The Truth Compass Agents Need to Hear About Private Listings
Private Listings: The Truth Agents Need to Hear
The Rory Interview:
0:00 – Introduction: Why This Conversation Matters
1:16 – The Problem with Echo Chambers & Avoiding Opposition
2:47 – My Research & Why I Care About This Issue
4:05 – Robert Reffkin Ignores Clear Cooperation Policy
5:26 – Choice vs Force: You Choose to Join NAR/MLS
6:31 – Interview Setup: Rory Golod Clips Coming Up
6:58 – Rory's Admissions: Not About Deals, About Listings
8:23 – The Success Formula: Doing What's Best for Consumers
9:30 – The Real Purpose: Getting More Listings (Not Seller Choice)
10:43 – What Agents Should Actually Say If They Were Honest
11:52 – My Listing Presentation Advantage Using Their Own Stats
12:52 – Rory Backs Out of James Dwiggins Interview (Again)
15:05 – Public Service Announcement: Stop Buying Zillow Leads
16:15 – This Isn't About Zillow – It's About Your Oath to Agents
17:26 – The Compass.com Problem: Frustrated Buyers & Missed Sellers
18:30 – 75% Listings, 25% Buyer Leads = The Real Formula
19:32 – Seller Privacy Argument Failed, So They Switched to Choice
21:05 – You're Not Giving Sellers ALL Options (Open Listings)
22:09 – Why Compass Isn't Suing NAR (They'd Lose)
24:11 – Testing the Market: You Can Already Do This
25:18 – Office Exclusives Are Legal Right Now – Why Fight for More?
26:25 – The Energy & Movement Strategy Behind This Push
27:31 – Why This Hurts Compass in a Fragmented World
28:35 – Agent Count Reality: Compass vs The Big Players
29:57 – Still Searching for the Real "Why" Behind This Fight
30:55 – The Devastating University Studies & Data
32:14 – 17.5% Price Loss & Getting Worse Each Year
33:43 – Private Listings Take 85% Longer to Sell
34:59 – The Racial Inequality Problem: $13K Losses in Hispanic Areas
36:16 – Fair Housing Violations & The Required Disclosure
37:38 – Compass's Own Warning: This Reduces Buyers & Offers
38:50 – Final Questions: Why Fight Zillow While Wanting to Be on Zillow?
Compass is flirting with fair housing violations and gatekeeping. Modern day redlining? Even if it is determined legal, that doesn’t make it right for the consumers, for both sellers and buyers. I would not align myself with a company that might be creating situations that can be discriminatory, where agents and/or buyers are kept away from homes on the open market.
On another level, not following CCP, will hurt the profession that already has its detractors. Some are correct and some are wrong, but CCP protect buyers and sellers and keeps agents from sketchy practices. It’s sad that CCP is necessary but too many brokerages agents feel too free to enrich themselves at the cost of consumers without drawing repercussions from the govt, trade orgs and other agents. Agents are fiduciaries but not following CCP in 99.999% of cases, is not in the best interest of the client.
After becoming a monster behemouth by buying out countless brokerages, Compass sees NAR as sacred and wounded and are making their big play to become another unicorn private-equity bro-stock. It’s unbelieveable that Compass is so openly gaslighting the public without fear of the industry and govt torching their business model immediately. Truly unbelievable.
Fair housing is important in the US. I’m a free-market champion and believe in owners’ property rights, and yes, the property belongs to the seller but they are not allowed to break fair housing laws. Not following CCP or using technicalities to worm around the intent of these rules and laws, can easily be seen as crossing that line in several ways.
After becoming a behemoth brokerage by buying out countless brokerages, Compass sees NAR as sacred, after the ridiculous lawsuit loss, and are making their big play to become another unicorn private-equity bro-company. It’s unbelieveable that Compass is so openly gaslighting the public without fear of the industry and govt stopped their business practices immediately. Truly unbelievable.
If sellers were educated on all of the approaches, costs, etc to quickly selling their homes for the highest net proceeds, this would NOT be the winner. This is STRICTLY a money grab by a greedy business model to enrich their agents (and therefore themselves) at the expense of their trusting customers. The reason Clear Cooperation passed the NAR vote by 90% for the policy is because of their mission to expose their customers’ listings to the widest possible audience. I remember the good ole boy network in my market whining about their little pocket listings.
Go take some swampland listings, ya greedy bastards. And stop giving the rest of us a black eye.
Ricky is always fair and consistently gets it right because he sticks to fairness and FACTS!
Ricky is such a breath of fresh air. Consumers First Always!!
Ricky – at 21:00 you make the statement you can do an open listing. While you’re correct, these were some of the points Rory was trying to make. Zillow‘s ban would include an open listing, and we’ve already seen MLSs adapt their rules to incorporate open listings. Organized real estate doesn’t support your position of this route creating optionality for sellers.
What are your thoughts on the other points Ricky made?
The only mls that changed rules are NWMLS, hence the lawsuit, and that’s because they aren’t NAR governed. NAR can’t remove that rule. And, yep…open listings aren’t on mls or zillow, you are correct, and the seller should be able to make that choice, not the broker by hiding that option from them. #SellerChoice
@@albundy3929 I fundamentally, at my core, truly believe that the right side of this issue is to give sellers choice.
@@thegaberichter what choice do sellers not have with CCP?
Classic 👍 💎 after all the craziness Ricky Mi riporta sempre al centro! Sounds better in italian😂
I like the survey that shows yes the consumer wants choice. However the other side of that is like over 70% don’t want their home banned from Zillow. So I guess it all boils down to how the question is presented
Love your podcasts bro! Keep up the hard work! 👍
Some of what you said isn’t accurate. I agree that 3-phase marketing isn’t right for every seller, but it is the right fit for some. The bigger point here is about seller options. Not every MLS allows open listings, and not every seller wants their plans blasted everywhere. Some properties have unique price points or limitations on showings. Others involve renovation timelines or specific terms that don’t work with a one-size-fits-all marketing strategy. Just because you’re not with Compass doesn’t mean you should misrepresent the goal. Zillow, for example, has become a mess by telling buyers what they “should” offer, which is damaging to sellers. I’m totally fine skipping it. It may help buyers, but it doesn’t help my sellers.
How does CCP hurt sellers, and Compass practices help sellers, when their homes involve renovation timelines?
How do unique price points come into play? I see $5-$100+ million dollar homes that are well above area prices hit the market. What would be a better selling strategy other than openly marketing?
“The bigger point here is about seller options.” What options do sellers not have that Compass is solving?
I’m not a fan of zillow but how are they “telling buyers what they “should” offer,”? You’re not talking about the zestimate, right.
Do you not think CCP is good for buyers and sellers? What am I missing in all of this?
Thank you Rickey.
Why would a seller want privacy when marketing their home? I didn’t even know compass was doing this
Great points Ricky💯Thanks for breaking all down and keeping the communication lines open 👍 It’s a matter of doing what’s best for the client, not the agent…what a concept!😅
Well said
Ricky was certainly open to listening to Rory on that interview 😂
What did I miss on the interview?
Currently, in my MLS, there are 8 homes that dont allow syndication. Reading the agent remarks on those listings makes me wonder if they just dont want anyone else to sell the property.
Unfortunately it’s the flavor of the entire country. Whether it’s politics or sports. People have tunnel vision and not open for discussion. Thx Ricky.
💎 ⏰