Robert Reffkin, CEO of Compass, recently shared insights from a new study revealing that over one-third of potential home sellers prefer marketing their properties outside the Multiple Listing Service (MLS).
He suggested that these findings could force real estate agents to compromise their fiduciary duties under the Clear Cooperation Policy.
Study Insights and Conflicting Interpretations
This study was conducted by 1000watt, a respected name in the real estate industry.
However, Brian Boero, the company’s CEO, took issue with Reffkin’s interpretation, arguing that the Compass leader selectively emphasized points and skewed the results, which actually presented a more nuanced narrative.
The report surveyed 2,000 homeowners, splitting the participants into two distinct groups: “experienced sellers,” who had a previous history of selling homes, and “prospective sellers,” who had yet to complete a sale.
Key Findings of the Survey
Among the key revelations, the survey indicated that 35% of prospective sellers showed an initial preference for marketing their homes outside of the MLS.
However, preferences shifted dramatically once these sellers discovered that properties listed off the MLS typically sold for approximately 15% less than their MLS counterparts.
Upon learning this, nearly 75% of prospective sellers reconsidered and opted for MLS listings.
The Ongoing Debate
The discourse surrounding the Clear Cooperation Policy remains heated within the real estate community.
Some individuals advocate for its repeal, while others push for its persistence or modifications.
Boero highlighted the fundamental question at the heart of this debate: Does the industry favor an open housing market, or does it lean towards a more restricted model?
Source: Realestatenews