Zillow’s Clear Cooperation Policy: A Bold Step Toward Transparency in Real Estate

In May 2025, Zillow, the nation’s largest real estate search portal, will implement a groundbreaking policy that reinforces its commitment to transparency and fairness in the housing market. The new standard mandates that any home listing publicly marketed must be entered into the Multiple Listing Service (MLS) within 24 hours to appear on Zillow and its sister platform, Trulia. Listings that fail to meet this requirement will be permanently excluded from these platforms for the duration of their marketing period. This move aligns with the principles of the Clear Cooperation Policy and aims to ensure that all buyers have equal access to home listings, fostering a more open and competitive marketplace.

As an advocate for transparency in real estate, I believe this policy is a significant step forward for the industry. By prioritizing broad exposure for listings, Zillow is empowering consumers, protecting sellers, and promoting a market where information flows freely. In this article, we’ll explore the details of Zillow’s new policy, its implications for buyers, sellers, and agents, and why it’s a game-changer for the future of homeownership.

What Is Zillow’s New Policy?

Zillow’s policy, set to take effect in May 2025, is clear: if a listing is marketed directly to consumers—through social media, emails, yard signs, or any other public channel—without being listed on the MLS within 24 hours, it will not be published on Zillow or Trulia. This applies regardless of how a listing is categorized, whether it’s an office exclusive, a “coming soon” property, or a Delayed Marketing Exempt Listing. The rule is simple: selective marketing to a subset of buyers, rather than the entire market via the MLS, disqualifies a listing from Zillow’s platforms.

Zillow’s Chief Industry Development Officer, Errol Samuelson, emphasized the company’s stance: “A listing marketed to any buyer must be available to every buyer.” This commitment reflects Zillow’s belief that unfettered access to market information benefits both buyers and sellers. The policy doesn’t prevent sellers from keeping their homes off-market if they choose, but once a property is publicly marketed, it must be accessible to all through the MLS to appear on Zillow.

To enforce this standard, Zillow has developed technology to track listings that are marketed selectively, ensuring compliance. Listings that remain truly private—without any public promotion—and are later added to the MLS will still be eligible for publication on Zillow. However, those that violate the 24-hour MLS rule will be excluded for the “life of the listing.”

Why Transparency Matters in Real Estate

The real estate market thrives on trust, and trust is built on transparency. When listings are hidden behind private networks or exclusive agreements, buyers are deprived of equal access to opportunities, and sellers may miss out on the broadest pool of potential offers. This lack of openness can distort the market, undermine consumer confidence, and even lead to costly disputes.

Imagine a seller being advised to keep their home off-market to secure a higher price, only to discover later that limited exposure resulted in fewer offers and a lower sale price. Such scenarios can erode trust and lead to lawsuits, as buyers and sellers feel misled or disadvantaged. Zillow’s policy aims to prevent these pitfalls by ensuring that all publicly marketed listings are accessible to everyone, creating a level playing field.

Transparency also promotes healthy competition. When every home on the market is visible, buyers can make informed decisions based on comprehensive data, and sellers benefit from increased demand. This dynamic helps keep prices fair and aligns with the broader goal of making homeownership more achievable for all. As someone who values fairness in the housing market, I see Zillow’s move as a bold statement that prioritizes consumers over exclusive practices.

The Clear Cooperation Policy and Industry Context

Zillow’s policy builds on the principles of the Clear Cooperation Policy, introduced by the National Association of Realtors (NAR). The policy requires listings to be entered into the MLS within one business day of public marketing, ensuring broad exposure. However, recent amendments by NAR introduced a Delayed Marketing Exempt Listings option, allowing MLSs to set their own timelines for public listing. This change raised concerns about the potential for more private listings, prompting Zillow to take a firmer stance.

While NAR’s amendments sparked debate, Zillow’s response is unequivocal: selective marketing undermines the market’s integrity. By aligning with the core tenets of Clear Cooperation, Zillow is reinforcing its commitment to an open marketplace. The company’s decision comes at a time when some brokerages, like Compass, Douglas Elliman, and Corcoran Group, are exploring private networks to market exclusive listings. Compass, for example, reportedly has nearly 10,000 listings in premarketing stages, such as “coming soon” or “private exclusives.”

These private networks pose a challenge to platforms like Zillow, which rely on comprehensive listing data to attract users. In 2024, over 70% of Zillow’s revenue—approximately $1.6 billion—came from referral programs and services for real estate professionals, driven by site traffic. If brokerages shift toward private listings, Zillow’s inventory and financial performance could be at risk. By enforcing its new policy, Zillow is not only protecting its business model but also taking a moral stand for transparency.

The Impact on Sellers, Buyers, and Agents

Sellers: Maximizing Exposure

For sellers, Zillow’s policy underscores the importance of broad exposure. Listing a home on the MLS ensures it reaches the largest possible audience, including buyers searching on Zillow, Trulia, and other platforms that receive MLS feeds. Studies, like one conducted by Bright MLS in the Mid-Atlantic market, suggest that office exclusives—listings kept off the MLS—offer no clear advantage in terms of sale price or speed. In fact, limited exposure often results in fewer offers, potentially costing sellers thousands of dollars.

