to put their listings on a Zillow-owned platform, while the nationwide standards—set to go into effect late this month—specifically require submission to the MLS “and…on Zillow and other sites that receive listing feeds.”
A Zillow spokesperson clarified that submission to New York’s RLS listing service, which is run by the Real Estate Board of New York (REBNY) and is not affiliated with the National Association of REALTORS®, would not be enough to comply with the new standards. The RLS does not automatically syndicate to StreetEasy the way MLSs largely syndicate to consumer portals in other parts of the country, according to the spokesperson.
Representatives for REBNY could not immediately be reached for comment.
In a blog post obtained by RISMedia and later posted online, Burton further reiterated the principles Zillow has espoused, claiming that syndicating listings broadly is the best way to serve consumers.
“When real estate listings are hidden from consumers, it creates an uneven playing field. This lack of transparency can erode trust in the real estate market, where buyers are not being given a fair chance to explore all their options and potentially miss out on their ideal home simply because the listing agent is selectively sharing the listing,” she wrote. “Buyers and sellers trust StreetEasy for our consumer-first approach, and we will continue to foster competition and fair access to inventory for all.”
Burton also teased new StreetEasy tools—which non-compliant agents will not have access to—saying they will be “(p)owered by StreatEasy’s real-time data on buyer demand” and “help…agents win business and market their listings in new ways.”
“Zillow and StreetEasy were founded on the principle of free and fair access to real estate information and listings, and we have not wavered in that commitment,” Burton wrote.
