Zillow has announced a major policy shift: starting in May 2025, listings that are marketed privately by brokers but not entered into an MLS will not appear on Zillow or Trulia—ever.
This includes properties shared on social media, via email, or with yard signs. The move is intended to reduce the impact of private listing networks (also known as “office exclusives” or “pocket listings”), which some argue limit transparency and restrict consumer access to homes.
The ban won’t apply to delayed marketing exempt listings—as long as they’re submitted to the MLS within a day and appear on Zillow and other platforms that pull from those feeds.
Wendy Gilch, a fellow at the Consumer Policy Center (CPC), who has been actively tracking the rise of private listing networks and their potential impact, reported favorably on Zillow’s new policy in a news release on the CPC website.
Read on for the highlights.
CPC Lauds Zillow’s New Rule: Here’s Why
Private listing networks—also known as “pocket listings” or “office exclusives”—allow agents to share properties only within their brokerage or a select group of partners, without posting them on the MLS.
These networks have become increasingly common, especially among large firms like Compass.
According to Wendy Gilch, a fellow at the Consumer Policy Center (CPC), private networks can be harmful to both sides of the transaction:
“Private listing networks limit buyer access to homes for sale and promote misleading, disadvantageous choices for most sellers. The networks would severely limit marketplace transparency and could well subject both buyers and sellers to manipulation by unethical brokers.”
She also clarified that while a small number of sellers may genuinely benefit from a private listing strategy, that option is already available to them under current rules.
Differing Research, Different Conclusions
Earlier this year, both Compass and Zillow released research around the impact of private listings on sale prices—but came to opposite conclusions.
- Zillow analyzed 10 million home sales and found that properties sold privately fetched lower prices than those listed on the MLS.
- Compass countered with its own findings suggesting private listings lead to higher sale prices—though its research was based only on an unspecified number of in-house sales, with no full report or methodology disclosed.
The CPC was skeptical of Compass’s claims, stating, “It would appear to defy common sense that, all other factors being equal, limiting buyer offers would maximize sale prices.”
Antitrust Concerns and DOJ Scrutiny
Some consumer advocates believe the trend toward private networks could reduce market competition and should be examined more closely by regulators.
Stephen Brobeck, a senior fellow at the Consumer Policy Center, expressed concern about the broader impact on buyers, sellers, and smaller brokerages:
“The efforts of some big brokers are likely to not only disadvantage buyers and sellers but also reduce competition.”
He added that these practices may warrant federal oversight:
“The U.S. Department of Justice should take a close look at potential antitrust violations by those brokers who use deceptive practices to try to dominate markets.”
While no formal investigation has been launched, industry observers are watching closely as DOJ interest in real estate competition continues to rise.
What’s at Stake for Agents and Consumers
For large brokerages that lean heavily on private listings, Zillow’s decision introduces a new layer of complexity. While agents can still use private networks, they’ll need to choose between keeping a listing private or gaining the exposure that platforms like Zillow offer—not both.
Critics of private networks argue that they allow big brokers to double-end deals, recruit more agents, and gain influence over regulators by concentrating control over inventory. And if more brokerages feel pressured to adopt similar strategies, it could lead to a more fragmented and less transparent marketplace.
Meanwhile, consumers—especially buyers—may be left in the dark about available properties unless they work with agents from the firms holding those listings.
To that end, Gilch offered advice for both sides of the transaction:
“We encourage all sellers to think twice before permitting a listing agent to restrict the marketing of their properties within private listing networks.
“Sellers will attract the most buyer interest when their home is visible across as many major real estate websites as possible—some, like Zillow, draw over a billion visits a year, far surpassing any other platform in reach.”
Gilch also warned buyers to be cautious of exclusivity claims:
“Buyers should be skeptical of private listers who try to sign buyers to contracts by claiming to have access to off-market properties.”
