Jessica Mendoza

The other group that Refkin singled out, the National Association of Realtors, said that NAR, quote, fosters a competitive, fair and pro-consumer market.

NAR is a trade organization that sets the rules for most multiple listing services.

In the past, the organization has tried to regulate private listings.

In 2020, NAR enacted a rule that limited how brokerages like Compass advertise private listings, a rule that Refkin very much opposed.

Then, in 2023, a jury found that NAR rules had kept commission rates for realtors artificially high.

Nicole says the settlements left many in the real estate industry feeling angry, including Refkin.

Earlier this year, NAR tried to find a middle ground, adjusting its policies to give sellers more options and add flexibility to private listings.

But in the battle over private listings, Zillow decided to step it up by introducing a rule of its own in April.

Under Zillow's rule, if a listing is advertised publicly, say, with a lawn sign or on social media, but it's not listed on an MLS within one business day, then Zillow reserves the right to ban the listing from its site entirely.

What does this new rule mean for Compass?

Compass filed its lawsuit in June and accused Zillow of being a monopoly.

Compass said that Zillow's rules discouraged agents and sellers from using its private listing strategy.

Zillow has argued that its rules haven't hurt Compass's business.

What does this story say to you about the future for how real estate works or, like, what's in the balance here?

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