This is not a question of the competitiveness of one company, writes America Foy. It all depends on whether America’s real estate market remains an open and transparent system.
Multiple listing services have been the backbone of American real estate for more than a century. It is a shared, transparent marketplace where all brokers and buyers have equal access to inventory, where prices are discovered through competition, and where the rule of law, not corporate prerogatives, governs who sees what.
That foundation is now under direct attack, with the latest salvo coming from Compass International Holdings under a collaboration agreement with Rocket Companies, which intentionally bypasses MLS and builds a private priority pipeline for its own agencies.
And it makes my blood boil. Compass is very active in business dealings. From the Anywhere merger to the attack on the Clear Commission, the company reflects the current global political climate. Greed, litigation and control are the watchwords.
it’s about control
Just today, Inman unveiled a three-year partnership between Compass and Rocket (Redfin’s parent company) that will give Compass “coming soon” listings premium coverage on Redfin.com, with the listing agent’s name and photo prominently displayed and all buyer inquiries directed to that agent “with no referral fee.”
Compass agents are incentivized to sell these properties with “no days on the market, negative insights, or home valuation estimates made available to the public.” Rocket also confirmed that it would eventually display Compass’s “private exclusive” listings on the same terms.
The companies estimate that Compass’ global network of brands could result in up to 500,000 listings on Redfin that would normally be subject to MLS rules.
This is a final plan calculated based on a clear cooperation policy. This policy is a rule that ensures that all buyers have a fair chance when a home is publicly listed for sale on the MLS within one business day. By aggregating “Coming Soon” inventory directly into Redfin, Compass avoids 24-hour deadlines, manages buyer pools, and excludes listings from universal feeds that other agents rely on.
sell at a disadvantage
Proponents of private pipelines argue that they offer privacy and convenience to sellers. The data shows otherwise. Zillow analyzed 2023-2024 sales and found that sellers who sold through the MLS typically sold for lower prices than sellers who used the MLS.
Nationally, the median shortfall was 1.5%, or approximately $4,975 per sale. In California, the difference widened to 3.7 percent, or about $30,075. This pattern is unmistakable, with reduced competition and limited buyer access leading to lower final prices. Hiding inventory on a private network puts sellers at a disadvantage.
file a lawsuit to legalize
This partnership is not happening in a vacuum. This is happening due to a gap caused by Compass’ ongoing antitrust lawsuit against Northwest Multiple Listing Services (NWMLS) in April 2025.
Compass argues that NWMLS rules restricting pre-MLS marketing and private monopolies are anticompetitive and that the MLS operates as a monopoly. The lawsuit seeks to invalidate the very timing requirements enforced by Clearoperative.
Although this lawsuit specifically targets NWMLS, its impact is nationwide. If Compass wins, it could spur a nationwide transition to privately listed pipelines and effectively legalize the two-tier system it already has in place with Rocket.
Why is this an attack on public markets?
MLS was built on the simple yet powerful idea that shared data creates more equitable outcomes. When all listings go through one system, buyers see everything, agents compete on service rather than access, and sellers get maximum exposure.
Compass and rocket trading destroys that system. This creates a privileged lane where one brokerage has exclusive access to the big portal’s audience, leaving other brokerages scrambling at the back of the queue.
For smaller brokerages and independent agents, this poses an existential threat. Your ability to find listings for buyers depends on whether your competitors choose to share. Because Compass has chosen to move clients away from the MLS, clients may miss out on homes that only appear on Redfin. Your livelihood is being rerouted to an ecosystem of companies that control both data and transactions.
But what about fair housing?
Beyond economics, there is also a civil rights dimension. Historically, networks other than MLS have been used to exclude marginalized groups. The National Fair Housing Alliance and other advocates have long warned that private listing systems can perpetuate segregation by restricting who can see which properties.
Even if Compass’ motivations were purely commercial, its effect could be to reproduce redlining through algorithmic gatekeeping. Although the Fair Housing Act prohibits discrimination, policies that limit exposure can have an illegal “disparate impact” regardless of intent.
Well, what is it?
The Department of Justice has been closely monitoring MLS competition issues for many years. The Seattle case will ultimately be decided. Meanwhile, local MLSs must decide whether to force explicit cooperation or weaken cooperation in response to pressure. Compass and Rocket’s three-year agreement gives them a significant head start in normalizing the civilian pipeline.
Promising “privacy” and “premium listings” can cost you tens of thousands of dollars in lost competition, so sellers need to be careful. Buyers should ask why a particular home is not listed on the MLS. Agencies should demand that MLSs support clear cooperation and resist pressure to create private exemptions.
This is not a question of the competitiveness of one company. It depends on whether the American real estate market remains an open, transparent system where opportunities are awarded based on merit, or whether it becomes a closed, corporatized arena where data is weaponized and access is privileged.
Compass isn’t just challenging the rules. It attacks the principle that the market belongs to everyone.
