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CoStar CEO Andy Florance said Zillow had “overplayed its hand” after Zillow announced a standard that could keep publicly marketed homes off Zillow and Trulia if they were not entered into the MLS promptly. Florance argued the policy gives Zillow too much control over how homes are distributed and promoted Homes.com’s “Your Listing, Your Lead” model as an alternative. Zillow’s stated case is different: a home marketed to some buyers should be visible to all buyers. The dispute is not simply Zillow versus NAR—it involves separate rules set by local MLSs and Zillow, along with competing views of seller choice, buyer access and agent leads.
What Zillow announced—and why CoStar objected
On April 10, 2025, Zillow announced that a property marketed publicly to any buyer should be entered into the MLS within one day and published on Zillow and other sites receiving MLS feeds. Zillow said listings that did not meet its standard could be excluded from Zillow and Trulia for the life of the listing. The standard was announced with eXp Realty and later described in a Zillow announcement involving NextHome. Zillow’s announcement and its NextHome update frame the policy as a commitment to broad listing access.
This was not a blanket ban on every listing that is not immediately public. The key question is whether a home is being marketed publicly while being withheld from broad MLS distribution. A genuinely office-exclusive listing, a listing delayed under local MLS rules, and a publicly marketed listing kept out of the MLS are different situations.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsIn an April 14, 2025 report, Florance, whose CoStar Group owns Homes.com, criticized Zillow’s approach. He argued that a major portal should not dictate how sellers and agents market homes, and that Zillow was using its audience and market position to pressure agents into a particular distribution route. He urged agents who believed Zillow’s conduct was anticompetitive to contact the U.S. Department of Justice. Those are Florance’s allegations and competitive arguments, not a legal finding or verified conclusion about Zillow’s conduct. GeekWire’s coverage and HousingWire’s account of his response describe his criticism and Homes.com’s positioning.
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What Zillow says the policy protects
Zillow says buyers should not have to search restricted networks or risk missing homes because inventory is distributed selectively. Its position is that sellers who market a property publicly should offer broad access to it, rather than giving some buyers an advantage through private or limited channels. Zillow also says restricted marketing can raise concerns about fairness and unequal access. Those are the company’s stated reasons for its policy—not proof that every private listing causes harm.
The policy reflects a real trade-off. Broad MLS distribution can make a listing available to more buyers and sites. A seller may instead value privacy, control over timing or a limited initial audience. Zillow’s platform standard does not erase those choices under local rules, but it can affect whether a property appears on Zillow and Trulia.
Clear Cooperation is an MLS rule, not Zillow’s rule
NAR’s Clear Cooperation Policy (CCP) is a model policy for MLSs, not a rule that Zillow administers. It requires a listing broker to submit a property to the MLS within one business day after publicly marketing it. Examples include yard signs, flyers, public-facing websites and apps, brokerage websites, email blasts and communications through multi-brokerage listing networks. A one-to-one communication between brokers does not, under NAR’s clarified interpretation, trigger the policy; a communication distributed to multiple brokerages may count as public marketing. See NAR’s Clear Cooperation Policy and its Multiple Listing Options FAQ.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallLocal MLSs administer their own rules and procedures. The national policy therefore does not tell an agent exactly how a listing will be treated in every market.
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Office-exclusive and delayed-marketing listings are different
NAR announced its Multiple Listing Options for Sellers policy on March 25, 2025. It formalized options that let sellers choose between broad, immediate exposure and more limited or delayed marketing, subject to local MLS implementation and seller disclosures. Under the policy, sellers must acknowledge the benefits of broad and immediate MLS exposure that they are giving up or delaying. NAR’s announcement explains the policy’s purpose; its current policy language defines the options and disclosure requirements.
- Office-exclusive: The seller directs that the listing not be disseminated through the MLS and not be publicly marketed. It is distinct from a home advertised publicly while withheld from the MLS.
- Delayed marketing: The listing is filed with the MLS, but public marketing through IDX and syndication is held back for a period allowed by the local MLS. The listing may therefore be in the MLS before it appears on public websites.
- Public marketing without timely MLS submission: This is the situation at the heart of Zillow’s announced standard and the CCP deadline.
NAR’s initial implementation announcement set a September 30, 2025 deadline, while later NAR materials say local adoption was generally required by March 1, 2026. Local MLSs determine whether to offer delayed marketing and how long any delay lasts; an MLS may set a zero-day period or decline to adopt the delayed-marketing option. Check the current rules of the relevant MLS rather than assuming one national delay applies. NAR’s summary of 2025 MLS changes describes that local discretion.