Zillow’s policy forces sellers to make an informed choice: market their home privately and forgo visibility on the country’s most popular real estate platform, or list on the MLS for maximum reach. As Samuelson noted, “Sellers want exposure.” By choosing the MLS, sellers can attract more buyers, increase competition, and potentially secure better offers. Over time, as sellers become more aware of the benefits of broad exposure, Zillow anticipates an increase in MLS listings.

Buyers: Equal Access to Opportunities

For buyers, the policy ensures fair access to all publicly marketed listings. When homes are hidden in private networks, only a select group of buyers—often those with connections to specific agents or brokerages—can view them. This creates barriers, introduces potential bias, and limits options for the average homebuyer. Zillow’s policy levels the playing field, ensuring that every buyer has the same opportunity to discover their dream home.

This is particularly important in a market where inventory can be tight. By making all listings visible, Zillow helps buyers navigate the market with confidence, knowing they’re seeing the full range of available properties. This transparency also fosters trust, as buyers can rely on Zillow to provide comprehensive and unbiased information.

Agents: A Shift in Strategy

For real estate agents, Zillow’s policy presents both challenges and opportunities. Agents who rely on private listings to attract exclusive clients may need to adjust their strategies. Explaining to a seller why their home won’t appear on Zillow—the platform that dominates online real estate searches—could be a tough conversation. As Samuelson put it, agents will need to “make a choice” about how they market listings.

However, agents who embrace transparency stand to benefit. By listing on the MLS, agents can showcase their properties to a vast audience, increasing the likelihood of attracting serious buyers. Partnerships like the one between Zillow and eXp Realty, which has pledged to support the policy, highlight the potential for agents to thrive in an open market. eXp Realty’s CEO, Leo Pareja, emphasized that the agreement ensures “maximum visibility” for listings, creating a more efficient and trustworthy marketplace.

The Bigger Picture: Zillow’s Power Play

Zillow’s policy is more than a procedural change; it’s a strategic move to shape the future of real estate. By leveraging its position as the leading real estate portal, Zillow is flexing its muscle to curb the rise of private listings and reinforce the value of transparency. The company is betting that consumers—both buyers and sellers—will drive the industry toward openness when given clear choices.

This move also shifts the conversation from brokerages and regulators to the consumer. While NAR’s policies and legal challenges have dominated headlines, Zillow’s policy puts the power in the hands of homebuyers and sellers. Agents must now justify private listings to clients who may question why their home isn’t on Zillow, and buyers will demand access to all available properties. As Samuelson said, “It’s simple: sellers want exposure, and buyers deserve access.”

The policy’s timing is notable. With brokerages like Compass leading the charge on private exclusives, and others poised to follow, Zillow is acting decisively to protect its market share and values. The company’s technology to track selective marketing signals a proactive approach, ensuring that violations are caught early. By setting a firm deadline of May 2025, Zillow is giving the industry time to adapt while drawing a clear line in the sand.

Challenges and What to Watch

While Zillow’s policy is a bold step, it’s not without risks. If major brokerages double down on private networks, Zillow could face a reduction in listings, potentially impacting site traffic and revenue. The 10 largest real estate brands control about 60% of U.S. home sales volume, and a coordinated shift toward private listings could pose a threat. However, Samuelson believes the impact will be minimal, affecting only a “very small number of listings” initially.

Another challenge is consumer awareness. For the policy to succeed, sellers must understand the trade-offs of private listings. Zillow’s move is designed to spark these conversations, forcing agents to explain why a home won’t appear on the platform. If sellers prioritize exposure over exclusivity, the policy could drive more listings to the MLS, as Zillow predicts.

What should we watch moving forward? The number of private exclusives and “coming soon” listings, particularly from firms like Compass, will be a key indicator. If these numbers decline after May 2025, it could signal that Zillow’s policy is resonating with consumers. Additionally, keep an eye on how other brokerages respond. Will they align with Zillow and eXp Realty in supporting transparency, or will they lean into private networks to differentiate themselves?

A Vision for the Future

Zillow’s new policy is a defining moment for the real estate industry. By championing transparency, the company is paving the way for a market where information is shared freely, competition thrives, and homeownership becomes more accessible. As someone who believes in the power of an open marketplace, I’m excited to see this shift toward fairness and accountability.

This isn’t just about listings; it’s about trust. When buyers and sellers have equal access to information, they can make decisions with confidence. When agents prioritize visibility over exclusivity, they build stronger relationships with clients. And when platforms like Zillow take a stand for what’s right, they inspire the industry to evolve.

The battle over private listings is far from over, but Zillow’s policy marks the end of the beginning. The real estate industry is at a crossroads, and the choices made by brokers, agents, and consumers in the coming months will shape its future. I, for one, am rooting for a market where every home is visible, every buyer has a chance, and every seller gets a fair shot. Let’s see which brokerage steps up next to join this movement.