Homes Are Selling Before They’re Listed — Smart Buyers Are Adapting

Why Some Homes Sell Before Buyers Ever See Them 

Every day anxious homebuyers check Redfin and Zillow for new listings. They are ready to make an offer when the right home appears.

Yet, a house in their ideal neighborhood sells — but they never saw it listed.

No open house, no front yard sign, no photos, not even a “coming soon” banner online. What happened? 

Increasingly, homes are being marketed and sold through private networks before they reach the public.

Homebuyers today, especially in today's competitive market, should be aware of this quiet shift and how it impacts their ability to compete for a home.

Public Listing Requirement is Faltering

At the center of this change is a rule called the “Clear Cooperation Policy,” introduced by the National Association of Realtors (NAR) in 2020.

The rule requires that once a property is publicly marketed — whether through a flyer, social media post, or email blast — it must be listed in the Multiple Listing Service (MLS) within one business day.

This rule was designed to promote fairness and transparency. It ensures that any buyer, working with any licensed agent, can access and bid on publicly marketed properties. 

Glenn Kelman, CEO of Redfin, supports the Clear Cooperation Policy, stating that it "creates a more fair and open marketplace."

He warns that weakening the policy could lead to a scenario where "big brokers win, agents and consumers lose," as exclusive listings become a tool for larger firms to dominate the market.

Similarly, Zillow supports the policy. Errol Samuelson, Chief Industry Development Officer at Zillow, emphasizes the importance of transparency: "When all buyers don't have the same access to home listings — and are forced to navigate barriers, possible bias, and incomplete inventory — it undermines consumer trust and weakens the market."

Opposition to the Policy

However, the policy is facing opposition.

Robert Reffkin, CEO of Compass, argues that the Clear Cooperation Policy limits homeowner choice and forces agents to cooperate with portals that don't contribute to the transaction.

He stated, "Cooperation was designed decades ago to allow me as an agent to collaborate with an agent in another company. But now you're forced... to collaborate with portals — companies that don't have agents, don't have listings, and don't have clients."

Compass further argues that sellers should have more control over how their homes are marketed.

They claim that sellers shouldn’t be forced to list a property on the MLS if it works against their interests — such as when a seller wants to test a price quietly or avoid the stigma of a stale listing. 

Industry Association Tries a Middle Path 

In response to this pressure and ongoing antitrust concerns, NAR recently introduced a new policy called “Multiple Listing Options for Sellers,” which allows a listing to be added to the MLS but withheld from public websites like Zillow for a short period.

The sellers have time to prepare their property for the market while ensuring that other MLS participants are aware of the listing. Buyers, however, are kept in the dark. 

Sellers have another option if they do not want to publicly list their property for sale. They can keep the listing off the MLS entirely and instead share it privately within their brokerage or, with individual agents they trust.

This is an “Office Exclusive” and is allowed under the Clear Cooperation Policy, as long as the listing remains truly private — no online ads, no signs, no social media. 

While these changes may appear to be happening quietly behind the scenes, it is a loud battle being fought inside the industry.

Every major stakeholder is publicly espousing their views – CEOs from the largest brokerages and listing platforms, NAR, class action lawyers who have successfully represented sellers, and industry influencers. 

Zillow, seeing a potential existential threat, recently announced that it will not display any home that isn’t first published through the MLS.

Homes.com, a competing portal, has taken the opposite stance — embracing listings that bypass the MLS altogether and promoting agent control over marketing.

Buyers can no longer count on a single platform to give them a complete picture of what’s for sale. 

A Smart Buyer Strategy

What does this mean for buyers? Buyers who regularly check Zillow, Redfin, and Realtor.com will miss opportunities. In some markets, 10 to 20 percent of transactions may be happening off-MLS.

Buyers who rely solely on search platforms or work with a less-connected agent, are only seeing a slice of the real estate market. 

On the other hand, buyers working with experienced, well-networked agents — the ones who are trusted by top agents at other brokerages — have access to more than the listings in a public search.

These agents are engaged in  private conversations about upcoming listings. They know about homes before they’re marketed publicly. They get their clients in early. This  kind of access is the difference between finding the right home and finding out about it too late. 

This is where SmartBuyers AI helps. We’re not a listing portal. We don’t show you homes — we connect you with the agents who can. 

Our platform introduces buyers to exemplary agents who are respected in their local markets and well-connected across brokerages.

These agents are invited into off-market conversations. They  get early notice on private listings, and are trusted by other high-performing agents to bring qualified, smart buyers. If listings are going private, buyers need an agent with access — and we help you meet those agents. 

As you start  your home search or, if you’ve already been looking and feel like you’re missing out, the best move you can make is to work with an agent who responds quickly, knows the nuances of your market, and has solid relationships in the market. 

SmartBuyers AI is designed to give you a buyer’s edge. 

The real estate industry is changing. Not every home is  listed online. Not every buyer is privy to  full access. But if you work with the right agent, you’ll be more likely to find the perfect home.