In a move that could reshape the landscape of the American real estate market, secret home listings are poised to surge, following a recent decision by the National Association of Realtors (NAR). The change in policy is stirring significant debate among industry insiders and homebuyers alike. As reported by Business Insider, the NAR has opted to maintain its clear cooperation policy while introducing a new rule that could lead to an increase in private, off-market listings.

Traditionally, the Multiple Listing Service (MLS) has been the go-to platform for real estate agents to share property listings widely, ensuring maximum visibility and competition. This system has benefited sellers by attracting more potential buyers and often leading to quicker, more lucrative sales. However, some major brokerage firms, such as Compass, are challenging this approach, advocating for more exclusive, private listings.

Compass, the nation’s largest real estate brokerage by sales volume, has been at the forefront of this shift. The company, led by CEO Robert Reffkin, has been vocal in its criticism of the one-size-fits-all MLS model. Compass argues that sellers should have greater control over how their homes are marketed, potentially keeping listings within their own network of agents. This strategy, which they call “Private Exclusives,” allows them to offer properties to a select group of buyers before they hit the open market.

The debate centers on the balance between transparency and exclusivity in real estate. Proponents of the clear cooperation policy argue that it fosters a more transparent housing market, where all potential buyers have equal access to available properties. They warn that the rise of “pocket listings“—homes marketed outside the MLS—could lead to a fragmented market, where only those with insider connections can access certain properties.

Saul Klein, CEO of the San Diego Multiple Listing Service, emphasizes the importance of a unified system: “Everybody benefits when we all pool our listings, and we do so in a timely manner. And people are hurt, potentially, when we don’t do that.”

Despite these concerns, the NAR’s decision to allow more flexibility in how homes are marketed is seen by some as a nod to the changing dynamics of the market. This move is likely to embolden companies like Compass to continue pushing the boundaries, potentially leading to more secretive listings.

Business Insider highlights that while the clear cooperation policy remains intact, the real estate industry is entering a period of uncertainty. The potential rise in secret listings could make it more challenging for everyday buyers to find their dream homes, as access becomes increasingly gatekept.

As the market evolves, the debate over transparency versus control is far from over. The outcome will likely shape the future of home buying in the United States, impacting how properties are marketed and who ultimately gets to see them.