Compass CEO: Clear Cooperation Is “Anti-Homeowner”

Robert Reffkin expressed his views on the detrimental effects of the National Association of Realtors’ “clear cooperation policy” during an earnings call with investors. He argued that the policy is anti-homeowner and believes it will eventually phase out. Reffkin also highlighted Compass’s plans to enhance its website to showcase more inventory than third-party sites, hinting at potential conflicts with the policy. He stated that the policy attaches negative insights, such as days on market and price drops, to listings, which can devalue them. Reffkin advocated for “private exclusives” as an alternative, allowing homeowners to test the market without facing these negative consequences. He also referenced legal challenges against the policy, suggesting that the current mechanism of pushing all listings onto MLS platforms may not persist.

Robert Reffkin, CEO of Compass, criticized the National Association of Realtors’ “clear cooperation policy” during an earnings call with investors, calling it “anti-homeowner.” He argued that the policy, which requires listings to be submitted to a multiple listing service within 24 hours, attaches negative insights to listings, potentially harming their value. Reffkin suggested that private exclusives, or listings marketed outside of an MLS, allow homeowners to test the market without facing these negative consequences. He also mentioned ongoing legal challenges to clear cooperation on antitrust grounds, indicating that the policy might not survive in the long term. Despite this, Reffkin acknowledged that a centralized marketplace for real estate inventory is likely, but homeowners may still prefer to keep their listings private until they are ready to go public.

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