Zillow Group (NASDAQ: Z, ZG) has filed a federal antitrust lawsuit against Compass International Holdings (NYSE: COMP) and Midwest Real Estate Data (MRED) that claimed the companies threatened to terminate its Chicago-area listings unless Zillow agreed to display Compass’ private listings nationwide.
Last month, Compass and MRED partnered to expand the latter’s private listing network to a nationwide access. Zillow, which restricts private listings on its platforms, claimed Compass has lobbied several MLSs to boycott Zillow’s data feeds until it reverses its policy on private listings.
The lawsuit added that MRED demanded Zillow include Compass’s private listings in the markets outside of MRED’s traditional Chicago-area service area. Zillow stated MRED threatened to block its access to Chicago-area listings unless it met the demand from Compass.
Zillow has asked the court to prevent MRED from blocking its access, and it is also seeking treble damages and attorneys’ fees.
“Compass and MRED – two competitors in Listing Creation and Distribution – cannot conspire to boycott a competitor’s access to Chicagoland listings,” the lawsuit said. “And MRED cannot use its monopoly power over those listings as a cudgel to prevent a competitor from effectively competing in Chicagoland or beyond.”
What mainly is a private real estate listing?
traditionally they are listings that are kept in house for a certain brokerage only ….not marketed to other brokers …..I think its what they mean here…
You can’t market private listings according to most MLS agreements. So advertising a companies’ in house listings on a platform web site would be in violation of MLS listing rules.
I think private listings are used strictly to keep the sell in house and we have seen a lot of shenanigans going on our market. Free market for everyone. The MLS has sold out. It is unfair practice.
As a former Compass agent, it’s encouraged to list homes in Private Office because it increases the chance of selling to another Compass agent which means Compass benefits financially from both sides of the transaction. However, in most instances, it does not benefit the seller as it dramatically reduces the number of eyes on the house and therefore reduces the chance for multiple offers and selling at a higher price.
It doesn’t go thru the local MLS.
Strange… and fitting?? our Board Of Realtors sold us out to Zillow back in 2000…
My question: why haven’t the real estate agents & brokerages sued MRED themselves…. The connection between NAR IAR and Mainstreet, with MRED Holding all of us hostages is outrageous, and should’ve never been allowed!!!
NAR should intervene because as a representative of most MLS boards and realtors , advertising pocket listings is in violation of MLS rules.
I read Equal Housing Opportunity with Federal Fair Housing Law; The Fair Housing Amendments Act of 1988 says It is illegal to discriminate against any person… etc.
excellence is what you find at this site.
DROP THE PRICES! That’s all you need to do. Enough with the Covid inflation garbage selling to 60 and up 90% of the time.