Just about a year following the National Association of Realtors’ settlement of a lawsuit and revision of agent payment rules, the influential trade association is evaluating the future of another regulation that could potentially alter the process of buying and selling homes nationwide.

Dubbed Clear Cooperation, this policy mandates that agents must list properties on shared databases known as multiple listing services (MLS) within one business day of initiating marketing for those properties. The aim of this rule is to reduce instances of “off-market” or “pocket” listings, where properties for sale are marketed semi-privately to limited groups of potential buyers without wider exposure on the MLS.

Since its implementation in 2020, the policy has sparked intense debate within the real estate industry, sometimes causing friction among key players. Advocates argue that the rule ensures compliance with fair housing laws and helps sellers fetch top prices for their homes by presenting them to a broader audience of potential buyers. On the other hand, opponents contend that sellers should have the autonomy to decide how their properties are marketed, and they claim that the MLS listing requirement breaches antitrust laws.

Amidst ongoing discussions, the NAR is presently reviewing whether to keep, amend, or repeal the rule. With the current shortage of homes for sale and an increase in brokerage consolidation, this decision holds significance for the marketing and sale of hundreds of thousands of homes annually.

Leo Pareja, CEO of eXp Realty, points out the importance of the cooperative structure in enabling comprehensive and real-time data accessibility for consumers. While Pareja believes his firm, the largest in terms of agent count, would gain from repealing the policy, he advocates for its retention, citing that enhanced transparency is favorable and cost-effective for consumers.

Stances on this issue among real estate companies usually correspond with whether they benefit from the rule. Companies like Zillow and Redfin, which aggregate MLS home listings, support the policy. Conversely, Compass, a luxury brokerage emphasizing “Private Exclusives,” opposes it. Anywhere Real Estate, the parent company of franchises such as Century 21, Coldwell Banker, and Sotheby's International Realty, has expressed a willingness for the rule to remain but undergo revisions.