eXp Realty just added another form to its growing seller toolkit.
Today, the nation’s largest brokerage by transaction count released a new “Seller Advisory: Risks of Limited Market Exposure” form.
According to eXp, the document is designed to help sellers understand the potential risks of withholding a listing from the MLS or major public portals like Zillow.
The form comes on the heels of recent changes to Zillow’s listing standards and the National Association of Realtors’ (NAR) Clear Cooperation Policy, which includes a new category that allows “delayed marketing exempt listings.”
What’s In The Seller Advisory Form?
eXp CEO Leo Pareja and SVP of Brokerage Operations Holly Mabery went live on YouTube this afternoon to discuss the new listing transparency standards and the brokerage’s stance.
The “Seller Advisory: Risks of Limited Market Exposure” is a one-page form that details the potential downsides of withholding listings from major portals and the MLS, including:
- Limited Buyer Exposure
- Financial Risk
- Longer Time on Market
- No Public Portals
The form is open to all agents and brokers in the industry and can be downloaded here.
eXp on Transparency & its Relationship with Zillow
eXp is emphasizing educational transparency while maintaining that seller choice remains paramount. In a news release, Pareja explained:
“Seller choice is foundational, but choice without truth is a disservice. We believe the industry must lead with transparency, not tactics. That’s why we’ve open-sourced this advisory. To give every seller in America a clear view of what’s at stake.”
The brokerage’s advisory form arrives just days after Zillow announced it would no longer display any listings that are publicly marketed and not submitted to the MLS within 24 hours.
eXp was the first major brokerage to publicly align with Zillow’s new listing access standards, but Pareja clarified that the relationship is not exclusive:
“Let’s be clear: Our agreement with Zillow is not exclusive. We are offering the same opportunity to every major portal. This is not about favoring platforms—it’s about delivering consumer transparency at scale.”
Context: A Wild Week in the Private Listing Debate
Here’s what’s happened in just the past six days:
- April 10: Zillow updated its listing standards, stating that any home publicly marketed must be submitted to the MLS within 24 hours—or it will be blacklisted from Zillow and Trulia for the life of the listing.
- April 10: eXp Realty was the first to sign on in support of Zillow’s move, emphasizing their commitment to consumer access and transparency.
- April 11: NextHome quickly followed.
- April 13: Homes.com, led by Andy Florance, slammed Zillow’s move as a “power play of epic proportion,” saying it harms agent autonomy and seller choice.
- April 14: Redfin announced a similar policy to Zillow, but called for a new MLS “coming-soon” status that would give sellers more control while maintaining transparency.
And now, eXp has released its seller advisory form, aiming to take an education-first move.
For all of eXp’s open-sourced forms, include the seller advisory, visit exptoolkit.com/seller.
