By Kai Ioh and KE TEAM Hawaii
Kai Ioh is a luxury real estate advisor based in Kona, Hawai‘i, specializing in second home, resort, and ultra-high-net-worth markets across the Big Island.

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Key Takeaways

• The Compass Zillow lawsuit real estate industry impact centers on who ultimately controls listing visibility: brokers, agents, or search portals.

• Private listings remain controversial but continue to serve strategic roles, especially in luxury markets where discretion and timing matter.

• Major industry moves—including Compass’s acquisition of Anywhere Real Estate and its partnership with Redfin and Rocket Mortgage—suggest the structure of listing distribution is evolving.

• Compass CEO Robert Reffkin’s idea of a National MLS reflects growing discussion about how fragmented listing systems affect transparency and efficiency.

• For buyers and sellers in markets like Kona and the Kohala Coast, these national debates influence how properties may eventually be marketed and discovered.

Six Months After the Lawsuit: Where the Industry May Be Heading

Last July,  we wrote about Compass’s antitrust lawsuit against Zillow and asked a simple question:

Could this challenge reshape the balance of power in real estate search?

At the time, the discussion centered on Zillow’s listing policies and Compass’s push for greater seller choice through Private Exclusives.

Six months later, the conversation has become even more interesting.

Compass has made several major moves, including one of the largest brokerage acquisitions in real estate history and a surprising partnership with Redfin and Rocket Mortgage. At the same time, Compass CEO Robert Reffkin has begun discussing an idea that could fundamentally reshape how listing data works in the United States: a National MLS.

Whether one agrees with these ideas or not, the industry is clearly entering a period of change.

Why Are Private Listings Still Controversial?

One of the most debated issues in real estate today is the role of private listings.

The concept existed long before Compass. When I worked at Sotheby’s International Realty before joining Compass in 2021, private listings were already a common discussion among agents in certain markets.

Like many strategies in real estate, they have advantages and disadvantages.

But there are situations where they serve sellers well.

Ultimately, the decision should belong to the seller.

Why Do Some Luxury Sellers Prefer Private Marketing?

In luxury markets, discretion can matter.

Some high-net-worth buyers prefer homes that are marketed quietly rather than broadcast across every portal. In certain cases, exclusivity itself creates curiosity.

Private marketing can also attract buyers who are actively working with experienced agents rather than casually browsing listings online.

In markets such as Kona and the Kohala Coast, this dynamic occasionally appears in high-end resort communities where privacy is part of the lifestyle.

Can Private Listings Help Test the Market?

Private listings can function as an early testing phase.

During this period, agents and sellers may learn:

• how buyers respond to the price

• what questions consistently arise

• whether marketing language needs refinement

• how showing logistics should work

These insights can help sellers make more informed decisions before launching publicly on the MLS.

Why Timing Often Matters Before MLS Exposure

Preparing a home properly takes time.

Professional photography, video production, staging, repairs, landscaping, and marketing preparation can easily take several weeks.

During that preparation period, some sellers prefer to quietly explore buyer interest rather than waiting until every marketing element is complete.

Private marketing offers that flexibility. It also does not accrue DOM (Days on Market), which can be viewed as a “penalty” in some cases.

How Real Estate Portals Changed the Industry

The debate around private listings is also connected to the growing influence of online portals.

When Zillow first appeared, many agents welcomed it. It made listing information widely accessible and improved transparency for buyers.

Over time, however, the business model evolved.

We constantly spend $3,000 to $4,000 preparing professional marketing materials for a listing. These materials are entered into the MLS and then distributed to major search portals.

Those portals generate traffic and monetize it by selling buyer leads back to agents.

In some cases, buyer inquiries are routed not to the listing agent—who knows the property best—but to agents who pay for advertising placement.

This raises a legitimate question within the industry:

Is that structure always the best outcome for the consumer?

The discussion is ongoing, but it reflects broader tension about how listing data should be distributed and monetized.

Why Compass’s Acquisition of Anywhere Real Estate Matters

Another major development occurred when Compass acquired Anywhere Real Estate.

This transaction brought several well-known brands into the same corporate network:

• Coldwell Banker

• Century 21

• Sotheby’s International Realty

• Corcoran

• ERA

The combined organization includes roughly 340,000 agents worldwide.

