Who's Marketplace?

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Overview

Rob and Greg dig into the Northwest MLS settlement with Compass, unpacking what it signals for the industry beyond the specific deal terms. The core debate: has Northwest MLS quietly redefined "open marketplace" to mean the MLS itself (its paying subscribers) rather than the open internet — and if so, is that a genuine philosophical shift or just a pragmatic compromise to get lawyers off the clock? They dive into the "First Look" compromise, real numbers on how many listings actually go private, why Zillow treats this as an existential threat, and whether a bigger "grand compromise" between brokers and MLSs is still coming.

Key Takeaways

- Northwest MLS and Compass reached a settlement/compromise rather than continuing costly litigation.

- Rob's central argument: NWMLS is effectively redefining "open marketplace" as its member agents/brokers, not the general public internet.

- The compromise centers on "First Look" — a window where members can see listings before they hit the public MLS/internet.

- Greg pushes back that this is more pragmatic business compromise than a deep philosophical shift.

- Cited numbers: roughly 96% of listings still go straight to the MLS; of the remaining ~4% held privately, only about 10% actually sell.

- Rob argues Zillow's aggressive opposition to private listings stems from fear the practice could scale dramatically due to competitive incentives for brokers.

- Windermere reportedly has the most exclusive listings in Northwest MLS despite historically opposing this practice publicly.

- New Northwest MLS rule requires listing agents get equal visibility to buyer agents on portals and websites.