Private real estate listings—ones listed through private networks outside of Multiple Listing Services (MLSs)—are a topic of debate and strong split opinions in the real estate industry right now. Zillow, which receives MLS feeds, has instituted new listing access standards (taking effect in June 2025) that would ban private listings from its platforms. (Agents who post the private listings would not be banned from Zillow’s platform.)
In Illinois, legislation has been introduced that could take private listing bans from industry to public policy. The bill would institute new regulations around real estate listings within the state. The text of the bill (introduced in February 2025 and currently referred to committee) states that an agent representing a seller or landlord must share information on the property with buyers/tenants agents, including “(making) the property available for showing to prospective buyers or tenants.”
The bill continues that, as part of this public availability, the seller/landlord agent must “within one calendar day of the start date of any brokerage agreements authorizing the licensee to sell or lease the client’s property, publicly advertise or market the listed property for sale or lease on a platform or website accessible to the general public and any real estate licensees representing prospective buyers or tenants.”
This requirement is lifted if the seller/landlord completes a disclosure and opt-out form authorized by the Illinois Department of Financial and Professional Regulation, however. The regulations of the bill echo the National Association of REALTORS®’ Clear Cooperation Policy, wherein a listing must be displayed on an MLS one business day after the agent has publicly marketed the listing. Supporters of Clear Cooperation generally argue it promotes a fair and transparent real estate market, while opponents have alleged it is too restrictive and limits seller choice.
The bill’s chief sponsor Representative Lilian Jiménez has said the bill, if passed, will “(bring) much-needed transparency and accountability to Illinois’ housing market,” citing a history of “redlining, block-busting and segregation in our communities.”
In an Instagram post about the legislation, Jiménez wrote that: “By requiring homes to be publicly listed, we’re making sure that families aren’t shut out by private networks and that every buyer has a fair chance…(the bill) is one step forward in dismantling systemic barriers and building a housing market that works for everyone.”
The bill was the subject of a recent Chicago Tribune op-ed by Thad Wong and Mike Golden, the co-founders of Chicago’s @properties Christie’s International Real Estate, wherein the pair outlined their support for private listings and concerns about the legislation. @properties was purchased by Compass, one of the chief critics of Clear Cooperation, late last year.
In a response to RISMedia’s request for comment from @properties Christie’s International Real Estate, the company’s EVP of Corporate Communications Peter Olesker reaffirmed the stances outlined in the op-ed.
Wong and Golden wrote that the bill would “mandate a one-size-fits-all approach to home sales” and force home sellers to publicly list homes on MLS feeds, “(syndicating) it across a network of real estate websites within one day of signing a listing agreement” whether the seller wants to or not.
Wong and Golden also allege that Zillow is a driving force behind the bill because “giving sellers and their agents options for how they bring a listing to market is a direct threat to Zillow’s bottom line.”
“(Zillow) attracts (the leads it sells to real estate agents) by aggregating listings on its site, primarily from the MLS,” Wong and Golden wrote. “If fewer listings appear on the MLS because homeowners want to market through other channels even for a short amount of time, Zillow’s revenue takes a hit.”
Wong and Golden cite their own company’s “private-to-prominent” listing strategy where a listing can be listed privately first then eventually be brought to MLS for a full public offering.
“(This approach) allows a seller and their agent to prepare the home for sale while building interest and demand,” the pair explained. “It also gives them an opportunity to test a price without having Zillow or other websites display any reductions that might be made prior to the public listing. And the listing does not accumulate market time during this premarketing phase.”
The office of Representative Jiménez did not respond to an email inquiry from RISMedia at press time.
