StreetEasy and Zillow have clarified their listing standards, and it doesn’t look good for brokerage’s private exclusive models.
Zillow said in April it would ban listings that are not shared with the Multiple Listing Service within 24 hours for “the life of the listings.” Its New York City-based platform, StreetEasy, said earlier this month that listing agents who violated the policy would be banned from popular programs like StreetEasy Experts.
The initial announcements were relatively scant on details, but the platform in an online post Tuesday specifies when the new rules take effect and, crucially, provides more details on what is classified as a violation.
The policies will go into effect starting June 30, and StreetEasy and Zillow will begin notifying agents of noncompliant listings starting on May 28.
“Beginning then, an agent’s third non-compliant listing – and any subsequent non-compliant listings – will be blocked from Zillow and Trulia for the life of the listing agreement between that listing broker and seller,” Zillow wrote in the post.
The platforms allow office exclusives with seller disclosures, but the post notes that “publicly marketing that exclusive listings are available if a buyer is willing to work with a specific agent or brokerage” is not allowed.
The rule appears to directly address the outgrowth of brokerages using office exclusives to woo buyers to their firm. Compass was the most visible leader in that charge — the company advertises on its website that buyers can “access inventory only available at Compass.”
Several other firms, including Douglas Elliman, Corcoran and Sotheby’s International Realty, also rolled out private exclusive platforms in recent months.
CEO Robert Reffkin has said Zillow’s listing standards would not affect private exclusives. In an April 11 internal email responding to the listing platform’s policy announcement, he told agents, “Know that this does not affect Compass Private Exclusives in any way.”
A spokesperson for Compass did not return a request for comment on the updated guidelines.
“NYC agents should ensure all of their publicly marketed listings are live on StreetEasy by June 30 to remain eligible to participate in programs including StreetEasy Experts, StreetEasy Concierge and Zillow Premier Agent in NYC,” the post explains.
Violators will be banned from these programs indefinitely, according to the platforms.
Zillow will issue up to two warnings for any noncompliant listings starting May 28, after which any listings in violation will not be allowed to be posted on Zillow. Listings already on Zillow will not be pulled down, but new listings will be blocked from going live on the site.
The post also confirmed that “Coming Soon” listings must be uploaded to StreetEasy and Zillow within 24 hours of being posted on a brokerage website.
Other examples of public marketing include holding open houses, virtual tours, or social media posts with specific listing details. Agents are also prohibited from inviting consumers to reach out to the agent or tour the home in any social media post.