“Secret Listings” Are Back — And Zillow Just Drew a Line in the Sand

​The National Association of Realtors (NAR) recently introduced the “Multiple Listing Options for Sellers” policy, aiming to provide greater flexibility and choice in property marketing strategies.

This policy complements the existing Clear Cooperation Policy (CCP) and is designed to balance seller autonomy with equitable access to property information for buyers.

But now, Zillow has entered the conversation — and not quietly. In a bold move, the real estate giant announced that it will no longer publish listings that appear on private networks before reaching the MLS.

NextHome also joined Zillow in this consumer-first stance, committing to uphold the same listing access standards and increase transparency across the industry.

Understanding the new policy

NAR’s “Multiple Listing Options for Sellers” policy introduced provisions for “Delayed Marketing Exempt Listings.” This gives sellers the option to withhold their listings from the Internet Data Exchange (IDX), which means the properties won’t appear on public websites like Zillow or Realtor.com right away.

During this delayed time, properties can be marketed privately or within limited networks. Notably, this policy does not alter the MLS’s local mandatory submission deadlines or the CCP’s requirement to file a listing with the MLS within one business day of public marketing. ​

Zillow, however, is countering this model with its own policy, which went into effect immediately. If a home is marketed to any buyer publicly — whether through email, private network, or social media — it must be listed in the MLS and published on Zillow within 24 hours. Otherwise, it will never appear on Zillow or Trulia for the life of the listing.

“NAR continually reviews its MLS policies to ensure they best serve its members and their consumers while also mitigating and avoiding potential legal risks” said Kevin Sears, president at NAR. “As such, NAR undertook a comprehensive review of CCP as part of our efforts to ensure home sellers and home buyers have the information and flexibility they need to make decisions that work for them. These policy changes allow for greater choice for sellers in marketing their properties while considering buyers’ need to access information through MLSs.”

The policy went into effect March 25, with an implementation deadline of September 30.

NAR’s policies have historically aimed to balance the interests of sellers, buyers, and real estate professionals. Introduced in 2020, the Clear Cooperation Policy mandated that listings be submitted to the MLS within one business day of public marketing to ensure broad access to property information. The new policy offers sellers more control over their marketing strategies while maintaining the principles of transparency and cooperation.

Impact on homebuyers

The introduction of the “Multiple Listing Options for Sellers” policy—specifically the provision for Delayed Marketing Exempt Listings—introduces new dynamics for home buyers to carefully navigate.

While the policy is aimed at enhancing flexibility for sellers, it may inadvertently create new challenges for buyers, particularly those who rely heavily on public MLS platforms for property searches.

The policy would allow some listings to become “pocket listings,” to be marketed privately or selectively. This means that unless a buyer is already working with a well-connected agent or is part of specific networks, they won’t have visibility into all available properties in a given area. In competitive or fast-moving housing markets, this could result in missed opportunities or limited options.

Zillow’s response throws a wrench into this dynamic. By refusing to publish listings that appear privately before they hit the MLS, the company is betting on buyer power — and forcing agents to justify to sellers why their home won’t be visible on one of the most-trafficked real estate sites in the country.

It’s a direct countermeasure to growing private inventory strategies by large brokerages, and a clear stance that all listings should be visible to every buyer — not just a few.

Additionally, the prevalence of off-MLS listings could deepen disparities in access to housing. First-time home buyers, or those without established relationships in the real estate community, would likely be at a disadvantage compared to more seasoned or well-networked buyers, undermining the principle of equal opportunity that the MLS was designed to uphold.

Moreover, buyers might find it harder to assess true market conditions. MLS data is often used to analyze inventory, pricing trends, and competition. A growing pool of delayed or off-market listings could distort these metrics, making it difficult for buyers to determine fair value or make informed offers.

That said, the policy also reinforces the importance of working with experienced, proactive buyer’s agents. Agents with strong local connections and a pulse on non-public marketing channels can be instrumental in helping buyers uncover these hidden listings. Buyers should also stay informed about their rights and options under this new system, ensuring they’re not left behind in a shifting landscape.

Ultimately, while this policy empowers sellers with more control, it places greater responsibility on buyers and their agents to be proactive, vigilant, and well-informed in order to compete effectively in a more fragmented market.

The bottom line

NAR’s new policy reflects an effort to adapt to the evolving real estate landscape by providing sellers with more marketing options while striving to maintain fair access to property information for buyers. But it’s Zillow that may have made the biggest move.

With its sweeping new policy, Zillow is staking its position as a defender of transparency — and potentially disrupting the growing trend of secret inventory. The outcome of this standoff will reshape not only how listings are marketed, but how power is distributed among platforms, brokerages, and most importantly, consumers.

As the industry adjusts to these changes, both buyers and sellers are encouraged to engage in open discussions with their real estate professionals to fully understand how these policies may affect their transactions.