HousingWireHousingWire
As Compass looks to grow its private exclusive inventory, the firm is going retro.
Prior to the advent of the internet, the physical MLS book of homes listed for sale was kept in a brokerage’s office. Consumers could come into the office to look at the properties that were on the market in a given MLS territory.
On Thursday, the Robert Reffkin-helmed firm announced the launch of the “Compass Private Exclusives Book,” which contains all of its private exclusive inventory. The books will initially be available for viewing at the largest Compass office in each of its markets.
The company said the books may be available in more locations in the future. The listings will only be available in these books and will not be publicly available online.
“This initiative reimagines the spirit of the original MLS books by providing a centralized, physical resource to discover unique properties while respecting the privacy, security, and marketing strategies of today’s sellers,” a press release from Compass stated.
According to Compass, agents affiliated with any brokerage will be able to look at the books individually on a one-to-one basis. Consumers will also be able to look at the books in the office, although some may be required to sign a buyer broker agreement if it is required by the local MLS.
Compass noted that the “majority” of Compass Private Exclusives that sell outside the MLS are co-brokered with agents from other firms.
In a press release, Compass said the books are “a move to promote greater transparency and collaboration” across the industry. The company also noted that sellers with privacy or security concerns will be able to opt out of including their listing in the book.
“Compass is now the only brokerage sharing all off-MLS listings with the entire brokerage community,” a company spokesperson said in a statement. “Unfortunately, there is a persistent false narrative suggesting the motivation behind Compass Private Exclusives is to double-end deals, which couldn’t be further from the truth.”
According to Compass, if its goal was to double end deals, it would be keeping these listings fully in-house.
Additionally, the firm claims that the books help support fair housing laws “as any potential group of buyers, regardless of race, color, religion, sex, familial status, national origin, disability, or other characteristics protected by the Fair Housing Act and other civil rights statutes, can visit a Compass office to view these listings.”
“Every time buyers search Compass.com, they see how many Private Exclusives match their criteria, and how to access them by contacting a Compass agent,” the release states.
The brokerage said it does not expect the National Association of Realtors (NAR), the MLSs and Zillow to prevent it from sharing private exclusives with other agents and consumers in this fashion.
It cites NAR’s MLS Antitrust Compliance Policy, which states that “Boards and associations of REALTORS and their MLSs shall not prohibit or discourage participants from taking ‘office exclusive’ listings.” NAR also issued a recent clarification that agents can share exclusive listings on a one-to-one basis.
Compass offices with the books will have the option of having either a physical book or a digital book, which will be updated in real time. The physical book will be updated multiple times per week.
