Monopoly Schmonopoly

8 snips

Jul 2, 2025

The hosts explore the lawsuit filed by Compass against Zillow, questioning the legality and impact of Zillow's practices. They delve into the implications of behind-the-scenes meetings, dissecting the alleged statements from Zillow executives about controlling listings. The conversation also touches on Redfin's potential involvement and examines the competitive dynamics in real estate, where pressures and rivalries shape market behavior. Finally, the hosts debate the definition of monopoly power in this evolving industry landscape.

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INSIGHT

Compass Lawsuit Drafting Issues

The Compass lawsuit against Zillow reads as poorly drafted which obscures clear legal merits.
This complicates assessing the strength and coherence of Compass's claims against Zillow.

INSIGHT

Redfin-Compass Call Raises Questions

The phone call from Redfin CEO Glenn Kelman to Compass CEO Robert Reffkin shortly after ZLAS announcement raises questions.
This call suggests coordination or influence but lacks clear conspiracy evidence so far.

INSIGHT

Zillow's Asserted Control Over Listings

Zillow executives allegedly warned Compass they "will not allow" listings not on Zillow's platform, implying control over MLS-listed properties.
This represents Zillow stepping into a policy-making role, causing tension with MLS organizations.

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Overview In this episode of Industry Relations, Rob and Greg unpack the lawsuit Compass filed against Zillow over its ZLAS (Zillow Listing Agreement Standard) policy. They debate the strength of Compass’s legal claims, the language cited in the complaint, and what the alleged behind-the-scenes meetings reveal about Zillow’s influence in the real estate industry. Rob argues that Zillow is exercising monopoly power—even if it’s not illegal—while Greg pushes back on whether that power is absolute or harmful.

Key Takeaways

Compass Lawsuit Against Zillow – Compass has sued Zillow over ZLAS, and Rob and Greg break down what the complaint says, especially around alleged comments from Zillow executives.
Redfin’s Role in the Lawsuit – The lawsuit describes a phone call between Redfin CEO Glenn Kelman and Compass’s Robert Reffkin, which raises questions about Redfin’s alignment or neutrality.
Allegations from the Zillow Meeting – The complaint claims Zillow executives said they would “not allow” Compass to have listings that aren’t on Zillow. Rob questions how MLSs will interpret that language.
Zillow’s Relationship to MLSs – Rob and Greg debate whether Zillow is stepping into a policy-making role that could create long-term tension with MLSs.
Monopoly vs. Illegal Monopoly – Rob insists Zillow is a monopoly in terms of influence, while Greg questions whether that matters if they haven’t broken any laws.
Private Listing Networks as Leverage – Rob suggests that large brokerages should consider creating private listing networks to provoke offers or concessions from Zillow.
MLS and NAR Dynamics – The conversation revisits the lack of MLS policy leadership from NAR and whether groups like CMLS can step up in its place.
Consumer Perception of Real Estate – Greg ends by cautioning that all this infighting could be harmful to public trust, as evidenced by critical reader comments in mainstream news outlets.

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