Personally, I have mixed feelings about the acquisition.

However, from a strategic perspective, scale allows brokerages to invest more heavily in technology and compete with large search portals that dominate online traffic.

Real estate has increasingly become a technology-driven business, and larger organizations may have greater resources to build those tools.

What the Redfin and Rocket Mortgage Partnership Signals

Another unexpected development occurred when Compass announced a partnership with Redfin and Rocket Mortgage.

Under the agreement:

• Compass Coming Soon listings will appear on Redfin

• Rocket Mortgage may offer incentives to buyers within the network

This effectively creates an alternative national distribution channel for listings.

Whether this partnership becomes a permanent shift or simply an experiment remains uncertain. But it suggests the industry is actively exploring different ways to share listing data.

What Is Robert Reffkin’s National MLS Concept?

Perhaps the most ambitious idea being discussed is Robert Reffkin’s proposal for a National MLS.

Today, the United States operates with more than 500 separate MLS systems. Each one functions independently, with its own rules, technology platforms, and data structures.

This fragmentation can create inefficiencies.

Agents who work across multiple regions must navigate different systems. Buyers searching nationally encounter inconsistent listing formats and data standards.

Reffkin’s concept suggests creating a unified national data exchange controlled by brokerages rather than third-party portals.

In theory, such a system could:

• standardize listing data across markets

• reduce fragmentation between regional MLS systems

• improve data transparency

• allow brokerages greater control over distribution

Supporters believe this could modernize the industry.

Critics worry about excessive consolidation.

Either way, the discussion highlights how seriously the industry is reconsidering the future of listing data.

Why We Chose Compass

Emil and I joined Compass in 2021 after working at Sotheby’s.

One reason was straightforward.

Compass spends considerable time thinking about how agents actually work.

Many brokerages rely on disconnected tools. Marketing platforms, CRM systems, listing management, advertising dashboards, and analytics often exist in separate environments.

Compass built a unified platform instead.

Within one ecosystem, agents can manage:

• marketing campaigns

• CRM and client communication

• listing distribution

• digital advertising

• showing coordination

• internet traffic analytics

• client portals

For agents, this improves efficiency.

For clients, it can translate into more organized marketing and clearer communication.

What These Changes Mean for Buyers and Sellers

Real estate is entering a period of structural change.

The balance between MLS systems, brokerages, portals, and agents is evolving. Private listings, brokerage technology platforms, and new distribution partnerships are all part of that conversation.

Some observers view these developments with skepticism.

Others see them as necessary modernization.

Personally, I believe the objective should remain simple:

Give sellers choice.
Give buyers transparency.
Give agents the tools to serve clients properly.

If the industry moves in that direction, everyone benefits.

In markets like Kona and the Kohala Coast—where many buyers are purchasing second homes or resort properties—clarity and trust in how listings are marketed will always remain important.

Every property is different.

Every client is different.

And the right strategy usually begins with understanding the broader market landscape.

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Frequently Asked Questions

What is the Compass Zillow lawsuit about?

The lawsuit centers on how listings are distributed and whether certain portal policies restrict competition. Compass argues that sellers should have more freedom in how their listings are marketed, including through private listing strategies.

What are private listings in real estate?

Private listings are properties marketed outside the public MLS system. They may be shared within brokerage networks or directly between agents before being widely advertised.

Why do luxury sellers sometimes prefer private listings?

Luxury sellers may prefer discretion, limited exposure, or a controlled marketing strategy. In some cases, exclusivity can attract serious buyers who are actively working with agents.

How do real estate portals make money?

Many portals generate revenue by selling advertising placements and buyer leads to agents. Listings attract traffic, and that traffic becomes a monetized lead source.

What is a National MLS?

A National MLS is a proposed concept that would unify listing data across the United States into a single standardized system rather than hundreds of regional MLS platforms.

Why are there so many MLS systems in the United States?

MLS systems historically developed at the local or regional level through Realtor associations. Over time, this created a fragmented network of hundreds of independent systems.

How could a National MLS change the industry?

It could standardize listing data, reduce fragmentation, and potentially give brokerages more control over how listings are distributed online.

What does the Compass and Redfin partnership do?

The partnership allows certain Compass listings, including Coming Soon properties, to appear on Redfin’s platform while integrating mortgage incentives through Rocket Mortgage.