Robert Reffkin, a prominent voice in the ongoing Clear Cooperation debate, is encouraging all agents to explore Compass’ Coming Soon listings.

Just weeks after Zillow criticized the push for private listings as a strategy to "double-dip" on commissions, Compass has made a public effort to welcome all agents to view its Coming Soon inventory.

“At Compass, we co-broke with everyone,” said Robert Reffkin, Compass' CEO and Founder, in a statement.

He also implied that the company would be even more open with its listings if not for National Association of Realtors (NAR) and local MLS restrictions. “NAR and local MLS mandates related to the Clear Cooperation Policy prevent Compass agents from sharing their Private Exclusives with non-Compass agents,” Reffkin explained.

He went on to say, “We are working to ensure that NAR and the MLS no longer force homeowners to market their properties in ways that put them at a disadvantage.”

The Clear Cooperation Debate

The Clear Cooperation Policy requires that any publicly marketed property be listed on the MLS within one business day. Reffkin has been a vocal opponent of the rule, arguing that homeowners should have greater control over how their properties are marketed and when listing information is shared.

However, opponents of Reffkin’s stance argue that private listings create disadvantages for buyers and can introduce legal risks to the industry.

Compass’ Marketing Strategy

In November, Compass introduced a “3-phased marketing strategy,” urging agents to present sellers with the option of Private Exclusives before listing on the open market. In February, the brokerage also launched Compass One, a client portal designed to streamline transactions for buyers, sellers, and agents—while also highlighting its Private Exclusives and Coming Soon listings.

Additionally, Compass released data in February suggesting that listings first marketed through these private channels before hitting the MLS sold more quickly and at higher prices.

Reffkin’s Stock Sales

As Compass continues its push for private listings, Reffkin himself has been offloading stock. According to an SEC filing, he began 2025 with approximately 10 million shares of Compass stock, but over the course of January and February, he sold more than 5 million shares—about half of his holdings.

These sales generated roughly $38 million in proceeds, coinciding with an upward trend in Compass’ stock price, which closed February at $8.99 per share—up from $5.85 at the end of December 2024.

A Compass spokesperson described the stock sales as part of a "routine, pre-planned action" under a trading plan implemented in May 2024. The spokesperson noted that it follows common practice for public company executives to establish 10b5-1 plans for scheduled stock sales as part of financial and tax planning.

 

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Source: realestatenews.com