James Rodriguez

Coming up.

And then when we're ready, when we have all that feedback, we can blast it out more widely and get you all those eyeballs.

So this is really a fight for control of real estate listings, and it could determine where you find your next home, whether it ever appears on Zillow at all.

And you have on one side the country's largest brokerage, Compass, which has been essentially advertising homes in some places but not others.

It's been advertising homes on its own website or in private databases but not sharing them more widely, at least initially.

And you have Zillow saying, hey, if a home is advertised somewhere online –

It should be everywhere.

And so they've instituted these rules that effectively could ban some listings if they're not advertised properly.

What this basically means is that homes are – you have the real estate market essentially fracturing.

Right.

Where homes may be listed somewhere online and not other places.

Well, typically when you list your home for sale, your agent will put it in a local database known as the Multiple Listing Service, MLS, and that's going to blast it out everywhere to other brokerages, to agents, and these big portals like Zillow or Realtor.com, Homes.com.

And that effectively gets as many eyeballs on it as possible.

You have some brokerages like Compass that are saying, hey, it's actually not good for you if you go that route.

They're saying it's better if you initially advertise it among a smaller crowd.

You kind of build this interest.

You don't have days on market building up.

You don't have price cut history shown publicly.

And then when we're ready, when we have all that feedback, we can blast it out more widely and get you all those eyeballs.

And people on the other side of things are saying, hey, this will create this fractured marketplace where homes may be hidden in some places or you might not have a good sense of what's out there.