There will be a new place to view Compass listings outside of the MLS in addition to their website.
Compass International Holdings, the company formed by the brokerage agreement for Anywhere Real Estate, announced a three-year partnership in which its exclusive inventory will be syndicated to Redfin. The landmark deal aligns the listing portal with the brokerage, which has been bullish on marketing its growing inventory of exclusive listings.
Compass “Coming Soon” listings, which currently appear on its brokerages’ website but are not syndicated to other platforms, will begin appearing immediately on Redfin. It plans to continue with its “Exclusive Private” listings, according to a press release.
The announcement comes just a month after Compass closed its acquisition of Anywhere. The partnership has the potential to bring an additional 500,000 listings to Redfin when taking into account the non-MLS inventory of Compass and its subsidiaries, including Corcoran, Century 21, Coldwell Banker, Sotheby’s International Realty and @properties, according to the company.
As part of the partnership, Compass-only listings displayed on Redfin will not include days on market or history of price declines, two things Compass CEO Robert Reffkin has referred to as “value killers.”
“We believe listing agents should be connected directly to interested buyers, and sellers should be free to sell their homes in the manner and method they choose without fear of misleading information that will harm their value,” he said in a statement.
Leads generated through Redfin will be directed to Compass agents. Rocket Mortgage will also offer preferential pricing to Compass customers and its products will be integrated into the Compass platform.
The partnership also comes just over a month after Glenn Kelman, Redfin’s longtime CEO, resigned. Kelman exited six months after Rocket Companies acquired Redfin for $1.75 billion in July. Rocket CEO Varun Krishna has been replacing Kelman since then.
As head of Redfin, Kelman had led a push to require brokerages to display their listings on all platforms and the MLS. In June, Compass sued Redfin as a co-conspirator in its antitrust lawsuit against Zillow, where it claimed the two platforms colluded to prevent Compass from marketing its homes on its websites.
Compass announced its partnership with Rocket and Redfin less than an hour before its fourth-quarter earnings call.
The brokerage reported a net loss of $42.6 million for the quarter, roughly in line with the $40.5 million loss in the same period last year.