What Are Private Listing Networks (PLNs)?
PLNs, also known as pocket listings, allow homes for sale to be shared only with a select group of agents (usually within the same brokerage), bypassing public exposure via the Multiple Listing Service (MLS). This limited access restricts who can see, bid on, and compete for these homes.
- Zillow’s Stance: Why These Listings Undermine the Market
Transparency & Fair Access
Zillow champions open access: once a home is publicly marketed, it must also appear on the MLS—and be visible to all buyers. This supports fair competition and broader market exposure.
Sellers Lose Money
Zillow’s research shows:
Sellers using PLNs lost over $1 billion collectively in 2023–24 by not listing on the MLS.
In California, privately listed homes sold for $30,075 less, and in New York, sellers lost $13,749 on average compared to MLS-listed homes.
Disproportionate Harm to Communities of Color
Homes sold off the MLS in communities of color fetched a 3.2% lower sale price, more than double the 1.5% loss seen in other neighborhoods. This deepens existing inequities.
Risks to Buyers & Agents
PLNs reduce inventory for buyers and create an uneven playing field. Many buyers believe they should be able to access all listings freely, but PLNs obscure visibility and undermine trust. Agents lose out as well—without full access to listings, their ability to serve clients diminishes.
- Supporting Industry Voices
Zillow’s Leadership Speaks Out
CEO Jeremy Wacksman called PLNs “bad for buyers, bad for sellers, and ultimately bad for agents.” He advocates for the Clear Cooperation Policy, requiring listings be submitted to the MLS within one business day of marketing.
President Susan Daimler echoed this, stating PLNs rollback transparency and “disadvantage everyone.” She supports improvements like eliminating the “office exclusive” loophole and allowing MLS and non-MLS listings to be co-mingled.
- Legal & Ethical Implications
Fair Housing Concerns: Limiting listing access may raise fair housing issues, as it could discriminate—intentionally or otherwise—against certain demographics.
Antitrust Risks: Restricting access may be viewed as anti-competitive behavior, potentially violating restraint-of-trade principles.
- Broader Market Impact
Market Fragmentation: Heavy use of PLNs may erode the centralized and transparent U.S. housing model—a system long lauded globally for its openness. Real estate experts warn this trend could fragment the market, making it harder for buyers to find listings and for sellers to secure fair offers.