{"id":78692,"date":"2024-10-08T10:00:43","date_gmt":"2024-10-08T17:00:43","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78692"},"modified":"2025-07-01T05:52:14","modified_gmt":"2025-07-01T12:52:14","slug":"in-a-world-without-clear-cooperation-big-brokers-win-agents-and-consumers-lose","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/in-a-world-without-clear-cooperation-big-brokers-win-agents-and-consumers-lose\/","title":{"rendered":"In a World Without Clear Cooperation, Big Brokers Win, Agents and Consumers Lose"},"content":{"rendered":"

We can\u2019t keep debating the consumer benefits of Clear Cooperation, the National Association of Realtors\u2019 policy against pocket listings. The data is clear that sellers get higher prices by publicly marketing listings, and that buyers, especially buyers of color, want to see all the homes for sale.\u00a0<\/span><\/p>\n

One Reason Clear Cooperation Is Under Attack: To Create Monopolies<\/b><\/p>\n

The debate distracts us from the deeper issue: why has America\u2019s largest broker campaigned for a homeowner’s right to market her property as a pocket listing? We can\u2019t be too polite to consider one answer that has overwhelming business logic: to turn a market into a monopoly.<\/span><\/p>\n

Imagine Tens of Thousands of the Most Desirable Listings, Pocketed<\/b><\/p>\n

We focus so much on the exceptions that could rationalize pocket listings, like listing Oprah Winfrey\u2019s house, that we forget that pocketing desirable listings could, in some neighborhoods, become the rule, with as many as a third of listings inaccessible to most home-buyers. With new pressures on buyers\u2019 agents and a long-term listing shortage created by interest-rate volatility, there are more incentives than ever for a broker to pocket listings.<\/span><\/p>\n

Lower Splits, High Fees<\/b><\/p>\n

Without reasonable data cooperation policies, an agent about to leave a big broker in search of a better deal may stop short if her clients can no longer access the big brokers\u2019 listings. And with homebuyers now asking \u201cwhy should I pay you 3%,\u201d the response the big broker may have in mind is \u201cto see listings no one else has.\u201d\u00a0<\/span><\/p>\n

Every Monopolist Starts by Controlling Inventory<\/b><\/p>\n

Imagining that a broker wants inventory control to create a competitive advantage isn\u2019t a far-fetched theory or even an imputation of dastardly intent. It\u2019s a strategy as old as business itself. It explains why TicketMaster can take so much money from each concert, Uber for each ride, Spotify for each song.<\/span><\/p>\n

When Size Matters, The Little Guy Loses<\/b><\/p>\n

Once a marketplace has the most exclusive inventory, be that in shows or songs, it seeks more money from the people producing the show or the song. The standing a marketplace has to get more is known as \u201cthe take rate,\u201d and in real estate, the person the money\u2019s being taken from is you, the agent, and also of course the consumer.\u00a0<\/span><\/p>\n

Historically, Big Brokers Haven\u2019t Been Able to Get Big Splits<\/b><\/p>\n

Historically our industry\u2019s take rates have been low: brokerages earn modest margins on the sales sourced by our agents, and the agent keeps most of the money. Since all brokers have access to the same inventory, brokers compete by giving agents higher splits or better support.<\/span><\/p>\n

Clear Cooperation Is Good For Agents, Too<\/b><\/p>\n

But without strong data cooperation policies, agents will rush to join the biggest broker in town, even at lower splits, just to ensure their customers can see all the homes for sale. The goal in weakening Clear Cooperation is to make being bigger matter — more than being better. That is the law of the jungle, masquerading as freedom.<\/span><\/p>\n

Why We All Share<\/b><\/p>\n

And boy oh boy, do cooperation\u2019s opponents love talking about freedom, as if getting more MLS data than you give should be added to the Bill of Rights. When you remind a broker that it has the ultimate freedom, to leave the MLS, the broker immediately objects that this is impractical: no one can compete without sharing listings.<\/span> But that is what that broker\u2019s asking others to do, to compete without the listings that the broker has withheld from the MLS.\u00a0<\/span><\/p>\n

