There will be a new place to see Compass’ off-MLS listings besides its website.
Compass International Holdings, the company formed by the brokerage’s deal for Anywhere Real Estate, announced a three-year partnership in which its exclusive inventory will be syndicated to Redfin. The landmark agreement aligns the listings 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 immediately begin appearing on Redfin. It has plans to follow with its “Private Exclusive” listings, according to a press release.
The announcement comes just one month after Compass closed on its acquisition of Anywhere. The partnership has the potential to bring 500,000 additional listings to Redfin when taking into account the off-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’ exclusive listings displayed on Redfin will not include days on market or price drop history, two things Compass CEO Robert Reffkin has referred to as “killers of value.”
“We believe listing agents should be connected directly with interested buyers, and sellers should have the freedom to list their homes in the manner and method they choose without fear of misleading insights that damage its value,” he said in a statement.
Leads generated through Redfin will be directed to Compass agents. Rocket Mortgage will also offer preferred pricing to Compass customers, and its products will be embedded in Compass’ platform.
The partnership also comes just over a month after longtime Redfin CEO Glenn Kelman stepped down. Kelman exited six months after Rocket Companies $1.75 billion acquisition of Redfin in July. Rocket CEO Varun Krishna has been filling in for Kelman since then.
As the head of Redfin, Kelman had led a push for requiring brokerages to display their listings across all platforms and on 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 off their 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 its $40.5 million lost in the same time last year.
