NextHome and Zillow: A New Standard for Listing Transparency
NextHome, a real estate franchise, has announced a partnership with Zillow, committing to enhanced listing transparency aimed at benefiting homebuyers and sellers throughout the United States. In a recent statement, co-CEO James Dwiggins emphasized the importance of prioritizing people in real estate transactions, noting, “Partnering with Zillow to commit to listing transparency is simply the right thing to do for homebuyers and sellers across America.”
Zillow’s New Listing Standards
Zillow recently unveiled its new listing standards, which mandate that any property listed for public marketing must be included in a Multiple Listing Service (MLS). This initiative ensures that listings are accessible on Zillow as well as across other platforms that utilize Internet Data Exchange (IDX) feeds.
The Rationale Behind the Standards
According to Errol Samuelson, Zillow’s Chief Industry Development Officer, these standards are designed to promote transparency and equitable access to property data for all consumers. He pointed out that withholding listings from broader markets can adversely affect sellers and buyers alike. “We think that’s bad for sellers, it’s bad for buyers, and it’s bad for the market,” Samuelson stated to HousingWire.
Support for the Clear Cooperation Policy
NextHome has been an advocate for the National Association of Realtors’ (NAR) Clear Cooperation Policy (CCP), which aims to protect both buyers and sellers in real estate transactions. Dwiggins has previously referred to the CCP as “one of the most pro-consumer policies in place!” highlighting its intention to safeguard the interests of all parties involved.
Different Views Within the Industry
While NextHome and eXp Realty have embraced Zillow’s commitment, Compass, a company critical of the CCP, has requested that MLSs create a separate “coming soon” status. This would allow listings to be submitted to the MLS for public marketing while simultaneously restricting IDX and Virtual Office Website (VOW) data feeds. Such measures would prevent other MLS participants from sharing these listings on their websites.
This partnership and subsequent listings standards may set a precedent in the real estate industry, fostering a more transparent marketplace equipped with the necessary tools for informed decision-making by consumers.
