Key Points
- Zillow has banned all exclusive delayed listing forever
- Off market listings often sell for less
- Private listings can limit fair housing access
- Brokerages benefit with exclusives with double commissions
- Lead hoarding and agent recruiting drive brokerage goals
- Public MLS listings provide faster sales and higher exposure
- Industry rules are rapidly shifting toward transparency
So you’ve heard the news…there’s something going on with Compass, Zillow, eXp and exclusive listings (aka off market listings), also known as pocket listings, private exclusives, silent listings and private listings?
So why do some brokerages keep dangling exclusive listings like golden carrots? And why are companies like eXp Realty and Zillow tightening the screws on these off market listings?
Buckle up—we’ve got the facts about off market listings, a breakdown of what’s happening in the real estate industry and what actually helps you serve your clients. Here’s your handy-dandy index:
Table of Contents
What’s the Issue?
The issue is all about the rise of private delayed listings. Basically some companies like Compass want them, love them, and heavily promote their usage to their clients. However, Zillow, eXp Realty and other real estate industry companies are taking a stand against these listings. Before we dig into why that is, let’s get clear about the primary types of listings.
Exclusive Private Listings
These live deep in the “If You Know, You Know” category. These off market listings are only visible to the listing brokerage. No MLS. No yard sign. No Zillow. No other brokerages. These listings are needed by some sellers for their privacy or safety.
Coming Soon Listings
These are like teaser trailers. Technically, Coming Soon homes are on the MLS, but they are not yet live for showings. Maybe the staging isn’t done, the dog’s still shedding all over the guest room, or hammers are still banging on the upgrades. Coming soon listings are great for agents and their clients because they create a “heads up” to all brokerages and all agents so they know what’s coming soon to the market, giving everyone more time to prepare for their desired action.
But, whether these “Coming Soon” listings show up immediately on Zillow depends on the local MLSs. For example, in Marin County, CA, “Coming Soon” homes are not released to Zillow until the listing goes “active” – which could be up to 30 days.
Active MLS Listings
Which brings us to Active Listings. They’re what most of us are here to do: get listings maximum exposure, get the best terms, and actually close deals. They’re the opposite of off market listings—they’re visible to everyone, even Zillow’s 3 a.m. scroll crowd.
Exclusive “Delayed Listings”
And herein lies the center of the new real estate industry struggle. These exclusive delayed listings have big “test balloon” energy. They’re basically a “soft” open where the listing gets shown to the brokerage’s private network of agents and clients before going public. Brokerages like Compass push this strategy hard. Called private exclusives, they pitch it like it helps sellers test pricing or build buzz without the ding of MLS days on market or price drops.
The Truth about on Exclusive Delayed Listings
So are exclusive delayed listings good for consumers? For that answer, we can tap into a wealth of studies regarding exclusive listings. Let’s unpack the realities.
Off Market Homes Often Sell for Less
Research indicates that “office exclusives offer no price advantages over immediately promoting a home through the MLS”. According to new Zillow research private home sales don’t necessarily equate to higher profits for sellers. In fact, homes sold off the MLS fetched nearly $5,000 less on average than those listed publicly. In California, that median loss jumped to over $30,000. Ouch.
Longer Time on Market
Patience might be a virtue, but in real estate, time is money. Standard listings take a median of 20 days to sell, while exclusive listings linger for about 37 days. That’s nearly double the time, potentially leading to increased holding costs and seller anxiety.
Limited Exposure Hurts Buyers
With private sale homes, many potential buyers remain unaware of available properties. In some areas, more than 20% of listings never hit the public market. limiting options for buyers and potentially driving up competition for the remaining active listings market inventory.
Fair Housing Concerns
Transparency isn’t just a buzzword; it’s a cornerstone of fair housing. Private listings can inadvertently sideline certain buyer groups, leading to a less inclusive market. Windermere Co-President OB Jacobi says “I think the industry has always faced challenges with bad actors, and transparency creates accountability.
