"Compass claims that Zillow's listing access standards policy which bans listings from its site that are publicly marketed for more than one business day prior to being available for display on Zillow is harming both Compass and competition in the listing portal space. For Alkema, central to this lawsuit is the question of whether private listings are a marketing choice or a serious threat to consumers."
"According to Alkema, private listing networks create a shadow marketplace, which he says increases dual agency roles, reduces competition and suppresses sales prices. These effects pose the largest threat to the senior home seller community, according to Alkema, who himself is a senior citizen. He argues that the concealment of a senior's listing, which is frequently their main financial asset, could cause them to lose value in the sale of their property."
The lawsuit was filed in mid-June. Compass says Zillow's policy banning listings publicly marketed before appearing on Zillow harms Compass and competition. Alkema argues private and off-MLS listings create a shadow marketplace that increases dual agency, reduces competition and suppresses sales prices. Alkema asserts these practices endanger senior home sellers by concealing their main financial asset, potentially reducing sale proceeds and constituting elder financial abuse or a breach of fiduciary duty. Alkema seeks court-ordered disclosure of Compass's off-MLS sales data and price comparisons and asks Compass to prove that off-MLS listings do no consumer harm. Judge Jeannette Vargas is reviewing evidence from a recent four-day hearing.
Read at www.housingwire.com
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