The debate over private listing networks (PLNs), Clear Cooperation Policy (CCP), and evolving NAR guidelines is exposing long-standing tensions around listing control, consumer transparency, and brokerage power. With inventory at historic lows and compensation rules in flux, stakeholders are rethinking how, when, and where listings are shared. 

James Dwiggins (CEO, NextHome), Kevin Greene (GM, Real Estate Solutions, Cotality (fka CoreLogic)), and Emily Girard (CEO, UnlockMLS & Austin Board of REALTORS®) participated in a masterclass moderated by Audrey Whittington (Senior Vice President, Local Logic) to explore how these dynamics impact the industry’s ability to serve consumers while balancing broker interests, data integrity, and market equity.

In this masterclass, you’ll learn more about:

• What the CCP’s recent changes really mean for brokerages and platforms
  Get clarity on NAR’s new “Multiple Listing Options for Sellers” policy and how it modifies the original Clear Cooperation Policy. We’ll break down the implications for MLS participation, listing strategies, and the balance between agent flexibility and market transparency.
• The role of PLNs in the future of listing visibility and inventory control
  Private Listing Networks (PLNs) are no longer niche, they’re strategic. Discover how brokerages are leveraging PLNs to control inventory, delay public marketing, and shape buyer competition, and what that means for listing exposure across the ecosystem.
• How consumers and agents are being impacted by this fractured landscape
  What happens when inventory is selectively marketed? We’ll explore how different listing strategies affect consumer access, agent workflows, and the perception of fairness, especially for first-time buyers and underrepresented groups.
• What leading brokerages and tech providers are doing to adapt
  From eXp’s public alignment with Zillow to alternative approaches from other firms, we’ll highlight how major players are navigating the tension between cooperation and exclusivity, and what tools and tactics are emerging in response.
• Where the industry goes from here, and how to stay ahead
  Is the future more siloed or more open? We’ll share expert predictions on where this debate is heading, what upcoming legal and policy decisions could reshape the space, and what brokers, agents, and tech providers can do now to prepare.
  

What Is the Clear Cooperation Policy, and How Is It Evolving?

Originally designed to increase transparency by requiring listings to be added to the MLS within 24 hours of public marketing, the CCP has been modified to allow more local control. Now, MLSs can interpret when and how to enforce listing input, particularly with the introduction of Delayed Marketing Exempt Listing (DMEL). This flexibility is creating a patchwork of implementations, as some MLSs opt out entirely while others enforce strict timelines. The result is growing uncertainty across brokerage operations, especially for those working across multiple MLS jurisdictions.

The policy’s vagueness has pushed legal and operational risk downstream to local MLSs, forcing them to interpret NAR rules without clear precedent. Technology providers, like Cotality, have the tools to support diverse rule sets, but the lack of clarity from NAR puts MLSs in a difficult position as they try to balance compliance with market realities.

What Roles Do Private Listing Networks Play?

PLNs aren’t new, but their scope and visibility have grown significantly. While PLNs can serve legitimate privacy needs (e.g., high-profile sellers, judges, or sensitive legal matters), they are increasingly being used to control inventory, limit exposure to competitors, or double-end deals. Some large brokerages operate internal PLNs through CRM tools, keeping listings within their ecosystem before pushing them to the MLS.

Panelists emphasized that PLNs should not replace MLSs as the central source of truth. Some MLSs, like MRED, require that all office-exclusive listings be entered into their private MLS-accessible systems, ensuring visibility to all members. However, others permit brokerages to keep listings entirely internal, raising concerns about transparency and fairness.

How Are MLSs, Brokers, and Portals Managing Listing Visibility and Power?

Listing visibility has become a battleground between brokerages, MLSs, and portals. IDX and VOW feed policies allow brokers to selectively display — or withhold — listings from competitors or large platforms. This power dynamic is deeply tied to control: who owns the consumer experience and who can monetize attention?

Portals and MLSs are both adapting to an environment where “internet yes/no” flags, display rules, and data-sharing agreements play a central role in who sees what. While technology allows for nuanced permissions and segmented data access, policies haven’t kept pace. This fragmentation leads to consumer confusion, inconsistent experiences, and missed opportunities for collaboration across platforms.

What Does This Mean for Consumers and Who’s Really Advocating for Them?

Despite all stakeholders claiming to champion the consumer, few consumers truly understand what a PLN is, what CCP means, or what risks they take by keeping a listing off MLS. Consumers generally trust their agents to guide them, but if agents themselves lack the education or incentives to present the full picture, informed consent becomes murky.

Recent studies from CRMLS show that homes listed off-MLS tend to sell slower and for less money, yet some consumers still prefer this route due to convenience or privacy. Others are unaware of the tradeoffs. Transparency, education, and clear disclosures are essential, but implementation varies widely. Without consistent guardrails, class action risks are growing.

What Technology and Policy Solutions Can Ensure Transparency and Trust?

From a tech standpoint, solutions already exist. Vendors like Cotality offer platforms that can segment listing access based on user type (e.g., office-exclusive, broker-only, public). MLSs can flag listings for internal viewing only, while still capturing full property history and maintaining data integrity. The challenge lies in aligning policy with these capabilities.

To truly protect consumers, the industry must standardize definitions of informed consent, unify enforcement of data display policies, and eliminate loopholes that allow select actors to hoard inventory. Collaboration between portals, MLSs, brokers, and tech providers will be key. As institutional players and new entrants reshape the market, staying anchored in transparency will be the only sustainable path forward.

Rebuilding Trust in a Fragmented Ecosystem

This masterclass unpacked the growing complexity behind listing control, visibility, and consumer access. At the heart of it all is a critical tension: balancing business models with what’s truly best for the consumer. While PLNs and delayed listings offer flexibility, they also risk eroding trust and market transparency if left unchecked.

To maintain the MLS as the central source of truth, policy must evolve alongside technology. Brokers, MLSs, and portals need to prioritize shared standards and transparent practices that uphold the value of cooperation.

As consumer expectations rise, so too must the industry’s commitment to clarity and accountability.