Potential Conflicts of Interest
When a single brokerage or agent controls both sides of a private home sale, proper representation can blur. The temptation to prioritize personal gain over client interest becomes a real concern, potentially compromising the fiduciary duty owed to clients.
Why Some Brokerages Are Obsessed with Off Market Listings
So if exclusive listings aren’t great for clients or consumers in general, why are some brokerages pushing exclusive delayed listings like it’s the smartest thing ever? The real reasons? Money. Control. And did we mention money?
Here’s how the math works out in the exclusive delayed listings brokerage’s favor:
Double-Dipping Commissions
When a listing stays off the MLS and a home sells, that brokerage gets the commission from the seller and from the buyer. That’s double the commission, half the objections, and no outside brokerage cutting into the profits. Great for the brokerage.
Recruiting Hook
Brokerages can use these private listings as a way to entice agents to join them. They say “Hey, we’ve got off market listings you won’t find anywhere else.” That talk gives agents the illusion of exclusivity—even when it’s just a private home sale pulled from a shared internal folder.
Lead Hoarding
Brokerages also can get plenty of new buyer leads from these listings. That is, if a listing doesn’t hit the MLS or Zillow, that brokerage controls every single buyer lead. They collect emails, phone numbers, and future business off the backs of their private listings.
In the end, while off market listings might offer a cloak of exclusivity, they’re all about increasing brokerage profits.
Brokerage Profit Needs
And, don’t get us wrong…a lot of brokerages seriously need these extra profits. For example, take Compass, which has rebranded these exclusive delayed listings into a full-blown strategy—pitching them as a “sophisticated” way to test the market. Spoiler: it may be less strategy and more of a survival tactic.
That’s because Compass, a publicly traded brokerage, has never had a profitable quarter. Not one.
On the flip side? eXp Realty is the ONLY profitable brokerage in the past 5 years among all publicly-traded brokerages.
Which might leave you thinking that Compass isn’t alone in being unprofitable. That’s true, except Compass is dead last among all of them and it’s not pretty. Compass’s earnings per share losses are more than twice as much as the number 2 loser, The Real Brokerage. If you want to see all the earnings details, check out our blog on Brokerage Profitability.
Bottom line: Compass needs a win, and it seems they have hung their hat here – on the pretend value of delayed exclusive listings.
And guess what? It may be working, well, sort of. That is, reports say 55% of Compass’s February listings went the “private exclusive” route. But here’s the punchline: nearly 90% of those listings ended up on the MLS anyway. So much for exclusivity. And, the 10% that sold? Extra money for Compass, potentially less money for their clients.
The New Listing Rules
Hmmm, off market listings are on the rise and now the big real estate industry actors are taking a stand long before the inevitable string of seller lawsuits.
Enter the Mammoth – Zillow
Off market listings don’t just hurt sellers—they hurt Zillow, too. Platforms like Zillow make money by aggregating listings, putting them in front of buyers, and cashing in when someone clicks “Request a Tour.” That lead goes straight to a real estate agent who pays Zillow for the privilege. No listing? No lead. No profit.
So Zillow drew a big, bold line in the sand. Starting May 1, 2025, Zillow’s making it official. If a listing is marketed to anyone—even privately—it must be on the MLS and syndicated to Zillow within 24 hours. Or it’s banned. Forever. No Zillow. Zillow’s Errol Samuelson said it best that a listing marketed to any buyer must be available to all buyers.
Think that won’t impact your client? Think again. Check out the Top 10 Most Visited Real Estate Websites—Zillow leaves everyone else in the dust. This stings because 96% of buyers use online tools in their search process. So, yes, it matters. A lot.
From RubyHome:
If your client’s home is invisible on Zillow, you’re going to need a very compelling reason. And “We wanted to test the waters” won’t cut it.
eXp Sides with Zillow & Raises the Bar
Just days after Zillow announced its new policy, eXp Realty is siding with Zillow. And, eXp Realty didn’t just agree—they stepped up. While other brokerages stayed quiet, eXp took action to protect sellers by ensuring they fully understand the risks of going off-market.
