The NAR is reviewing its Clear Cooperation policy, sparking debate over pocket listings, seller freedom, fair housing, and the future of home sales. The outcome could reshape U.S. real estate practices.
The U.S. real estate industry is once again at a crossroads, as the National Association of Realtors (NAR) reconsiders a controversial rule that could reshape how homes are marketed and sold nationwide.
At the center of the debate is the “Clear Cooperation” policy, which requires real estate agents to list properties on multiple listing services (MLS) within one business day of promoting them. First implemented in 2020, the rule was meant to limit so-called “pocket listings” — off-market properties shared privately among select buyers.
Supporters argue the rule levels the playing field, promotes transparency, and ensures compliance with fair housing laws. Critics, however, say it restricts seller freedom and may even violate antitrust laws by forcing listing practices through centralized systems.
The NAR is now weighing whether to maintain, revise, or repeal the policy. With housing inventory at historic lows, and consolidation across major brokerages, the outcome could influence marketing strategy for hundreds of thousands of home sales each year.
Executives are split: Zillow and Redfin, which rely on MLS data, support the rule. Compass, known for its exclusive marketing approach, opposes it. Anywhere Real Estate, parent to brands like Century 21 and Sotheby’s, has called for moderation rather than elimination.
Pocket listings remain rare — estimated at under 5% of home sales, and more common in luxury markets where high-profile clients value privacy. But in times of tight supply, some agents promote off-market access as a competitive edge.
Whether pocket listings yield better outcomes for sellers is hotly debated. A Redfin study of millions of home sales found that off-market homes sold for 1.5% less on average, while Compass claimed that homes pre-marketed before MLS exposure fetched 2.9% more.
Beyond economics, equity concerns are also in play. Critics argue pocket listings disproportionately disadvantage marginalized buyers and reduce visibility in communities already struggling to access housing.
Legal scrutiny adds further weight to the discussion. The DOJ previously examined the rule, and Top Agent Network—a platform for exclusive listings—battled the NAR in court before dropping its suit earlier this year.
As NAR deliberates, the future of Clear Cooperation could redefine not just how homes are sold — but who gets to see them in the first place.