There is a lot of noise in the real estate industry right now. Clear Cooperation. Private listings. Lawsuits. And now a growing push toward exclusive “Coming Soon” and preview platforms.
Let me be clear about where HomeSmart stands.
Until shown otherwise, we believe listings should be broadly accessible, not restricted to any one platform or network. We have evaluated opportunities to participate in exclusive distribution models with major search engine platforms, including Coming Soon preview programs, and have chosen not to pursue them at this point in time.
Not because we oppose innovation, but because it would be premature to bind our sellers and agents to an exclusive agreement while this remains a deeply contested issue in our industry.
A system built on transparency
Decades ago, the Multiple Listing Service (MLS) was created to streamline the industry — providing buyers with access to available homes and ensuring sellers could reach the widest possible audience. This created the organized real estate industry that we know today in the U.S., in contrast to other parts of the world without a comparable system, where listings are often shared through word-of-mouth and yard signs.
Though it may not be perfect, this structure is fundamentally pro-consumer and pro-competition.
The National Association of REALTORS® MLS Clear Cooperation Policy reinforced that principle by requiring listings to be submitted to the MLS shortly after public marketing begins. The intent is simple: maintain transparency and equal access across the market. While there are valid perspectives on both sides, maintaining centralized access to available homes remains essential to an organized real estate market.
But today, that foundation is being tested in new ways.
The rise of restricted access models
Private listings are not new. What is new is the rapid expansion of models that limit where and how listings are shared, including both brokerage-controlled distribution strategies and platform-driven Coming Soon programs.
Companies like Zillow, Realtor.com and others are now introducing Coming Soon and preview programs that, in some cases, require listings to be distributed exclusively through their platforms. At the same time, brokerage models like Compass have leaned into private and controlled distribution as part of a broader marketing strategy.
These models are not just about exposure. They are also about monetization. In some cases, platforms are offering agents and brokers participation in the economics of the transaction in exchange for exclusivity. That is a compelling incentive, but it shifts the equation from maximizing exposure to optimizing for platform-driven outcomes.
The result is a form of data hoarding, where listing visibility is controlled, timed or restricted to serve a platform strategy rather than the broader market.
Which raises an important question: Should access to listings be influenced by where they can be monetized most effectively?
While these approaches are often positioned as offering consumers more control, privacy or exclusivity, they introduce a fundamental shift.
The impact on buyers and sellers
For buyers, this fragmentation creates uncertainty.
Consumers are no longer confident they are seeing the full picture of available inventory. They are forced to navigate multiple platforms, each with partial visibility, which adds complexity to an already significant financial decision.
For sellers, the tradeoff is exposure. The core question is simple: does limiting where a listing is seen ultimately help the outcome or hurt it?
Limiting a listing to a smaller audience, even temporarily, can reduce competition. Fewer buyers typically means fewer offers, and fewer offers can impact both price and time on market.
Some may argue that AI is the answer to crawl all of these sites for available listings that match criteria. This approach is extremely inefficient and is a bandaid on what amounts to taking us back to the dark ages of real estate. Not to mention there is no guarantee that those listings will necessarily be on a public-facing site and may only be shared internally within the brokerage.
Even when positioned as a strategic advantage, restricted distribution comes with real considerations that should not be overlooked.
These considerations include potential legal and regulatory consequences. Limiting the exposure of listings to select audiences, intentionally or unintentionally, can raise questions around fair housing and equal access. Even with the absence of intent, restricting visibility creates risk that all parties involved should take seriously.
Why this matters for the industry
Real estate has always worked best as an open, cooperative system.
When listings are broadly available:
- Buyers can make more informed decisions
- Sellers benefit from full market competition
- Agents operate within a transparent and efficient marketplace
When access becomes restricted, that balance begins to change.
Instead of broad access, the industry begins to move toward selective access. Instead of one marketplace, it becomes many.
The industry becomes more fragmented. The consumer experience becomes more complicated. And the risk of unintended consequences — including legal and fair housing concerns — grows.
HomeSmart’s position
At HomeSmart, our position is straightforward: We believe in consumer choice.
That means we are not currently pursuing models that rely on exclusive distribution of listings, whether through private networks or Coming Soon preview platforms.
Instead, we are focused on expanding access wherever possible. Our view is that listings should be available as broadly as possible wherever MLS rules and platform policies allow, without forcing agents or sellers into exclusive channel decisions.
We will continue to:
- Work with MLSs to distribute listings, including Coming Soon inventory where permitted
- Syndicate listings to any public platform that allows it, without exclusivity
- Support an open marketplace where listings are broadly accessible
Looking ahead
The industry is clearly in a period of change.
New models will continue to emerge. Companies will continue to test different approaches to distribution, exposure and monetization.
But as we navigate this evolution, one principle should remain constant.
A real estate market works best when it is open, transparent and accessible.
That is what builds trust.
That is what supports competition.
And ultimately, that is what serves consumers best.
At HomeSmart, we believe that is worth protecting.
For more information, visit https://homesmart.com/.
