A major front has opened in the ongoing transformation of how real estate listings are managed, shared, and accessed across the country. At the heart of it: Zillow, eXp Realty, and a renewed push to enforce the Clear Cooperation Policy (CCP)—a National Association of Realtors (NAR) rule that’s becoming increasingly controversial in the post-lawsuit era of real estate.
What Is the Clear Cooperation Policy?
Originally implemented in 2020 by NAR, the Clear Cooperation Policy requires agents who publicly market a listing to also post that listing to their local Multiple Listing Service (MLS) within one business day. The idea behind CCP is simple: ensure equal access to property listings and eliminate “pocket listings” that are quietly shopped around to private networks before going public.
However, after years of legal scrutiny, shifting business models, and evolving consumer expectations, CCP is once again in the spotlight—especially after NAR’s recent antitrust settlement and the DOJ’s ongoing review of its practices.
What Zillow Just Announced
Zillow, which controls the largest real estate listing portal in the U.S., just announced a policy change that will take effect in May 2025. Under the new rule, Zillow will no longer allow listings on its platform that are publicly marketed but not posted to an MLS within 24 hours.
In other words: if a property is advertised in any public way (signs, social media, email blasts, etc.), it must be posted to the MLS—or it will be removed from Zillow.
This is a clear alignment with NAR’s CCP, but it also signals Zillow’s growing influence as not just a listing aggregator, but a policy enforcer in the digital real estate landscape.
eXp Realty Signs On First
eXp Realty, one of the largest and fastest-growing brokerages in the country, has become the first to publicly commit to Zillow’s new listing transparency standard. eXp agents will be required to follow the 24-hour rule or risk having their listings removed from Zillow.
This sets eXp apart from some other national brokerages—notably Compass, which has continued promoting its controversial “three-phase” marketing model:
- First market listings privately to Compass agents.
- Then share on Compass.com.
- Finally, post to the MLS and broader platforms.
Critics argue that this approach reduces access and favors insiders, hurting buyers and agents who aren’t plugged into these exclusive networks. Supporters say it allows sellers more control and strategic timing.
Why It Matters: Lawsuits, Policy Shifts, and the DOJ
This new chapter in listing transparency comes in the wake of massive commission lawsuits that rocked the real estate industry in 2023 and 2024. NAR recently agreed to settle some of those cases and step back from certain cooperative compensation rules. But that’s far from the end.
The U.S. Department of Justice is actively reviewing the Clear Cooperation Policy for potential antitrust violations. If CCP is deemed overly restrictive or anti-competitive, it could be dismantled—leading to more broker-controlled, selective marketing strategies.
Meanwhile, NAR has introduced a “Delayed Marketing Exempt Listings” policy, allowing sellers to delay syndicating their listings publicly while still keeping them in MLS systems. It’s a nod to flexibility, but not a full embrace of pocket listings.
The result? A fractured industry—some firms pushing for open access, others pushing for privacy—and platforms like Zillow stepping in to fill the policy vacuum.
What’s the Impact on Agents, Buyers, and the Industry?
- For buyers: This could lead to broader access to listings sooner—but only if large brokerages follow suit. Hidden listings reduce buyer visibility and hurt affordability by limiting choice.
- For agents and brokerages: There’s a growing divide. Firms like eXp are betting on transparency and compliance. Others, like Compass, continue to defend seller-controlled listing strategies.
- For the industry: Zillow’s decision has teeth because of its reach. With 200+ million monthly users, being removed from Zillow is a major consequence. Brokerages now face real pressure to align.
Real Estate-Related Stock Performance (as of April 11, 2025)
- Zillow Group (ZG): $49.65 ▲ 1.1%
- Rocket Companies (RKT): $11.92 ▲ 0.6%
- United Wholesale Mortgage (UWMC): $6.38 ▼ 0.6%
- Lennar Corp (LEN): $105.80 ▼ 0.4%
- D.R. Horton (DHI): $92.45 ▼ 0.6%
Zillow’s stock continues to rise as its leadership role in listing transparency gains momentum. Builders show slight declines, tracking broader material cost concerns.
From the Loan Officer’s Perspective: Friday = Follow-Ups and Clean-Up
It’s Friday, and that means it’s time to go back through your week and close the loop:
- Respond to leads who asked to “circle back”
- Follow up on preapprovals that stalled
- Check in with agents who’ve sent referrals or gone quiet
Today’s market is filled with noise—from lawsuits and listing rules to commission changes and platform power grabs. But your job hasn’t changed.
Guide your clients. Stay top of mind. And always be asking for the business.
If you’re unsure how to structure your outreach or what to say in today’s changing landscape, get in touch with the Mortgage Marketing Animals. Their Daily Success Plan keeps you focused and consistent—even when the industry isn’t.
Markets evolve. Policies shift. But your prospecting is always in your control.