The MLS No Longer Facilitates Fee Cooperation<\/b><\/p>\n

Cooperation\u2019s opponents go further, saying their campaign is to save our industry from another antitrust lawsuit. One broker cites as evidence a Department of Justice filing from 2023, but that was when the MLS was still facilitating fee cooperation. Any brokerage now purporting to speak for the Department of Justice without working there is probably advancing its own agenda. The way to address antitrust concerns isn\u2019t by letting brokers monopolize listings.<\/span><\/p>\n

Clear Cooperation Probably Won\u2019t Be Overturned, But It Could Be Weakened<\/b><\/p>\n

And yet after so much costly litigation, the NAR, which fought like lions against formidable opposition, seems ready to lie down like a lamb against an imagined foe, even on an issue where it\u2019s on the right side of consumers. Instead of overturning Clear Cooperation completely, the NAR may say, \u201clet each MLS decide,\u201d an echo of \u201clet the states decide\u201d from a Supreme Court decision. But where citizens of Idaho and Oregon may differ on legal issues, we all want a complete view of the market. The only local differences on pocket listings will depend on which MLSs have to cater to a broker with dominant local share, by dismantling cooperation.<\/span><\/p>\n

A Compromise That\u2019s Just Another Way to Kill the MLS<\/b><\/p>\n

The other way to undermine data cooperation is to give agents two weeks before adding a market-ready listing to the MLS. This may have been intended as a reasonable compromise by another of America\u2019s largest brokers, but it won\u2019t work when <\/span>more than 40% of listings go off-market in two weeks or less<\/span><\/a>. The other 60% are the ones no one would pocket anyway, because they\u2019re a slog to sell. An MLS of only stale listings isn\u2019t an MLS at all.<\/span><\/p>\n

The Reason Organized Real Estate Exists Is to Create a Fair and Open Market<\/b><\/p>\n

To stand up against the special interests of a broker that dominates its markets, we need an organization that\u2019s national, not local. How can we compromise further, when the existing policy already allows office exclusives, for sharing pocket listings within one broker\u2019s office? What do we have a national organization for if not to make policy decisions that benefit the whole market, both agents and consumers alike? We should strengthen, not weaken, Clear Cooperation, ending the exception for office exclusives.<\/span><\/p>\n

The MLS Is the Best Way to Protect Homeowner Privacy<\/b><\/p>\n

The irony of the position held by Clear Cooperation\u2019s opponents is that even the benefits they imagine getting for consumers could best be achieved via the MLS. Most MLSs today already give listing agents an option to market listings through other brokers but not via the Internet, or to publish photos before a sale and then to delete them after. Brokers have tried before to protect our clients\u2019 privacy outside the MLS, by playing whack-a-mole with dozens of real estate websites. It was a disaster. And since the MLS has removed commissions, the MLS is the best way for an agent to get her listings on every brokerage\u2019s website, without having to offer anyone a fee.\u00a0<\/span><\/p>\n

If the Rules Allow Pocket Listings, Redfin Will Support Customers\u2019 Choice to Keep Listings Outside the MLS. But We Won\u2019t Like It<\/strong><\/p>\n

No matter how the rules on pocket listings change, Redfin will adhere to those rules, using the same competitive weapons that our competitors use against us. Redfin, like the vast majority of brokerages in America, would much prefer that the rules treat listings as a sacred trust, marketing properties to benefit buyers and sellers, and in a way that\u2019s fair to brokers big and small.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

We can\u2019t keep debating the consumer benefits of Clear Cooperation, the National Association of Realtors\u2019 policy against pocket listings. The data is clear that sellers get higher prices by publicly marketing listings, and that buyers, especially buyers of color, want to see all the homes for sale.\u00a0 One Reason Clear Cooperation Is Under Attack: To […]<\/p>\n","protected":false},"author":13210,"featured_media":78343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[57],"tags":[],"coauthors":[126],"class_list":["post-78692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news"],"acf":[],"yoast_head":"\nIn a World Without Clear Cooperation, Big Brokers Win, Agents and Consumers Lose - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/in-a-world-without-clear-cooperation-big-brokers-win-agents-and-consumers-lose\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In a World Without Clear Cooperation, Big Brokers Win, Agents and Consumers Lose\" \/>\n<meta property=\"og:description\" content=\"We can\u2019t keep debating the consumer benefits of Clear Cooperation, the National Association of Realtors\u2019 policy against pocket listings. 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