Industry veteran Russ Cofano says the phased listing strategy reflects growing tensions over listing data, portals and brokerage management.
Howard Hanna’s decision to launch his own private listings network could mark a turning point in the real estate industry’s long-running debate over who ultimately controls exclusive listings and listing data.
This week, the Pittsburgh-based brokerage announced HannaList, a platform that allows Howard Hanna agents and their clients to share listings internally before distributing them more widely through a multiple listing service. This strategy mirrors the tiered marketing approach popularized by Compass, starting with intermediary-only exposure before the listing moves into broader public marketing.
With the nation’s largest independent brokerage now embracing the concept of tiered marketing, some industry insiders say the idea may be moving beyond a single-firm experiment and reaching the stage where more followers are on board.
“It’s not really private or public, it’s the degree of exposure,” longtime industry executive and entrepreneur Russ Cofano told Inman.
Las Cofano
Cofano said the discussion reflects how property distribution has evolved over time, from broker-managed networks to what eventually became an all-or-nothing model under the MLS system, where properties were “either listed or not listed.”
But large brokerages are now leveraging technology to reshape that dynamic, while also leveraging their scale to gain a competitive edge in a difficult housing market.
“What we’re seeing now is that brokerages, especially large brokerages with large amounts of listed inventory, are using technology to compete in the same way brokerages did before MLS,” Cofano said. “They’re working within MLS rules to create different tiers of publishing listings.”
Howard Hanna’s move is notable because of the company’s size and geographic reach. The brokerage firm operates in 15 states and holds strong market share in much of the Midwest and Mid-Atlantic region.
The company is also the nation’s largest family-owned brokerage firm, a distinction that CEO Hobie Hanna has frequently emphasized, especially since many of the other large domestic brokerages in the industry are publicly traded or private equity backed.
While Compass has been the most visible champion of private exclusive products, particularly in metropolitan markets, HannaList reflects a similar strategy being deployed by another large brokerage firm with a large publicly traded inventory.
Cofano said the increased interest in these marketing strategies also reflects growing tensions around listing data and how it is used across the industry.
“As a result of our clear collaboration, Zillow was able to monetize the listing work of these companies and create a multibillion-dollar business around it,” Cofano said. “Now the brokerages are saying, ‘Time out, that’s our asset.'”
Moves like HannaList’s suggest the idea is gaining broader attention across the industry as brokerages seek ways to gain more control over how property data is used and distributed. This is another topic that Hoby Hanna has been discussing for years.
But Howard Hanna is not the only brokerage firm leaning toward an exclusive listing strategy. While Compass helped popularize the tiered marketing approach, other companies have also launched their own private listing programs, including Douglas Elliman’s Private Listing, Corcoran Reserve, some affiliates of Sotheby’s International Realty, and Private Exclusive Offerings used by Long & Foster.
At the same time, marketing strategies and the promise of exclusivity at a time when listed properties are scarce can give agents another advantage in the ongoing competition for agents.
“Once you completely eliminate accounting fraud, brokerage is ultimately about recruiting, retaining, and helping agents be more productive,” Cofano said.
Programs that allow agents to bring listings to market in stages can be an attractive tool as companies compete for top producers, especially in markets where inventory remains tight and listings are difficult to secure.
Industry leaders are also watching to see how the strategy spreads to other major brokerage networks. Compass’ recent acquisition of Anywhere Real Estate has raised questions about whether similar marketing tools could eventually appear across brands such as Coldwell Banker, Century 21, and Better Homes & Gardens Real Estate.
Chicago provided an early glimpse of how this dynamic would play out. After Compass acquired Chicago market leader @properties last year, the company’s founders Thad Wong and Mike Golden publicly argued that sellers should have more flexibility in how they market their listings before entering the MLS.
Still, Cofano acknowledged that he would likely explore a similar strategy if he were running a brokerage firm, but said the industry has not yet settled on where the balance should ultimately reside.
“The securities industry is an economically sick industry,” Cofano said. “We need to find ways to alleviate the ills of the securities industry from an economic standpoint.”
For now, he said, many brokerages appear to be experimenting to navigate these competing pressures.
“I don’t know if there’s an answer,” Cofano said.
Email AJ LaTrace
