Zillow Cracks Down on “Coming Soon” Listings to Promote Fair Market Access
Zillow has introduced new Listing Access Standards designed to promote fair and equal market access for all home buyers. The move is a direct response to concerns about “Coming Soon” listings that aren’t widely available through the Multiple Listing Service (MLS). While the policy aligns with national industry rules, it’s already sparking debate among agents, brokerages, and sellers.
Details of Zillow’s New Policy
1. 24-Hour MLS Rule
If a property is marketed publicly in any way—such as a yard sign, social media post, or online mention—it must be entered into the local MLS within one business day to appear on Zillow.
2. Discouraging Private Listings
The policy aims to reduce “pocket listings” or properties marketed privately within a brokerage before being available on the MLS.
3. Focus on Transparency
Zillow’s standards mirror the National Association of REALTORS® (NAR) Clear Cooperation Policy, which requires listings to be shared on the MLS within one business day of public marketing. Their stance is simple: “If a listing is marketed to some buyers, it should be marketed to all buyers.”
Impact on Real Estate Agents and Sellers
Greater Need for Preparation
With the one-day clock starting the moment a property is promoted, agents must ensure homes are fully prepared—photos taken, descriptions written, and pricing confirmed—before any marketing begins.
Challenges for Multi-Phase Marketing
Brokerages that use strategies like “private listing” → “Coming Soon” → MLS, such as Compass, may see the biggest impact. This approach allowed sellers to test pricing and build interest before officially hitting the MLS.
Risk of Zillow Exclusion
Listings that don’t comply could be blocked from Zillow and Trulia for the entire listing agreement, potentially reducing exposure to millions of online home shoppers.
Industry Response and Ongoing Debate
Lawsuits and Antitrust Concerns
Compass has filed an antitrust lawsuit against Zillow, arguing the new rule stifles competition and limits seller options. They claim multi-phased marketing can benefit sellers by generating early interest without accruing “days on market,” which can influence buyer perception.
Mixed Opinions on “Coming Soon” Listings
Supporters say “Coming Soon” listings give sellers more time to prepare and allow agents to gauge buyer interest, sometimes reducing time on market. Critics argue they limit exposure, may reduce offers, and can work against the seller’s best price.
Zillow’s Position
According to CNN, Zillow believes hidden listings fragment the market and create barriers to homeownership. They argue that universal access to listings benefits buyers, sellers, and the overall health of the real estate market.
What This Means Moving Forward
This policy marks a clear shift toward greater transparency in the real estate industry. Buyers may benefit from wider access to available homes, while sellers and agents will need to adapt marketing strategies to meet the new standards.
Whether you agree with Zillow’s approach or favor the flexibility of “Coming Soon” marketing, one thing is certain: this change will influence how homes are listed, marketed, and sold in the coming years.
