"Reffkin spent his time on the stand explaining Compass's three-phased marketing strategy and how his firm planned to expand the advertisement of this strategy, as well as its private listing network after the National Association of Realtors (NAR) announced clarifications about its Clear Cooperation Policy (CCP) in late-March. However, Reffkin claimed that this expansion of the three-phased marketing strategy and private listings was scrapped after Zillow announced its policy in early-April. According to Reffkin, Zillow's announcement chilled the adoption of Compass's strategy and stifled his firm's growth and innovation."
"If Compass is able to say that we have listings that Zillow doesn't have, then people would search Compass. It's a very simple thing. that's why the Zillow ban came into effect eight days later, Reffkin said. The Zillow listing access standards have nearly eliminated our ability to compete on inventory. Reffkin also took aim at the MLSs and NAR, claiming that they are the real monopoly, and that portals like Zillow, as well as the MLSs are free riders, profiting off of the hard work of the brokers who submit listings."
A Zillow policy effective June 30 bans listings publicly marketed more than one business day before appearing on Zillow. Compass filed a lawsuit in mid-June, arguing the policy stifles competition and causes irreparable harm. A four-day hearing began with testimony from Compass CEO Robert Reffkin, Kerry Carr, and Zillow executive Errol Samuelson. Reffkin described a planned three-phased marketing expansion and private listing network after NAR clarified the Clear Cooperation Policy, but said those plans were scrapped after Zillow's April announcement. Reffkin argued the policy chilled adoption, curtailed growth and innovation, and limited Compass's inventory competitiveness while criticizing MLSs and NAR as monopolistic.
Read at www.housingwire.com
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