For years, many exclusive listings slipped through without confirming whether the seller actually understood the downsides. eXp changed that. With an eXp exclusive advisory, every seller considering a private listing with an eXp agent must acknowledge those risks—and in a show of leadership, eXp made their exclusive listing seller advisory publicly available to all brokerages, large or small.
But they didn’t stop there. eXp has officially banned “delayed exclusive listings” across the board. If you’re an eXp agent, you play by the new rules—no exceptions.
For those rare cases where confidentiality is critical, sellers still have a path. It’s called eXp Access, eXp’s private listing portal—designed for privacy, but built with transparency in mind. eXp says that transparency isn’t just about compliance, it’s about trust.
More Brokerages Are Jumping on Board
The latest on Zillow’s new listings rules as 2nd brokerage commits. NextHome joins eXp as an official partner in the move to bar listings that are publicly marketed but off-MLS. Redfin takes its own stand against CCP delayed listings. Redfin is not posting listings that have been publicly marketed before being shared on the MLS and IDX feeds. Also on board are California Regional MLS, Lamacchia Realty, Brown Harris Stevens and RE/MAX.
Answering the Questions You Know Are Coming
Now that we’ve laid it all out, let’s get ahead of the confusion—because you will get questions. Here’s what you need to know so you’re not caught flat-footed.
“Won’t Zillow Ban Coming Soon Listings That Are Delayed?”
Nope. Coming Soon listings aren’t the same as private exclusives. They’re fully MLS-sanctioned and visible to all agents and clients across brokerages. Think of them as a heads-up to the market—“Hey market, this home’s almost ready—hang tight.” . A Zillow rep said this complies with Zillow’s standards as long as a Coming Soon listing is entered in the MLS and is displayable on all sites receiving a feed. When the MLS syndicates these listings, Zillow will show them.
“What Happens If a Listing Gets Banned from Zillow?”
If a listing gets banned under Zillow’s new rule, the property isn’t blacklisted forever—but the original brokerage is. According to Zillow’s Errol Samuelson, if the listing is “relisted with a different brokerage and entered into the MLS within 24 hours of marketing, Zillow will display it.
Translation: if your brokerage messes up, the seller can fire you, relist with someone else, and still make it onto Zillow. But at that point, you’ve lost the listing, the client’s trust—and possibly your reputation.
“Will There Still Be Off Market Private Listings?”
Yes—because sometimes privacy is the priority. Whether it’s a celebrity, a high-net-worth individual, or just someone who doesn’t want a sign in the yard or neighbors snooping, some sellers have no intention of going public. And, at eXp, sellers are fully informed of the tradeoffs. These homes aren’t meant for public marketing, and as long as the seller sticks to that plan, Zillow’s rule doesn’t apply.
Why the Off Market Listing Battle Actually Matters
Off market listings aren’t just a quirky tactic—they’ve become a flashpoint in real estate. Here’s the deal: your clients deserve clarity, not cloak-and-dagger sales strategies that quietly cost them tens of thousands. At eXp Realty, agents aren’t just trained to close deals—they’re empowered to do it the right way, with tech, support, and policies that actually protect the client.
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Frequently Asked Questions
What are an off market listings?
Off market listings mean the property isn’t listed on the MLS and isn’t publicly advertised. It’s only shown to a select group, typically within one brokerage’s network.
Do off market listings sell for more money?
No. According to Zillow data, off market homes often sell for less—over $30,000 less in California alone.
Can off market listings violate fair housing rules?
Yes. Off market listings can reduce access for some buyers and create transparency concerns, potentially clashing with fair housing principles.
Why do brokerages like Compass use delayed exclusive listings?
Delayed exclusives let brokerages control leads, double-dip commissions, and lure new agents with the promise of private inventory—even if it’s not in the seller’s best interest.
What is eXp Realty’s policy on off market listings?
eXp Realty bans delayed exclusive listings entirely and requires seller acknowledgment of risks for any true private listing. Transparency is non-negotiable.
Is Zillow banning Coming Soon listings?
Nope. Coming Soon listings are MLS-approved and visible to all agents. They’re not considered private exclusives and are allowed under Zillow’s rules.
