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.
Key Takeaways
- The Compass vs Zillow lawsuit has ended, but the larger industry shift is just beginning.
- Zillow’s introduction of “Zillow Preview” signals a change in how pre-market listings may function.
- The traditional definition of “pre-market” is becoming less clear as listings gain earlier visibility.
- In Kona and across the Big Island, strategy still matters more than platform—especially in luxury segments.
- Both buyers and sellers may benefit, but expectations around timing, exposure, and control are evolving.
What Changed Between Zillow and Compass?
Just a few days after our last discussion on Compass and Redfin, the situation shifted again.
The lawsuit between Compass and Zillow has officially ended.
Almost immediately after, Zillow introduced a new pre-market platform: Zillow Preview.
The timing is… interesting.
More importantly, it suggests that the industry may be entering a different phase.
In the context of Hawai‘i—especially in Kona and the Kohala Coast, where discretion and timing often matter—this type of shift is not just technical. It affects how properties are introduced, positioned, and perceived.
Why Did Zillow Originally Oppose Pre-Market Listings?
Before this change, Zillow’s position was very clear.
They did not support Compass’s pre-market strategy.
Their view was straightforward:
- Listings should go to the MLS first
- Data should be complete and centralized
Why?
Because Zillow operates fundamentally as a data platform.
The more complete the dataset, the stronger the ecosystem.
From that perspective, pre-market listings created gaps.
How Has Compass Used Pre-Market Strategies?
Compass took a different approach.
Through Private Exclusives and pre-market exposure, we have helped sellers:
- Test pricing
- Gauge buyer reaction
- Prepare the home before full exposure
In my experience, this has been a very effective strategy—particularly in Kona’s luxury market, where presentation, timing, and positioning often influence outcomes more than raw exposure alone.
What Is Zillow Preview—and Why Does It Matter?
After Compass partnered with Redfin, and shortly after the lawsuit ended, Zillow introduced Zillow Preview.
This allows listings to be marketed before hitting the MLS.
Which leads to a simple but important question:
What is “pre-market” now?
If listings are already visible across major platforms:
- Is it still pre-market?
- Or is it simply early-stage marketing?
This is where definitions begin to blur.
Why Is the Definition of Pre-Market Changing?
Over the past few weeks, things have moved quickly.
Policies, platforms, and strategies are evolving in real time.
At the moment, there is no single, stable definition of pre-market.
One thing is clear:
Pre-market is no longer just about limited exposure.
If visibility expands earlier in the process, then pre-market may shift toward:
- Strategic positioning
- Controlled rollout
- Narrative building before full competition
In Kona’s luxury segment, this distinction matters. Buyers are often watching quietly before acting.
Does Pre-Market Still Benefit Sellers and Buyers?
From our perspective, the core value of pre-market has not changed.
For Sellers
- Insight before going fully public
- Better pricing calibration
- More control over timing and presentation
For Buyers
- Access before broader competition
- Opportunity to act early
- Ability to evaluate without peak market pressure
In practice, when used properly, pre-market has not disadvantaged either side.
What Needs to Be Rethought Going Forward?
There is one key question we are actively discussing:
What is the true purpose of pre-market now?
If listings are widely visible earlier:
- Is it still about testing?
- Is it about discretion?
- Is it about strategy?
- Or is it simply the first phase of public exposure?
The answer is not fully clear yet.
But the question itself is becoming more important.
How This Applies to Kona and Big Island Luxury Markets
Unlike mainland markets, Kona and the Kohala Coast operate differently.
Over the past decade:
- Buyer pools have become more global
- Timing and narrative have become more strategic
- Discretion often remains a priority in ultra-luxury segments
Because of this, how a property is introduced still matters—regardless of platform.
Technology is evolving.
But strategy remains local.
Final Thoughts
Zillow continues to focus on data and visibility.
Compass continues to focus on agents, clients, strategy, and innovation.
We do not have full clarity yet.
But we do know this:
The landscape is shifting.
We will continue to adapt, learn, and most importantly, keep our clients’ interests at the center of every decision.
Kai Ioh | KE TEAM HAWAII
Frequently Asked Questions
What is a pre-market listing in real estate?
A pre-market listing is a property marketed before being officially listed on the MLS. It is often used to test pricing, generate early interest, or prepare the home for full exposure.
Why did Zillow previously oppose pre-market strategies?
Zillow prioritizes complete and centralized data. Pre-market listings created gaps in listing visibility, which conflicted with their platform model.
What is Zillow Preview?
Zillow Preview is a feature that allows listings to be marketed before going live on the MLS, effectively introducing earlier-stage visibility.
Is pre-market still “private”?
Not necessarily. With platforms expanding visibility earlier, pre-market may now involve broader exposure than before.
How does pre-market benefit sellers?
It allows sellers to test pricing, gather feedback, and refine presentation before entering full market competition.
How does pre-market benefit buyers?
Buyers may gain early access to properties and avoid competing during peak exposure periods.
What is changing about pre-market strategies now?
The definition is evolving. Pre-market may shift from limited exposure to structured early-stage marketing.
Does this change affect luxury real estate in Kona?
Yes, but differently. In Kona and the Kohala Coast, strategy, timing, and discretion still play a major role regardless of platform changes.
Is pre-market becoming just marketing?
In some cases, yes. As visibility increases earlier, the distinction between pre-market and active marketing is becoming less clear.
What should sellers consider now?
Sellers should focus on strategy—how and when to introduce their property—rather than relying solely on platform definitions.