Key facts
- Compass CEO Robert Reffkin described multiple listing services (MLSs) as 'anti-consumer' and 'anti-competitive'.
- Compass is currently under antitrust scrutiny from the House Judiciary Committee and the New York attorney general's office.
- Reffkin argued that MLSs hold monopolistic power, enforce restrictive rules, and fine agents, hindering competition.
- He stated that Compass aims to increase competition by partnering with MLSs and real estate portals.
- Compass's strategy involves promoting flexible marketing rules and its own three-phased marketing plan for listings.
Compass CEO Robert Reffkin has publicly criticized multiple listing services (MLSs), labeling them 'anti-consumer' and 'anti-competitive' during the company's second-quarter earnings call. His remarks come at a time when Compass International Holdings is facing antitrust scrutiny from both the House Judiciary Committee regarding its partnership with Midwest Real Estate Data (MRED) and the New York attorney general's office concerning its acquisition of Anywhere.
Reffkin argued that MLSs wield monopolistic power, enforcing strict rules and imposing fines of up to $5,000 on real estate professionals and sellers. He stated that agents are compelled to use MLSs to access listing data and market properties, leaving them with little ability to challenge the established practices. According to Reffkin, this system, which has been in place for a century, prevents genuine competition and is controlled by competitors who dictate how other businesses can operate.
In contrast, Reffkin positioned Compass as a force for competition within the real estate industry. He detailed the company's efforts to inject competition into MLSs and real estate portals through strategic partnerships. Compass has collaborated with entities like Rocket-Redfin on 'coming soon' listings and has agreements to send its listings to various MLSs, including MRED, Realtracs, and Bright MLS. Reffkin claimed these initiatives have prompted some MLSs to offer more flexible rules, benefiting sellers and agents.
He highlighted Compass's three-phased marketing strategy, which aims to have 80% of Compass brokerage listings launch as 'coming soon' on Compass.com and Redfin by the end of the third quarter. Reffkin pointed to the Chicago market, where Compass has a significant number of 'coming soon' listings, as evidence of the success of flexible MLS rules and Compass's marketing approach, citing a 111% annual increase in visitor sessions on Compass.com in that region during Q2 2026. Reffkin believes that as restrictive rules diminish, Compass, with its extensive listing inventory, will become the primary search destination for consumers.