Compass Inc. (NYSE: COMP) announced that it has reached a settlement with the Northwest Multiple Listing Service (NWMLS) that will enable the company to post its private exclusive listings on the NWMLS platform.
In April, Compass sued Seattle-based NWMLS, accusing it of “monopolistic” and “anticompetitive” behavior. Earlier in that month, NWMLS suspended Compass’ IDX feed, citing the brokerage’s private exclusive listings in the Seattle market. The New York Times reports that NWMLS reversed the suspension one day later but still maintained its rule that brokerages either enter home listings on the MLS immediately or not enter them at all.
According to Compass, NWMLS will offer a new “First Look” status beginning on Sept. 4 that will allow homeowners to market their properties as a Coming Soon listing without the risk of public price drops or days on market and without portals diverting buyer inquiries away from the listing broker that the homeowner hired. Sellers will have the option to approve showings for brokers and their clients and open houses, and offers are allowed during the First Look status.
Furthermore, the settlement will require all portals and real estate websites that use NWMLS data to clearly and prominently display the name and contact information of Compass’ real estate professionals by Oct. 15. NWMLS will also stop applying its watermarks to listing photographs and cease taking any action against Compass or its real estate professionals under the guise of “enforcing state law.”
By Nov. 15, NWMLS will give broker platforms the data fields and supplements that are relevant for brokers to do their jobs (eg, Legal, Firpta, 22k, 22j, Prelim, Surveys/maps, Resale cert), unless legally prohibited. Compass stated that will no longer need to access multiple systems to do their jobs.
“Compass proudly invested millions in the case against NWMLS for our real estate professionals and clients, and it was worth it,” said Compass Chairman CEO Robert Reffkin. “MLSs are a group of direct competitors that are telling their competitors how they can and cannot compete, which is the textbook definition of an antitrust violation. MLSs exist to distribute listings, when the home seller wants to use it, not to let brokerage competitors collectively dictate how other brokers compete in marketing services or how home sellers market their homes.”
“Northwest MLS has always provided seller flexibility within an open, transparent marketplace, and our rules are constantly evolving to meet changing consumer expectations,” said Justin Haag, president and CEO of Northwest MLS. “We are giving sellers the flexibility they desire when preparing a home for market, while steadfastly protecting buyers from private networks. Simply put, First Look modernizes the pre-launch preparation process, while ensuring an open marketplace and fair competition, in full compliance with Washington State’s open-market laws.”
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