Summary
**Zillow** has launched a new feature called **Zillow Preview**, aimed at showcasing pre-market listings from various brokerages, including **Keller Williams**, **REMAX**, and **HomeServices of America**. This initiative allows buyers to view homes before they officially hit the market, potentially reshaping the real estate landscape. Zillow's Chief Industry Development Officer, **Errol Samuelson**, emphasizes the importance of making these listings accessible to everyone, contrasting with other organizations that restrict access. The program is designed to comply with existing **MLS** policies, allowing brokerages to submit listings directly to Zillow during the pre-market phase. As the competition heats up, this could redefine how homes are marketed and sold in the digital age. The launch comes on the heels of **Compass**'s announcement to market exclusive listings via **Redfin**, highlighting a growing trend of transparency in real estate. Zillow's approach not only promises increased visibility for sellers but also offers financial incentives for listing agents, including a 10% commission residual for successful transactions. However, this move raises questions about the implications for traditional MLS practices and the ongoing legal battles Zillow faces regarding its **Listing Access Standards**.
Key Takeaways
- Zillow Preview allows pre-market listings to be displayed on Zillow and Trulia.
- The initiative partners with major brokerages like Keller Williams and REMAX.
- Listing agents can earn 10% of buyer commission residuals for successful transactions.
- Zillow's approach aims to comply with existing MLS policies.
- The launch raises questions about the future of traditional MLS practices.
Balanced Perspective
Zillow's **Preview** feature aims to enhance the visibility of pre-market listings while adhering to existing **MLS** regulations. The initiative allows brokerages to directly submit listings to Zillow, which will be prominently displayed on its platform. This approach could benefit sellers by increasing their property's exposure and providing buyers with early access to homes. However, the effectiveness of this model will largely depend on how well it aligns with local MLS practices and whether it can coexist with traditional listing methods.
Optimistic View
**Zillow Preview** represents a significant advancement in real estate marketing, offering unprecedented exposure for sellers and agents alike. By allowing listings to be showcased before hitting the MLS, Zillow is fostering a more open and accessible market, which could lead to quicker sales and better outcomes for homeowners. The collaboration with major brokerages like **Keller Williams** and **REMAX** signals a strong industry endorsement of this model, potentially setting a new standard for how properties are marketed. With **235 million users** on the platform, the reach is unparalleled, providing sellers with a broader audience than ever before.
Critical View
While **Zillow Preview** may seem beneficial, it raises concerns about the potential erosion of traditional **MLS** practices. Critics argue that this move could undermine the integrity of the MLS system, which is designed to ensure fair access to listings for all agents. Zillow's aggressive stance against private listing networks has already led to legal challenges, including a lawsuit from **Compass**. If successful, this initiative could create a fragmented market where access to listings is determined by who can afford to pay for visibility, ultimately disadvantaging smaller brokerages and independent agents.
Source
Originally reported by RealEstateNews.com