A growing number of real estate companies are quietly moving to “privatize” their listings — holding properties internally rather than sharing them with other brokers or the general public. The stated rationale is exclusivity, but the real motivation is simpler: forcing buyers to work exclusively with their agents.
After more than 45 years in the business, my experience has consistently confirmed one truth — maximum exposure equals maximum price. That’s precisely why I joined the Multiple Listing Service early in my career. The MLS gives sellers access to the broadest possible pool of buyers, from local agents to those representing clients from across the country and beyond. My ultimate goal has always been to do what’s right for my clients. Of course, I’d prefer to represent both sides of a transaction, but that must never come at the expense of getting my sellers the highest and best offer.
The data backs this up. According to Inman, research across millions of transactions shows that sellers who list off-MLS lose on average between 1.5% and 3.7% of their final sale price–on a $500,000 home, that’s between $7,500 and $18,500 left on the table. For Forest Hills homeowners, where house, co-op and condo values regularly exceed that threshold, the stakes are even higher.
This trend has been reshaping the industry nationally, and its effects are being felt here in New York. Bess Freedman, CEO of Brown Harris Stevens, my firm, has spoken openly about a trust crisis in real estate, pointing out that only 20% of consumers currently trust real estate agents, and that the fight over private listing networks only makes that worse. Bear in mind that Brown Harris Stevens has listed and sold some of the highest-priced properties in New York City, and for many celebrities. We would certainly benefit from “privatizing” our listings.
Legislators are responding. Washington State has already signed a bill into law banning the exclusive marketing of listings to select groups of buyers, and Wisconsin passed legislation making public marketing the accepted default. Bills are also pending in several other states. In New York, the “Fair and Transparent Real Estate Listings Act” has been introduced, finding that open and transparent access to residential real estate listings is essential to fair housing opportunity, market competition, and accurate price discovery.
To be clear: Private listings are not always wrong. In rare cases–a well-known individual seeking anonymity, or someone navigating a sensitive personal situation–limiting exposure may be entirely appropriate and should be respected.
But it must be the seller’s choice. The critical issue is informed consent. Every seller deserves to understand clearly whether their property will be broadly marketed or quietly kept off the market, and exactly what that decision means for their bottom line. That transparency isn’t just good practice. Here in New York, it may soon be the law.
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