Why Zillow’s standard can differ from an MLS decision
Three rule systems can matter at once: NAR’s model policies, the local MLS’s implemented rules, and Zillow’s own publication standard. A listing may comply with its local MLS’s delayed-marketing rules and still fail Zillow’s separate standard for publication. Conversely, meeting Zillow’s standard does not excuse an agent or broker from following local MLS rules, state law or applicable brokerage requirements.
That distinction is central to the disagreement. NAR and local MLS rules address cooperation and seller options within the MLS system. Zillow decides what it will display on its own platforms. The fact that a listing is allowed under one system does not guarantee that another platform will carry it.
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What Florance says Zillow is protecting
Florance’s criticism is also about the business model behind online real-estate search. He argued that Zillow’s size gives it leverage over agents and sellers, and that a portal should not control the route a listing must take to reach its audience. Homes.com presents “Your Listing, Your Lead” as an alternative in which the listing agent is the visible contact and receives inquiries. Florance alleged that Zillow’s model can route consumers to competing agents instead.
Those descriptions should be understood as company positions in a commercial dispute, not independently established outcomes for every listing or inquiry. The unresolved issue is how much control the listing agent retains over contact and lead routing on each platform—and whether that control matters more to a seller than the size and composition of a platform’s audience.
How Redfin and Realtor.com fit into the dispute
Redfin CEO Glenn Kelman supported the general principle that buyers should have access to listings and said Redfin would not publish listings that were publicly marketed before being shared through the MLS with all real-estate websites. He also proposed a “coming soon” designation that could hide days-on-market and historical-price information during a pre-market period. That broad support for access is not identical to Zillow’s specific enforcement mechanism.
Realtor.com said it supported listing cooperation but was still considering the issue at the time. The companies’ positions and Kelman’s proposal were reported by GeekWire.
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What changed by 2026: Zillow and Realtor.com open a Preview path
On May 5, 2026, Zillow and Realtor.com announced that they would extend their respective Preview pre-market listing programs across both platforms. The companies said enrolled brokerages could make Preview listings available at no cost to participating sellers or agents, and that buyers could access those listings regardless of brokerage affiliation. This applies to participation through an enrolled brokerage; it is not evidence that every Realtor.com or Zillow advertising product is free. The companies’ announcement describes the collaboration.
The development adds an option between strict exclusivity and immediate full public distribution: a pre-market listing can receive early exposure across more than one major platform. But the announcement alone does not settle how long a listing can remain in Preview, how complete its information is, how leads are routed, or how the program interacts with each local MLS’s rules. Those details matter when comparing a pre-market product with ordinary MLS and portal distribution.
Practical trade-offs for sellers and real-estate professionals
Sellers
Broad MLS exposure can increase the number of buyers and listing sites that see a home. A limited or delayed launch may suit a seller who values privacy, wants to control timing or prefers to test the market with a smaller audience. The cost of that choice is reduced or delayed exposure; sellers should understand what reach they are giving up and what their local MLS and chosen portals will show.
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Agents need to distinguish a one-to-one broker conversation from public marketing, confirm local MLS deadlines and document the seller’s choice where required. They should also determine how a portal displays the listing agent and routes inquiries. A listing that complies with an MLS option may still be excluded from a portal under that portal’s own standard.
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Buyer agents and buyers
Buyers may not see a property that is office-exclusive or still in a restricted pre-market phase. A home visible in one pre-market program may not yet be available through every MLS feed or website. Buyers and their agents should ask what status the listing has, when broader distribution begins and whether the property can be viewed or offers accepted during the pre-market period.
MLS operators and portals
MLSs must reconcile cooperation rules with seller options and local implementation choices. Portals, meanwhile, face a policy question: whether to condition access to their audiences on particular distribution standards. Enforcement can encourage broad access, but it also gives a platform leverage over how agents and sellers market a property. Neither effect, by itself, resolves whether a particular policy is fair or anticompetitive.
What the dispute does—and does not—establish
“Overplayed its hand” is Florance’s competitive criticism, not a court ruling. His call for DOJ scrutiny does not establish that the department opened an investigation or that Zillow violated antitrust law. No legal conclusion follows simply from the disagreement between the companies.
The conflict has several dimensions that are easy to conflate: buyers’ access to inventory, sellers’ ability to choose a marketing approach, portal control over distribution, and agent lead ownership. Zillow emphasizes broad access; Florance emphasizes platform power and the listing agent’s relationship with the lead. The Preview collaboration shows that major portals are also pursuing a shared pre-market approach. Whether such products broaden access in practice depends on their terms, local MLS rules and the choices sellers make.
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