The real estate industry is rife with discussions around NAR’s “clear cooperation policy” and the implications it has on listings. Compass CEO, Robert Reffkin, recently shared his thoughts on this policy, condemning it as “anti-homeowner” and suggesting its inevitable demise.
Here are the key points from Reffkin’s remarks and the potential ramifications of the clear cooperation policy:
- Negative Insights Attached to Listings:
- Reffkin argues that the policy attaches negative insights like days on market or price drops to listings, which can devalue properties.
- Contrarily, in countries like Australia, such data points are not displayed, allowing homeowners to avoid these negative connotations.
- Benefits of Private Exclusives:
- Reffkin highlights the value of private exclusives that allow homeowners to test the market without the scrutiny of negative insights.
- By marketing listings outside the MLS, homeowners have the freedom to gauge interest without the imposed constraints of the clear cooperation policy.
- Legal Challenges and Investigation:
- Reffkin references the Top Agent Network’s lawsuits against NAR, claiming antitrust violations with the clear cooperation policy.
- The DOJ’s ongoing investigation into the policy further complicates the regulatory landscape, suggesting potential legal obstacles ahead.
- Centralized Inventory:
- Reffkin foresees a future where the majority of inventory will consolidate in a centralized platform.
- Despite this, he acknowledges the homeowner’s desire for privacy and control over when listings go public.
In conclusion, Reffkin’s stance on the clear cooperation policy sheds light on the complexities of the real estate market and the ongoing debates surrounding listing visibility. As the industry navigates these challenges, it’s crucial to consider the implications on homeowners and the broader market landscape.
