The MLS was built for agent-to-agent cooperation, not portal control. As Compass, MRED, and Realtracs reshape private and coming-soon inventory, Brookline buyers and sellers need to understand what is changing - and why seller choice matters.
For decades, the Multiple Listing Service, the MLS, was the foundation of residential real estate cooperation.
It was where listing agents shared properties with buyer agents. It was where property data lived. It was where agents could see what was available, what had sold, what was pending, and what terms shaped the local market.
But for most of its modern life, the MLS was also something more important: it was the place where listing brokers made a unilateral offer of compensation to cooperating buyer brokers.
That was the real economic engine.
A buyer’s agent could open the MLS, identify a property, show it to a client, and know what compensation was being offered through the listing side of the transaction. That structure shaped how agents cooperated, how listings were shown, how buyers were represented, and how the entire brokerage ecosystem functioned.
That changed.
As part of the post-settlement industry rule changes, offers of compensation are no longer permitted on the MLS. NAR stated that offers of compensation would be prohibited on MLSs, though they can still be pursued off-MLS through negotiation and consultation with real estate professionals. NAR also required buyer agents to enter into written buyer agreements before touring homes.
This is the real shift.
The MLS still matters. It remains an important database. It remains a powerful tool for cooperation, compliance, market data, syndication, and consumer exposure. But it is no longer the same thing it used to be.
Once compensation was removed, the MLS became less of the central economic operating system of brokerage and more of a structured data platform that syndicates efficiently to aggregators and portals.
That does not mean the MLS is dead.
It means the industry needs to be honest about what the MLS is now.
The MLS Was Built for Cooperation, Not Portal Control
The MLS was built for agent-to-agent cooperation. It replaced the fax machine, printed listing books, bulky folders, office-by-office calls, and informal systems agents once used to share inventory.
It was not built to give portals, algorithms, or one-size-fits-all rules the power to override a seller’s marketing strategy.
That distinction matters.
A seller’s best interest is not always served by immediate, broad, irreversible exposure. Sometimes it is. Often it is. But not always.
There are properties where the right strategy is to launch fully into the MLS, syndicate everywhere, open the doors, and let the entire market respond.
There are other properties where the seller benefits from a more controlled release.
That is especially true in Brookline.
Brookline is a high-value, low-inventory, hyperlocal market where properties are not commodities. A $1.5 million condo, a $3 million new-construction residence, a $5 million single-family home, and a $7 million-plus estate do not all behave the same way.
The marketing strategy should not be identical either.
This is where the debate often becomes too simplistic.
The issue is not “MLS or no MLS.”
The issue is sequencing.
When should the property be exposed? To whom? At what stage? With what information? With what pricing strategy? With what photography, staging, floor plans, disclosures, and narrative? And what are we trying to learn before the listing becomes fully public?
From a listing agent’s perspective, more control does not mean less cooperation. It means better execution.
The MLS is excellent at distribution. But distribution is not the same as strategy.
Sometimes a seller needs automation. Sometimes a seller needs exposure. Sometimes a seller needs full syndication.
And sometimes a seller needs fine-tuning before the market forms a permanent opinion.
A Brookline Example: 41 University Road
A good example is 41 University Road in Washington Square, a three-unit luxury development I represented.
The project took approximately two years to build.
If each unit had been placed fully into the MLS too early, the public days on market could have told the wrong story. Six hundred-plus days on market would not have meant the homes were unwanted. It would have meant the building was still under construction.
But buyers do not always interpret days on market with that nuance.
High days on market can create a stigma. Buyers wonder what is wrong. Agents start looking for weakness. The property begins to feel stale before it ever has a fair chance to be experienced as a finished product.
So the strategy had to be more thoughtful.
With the seller’s permission, and in a manner allowed by MLS PIN rules, we began marketing the condos off-market before the project was complete. Unit 1 sold through that controlled process for $3.3 million (with a buyer’s agent).
Then, as the campaign evolved, Units 2 and 3 were handled differently. Unit 2 was placed on the MLS, while Unit 3 continued to be marketed off-market. We used the traffic, attention, and buyer feedback from Unit 2 to help create interest and intelligence around Unit 3.
The goal was not to hide the property.
The goal was to control the release, protect the seller from unnecessary days-on-market damage, test buyer response, and create a smarter absorption strategy for a luxury development.
Ultimately, all three units sold.
That is the point.
A rigid, one-size-fits-all marketing rule would not necessarily have produced a better outcome for the seller. A controlled strategy gave the seller more information, reduced uncertainty, helped manage carrying costs, and gave the developer and his bank confidence that the project was moving in the right direction.
It also helped the buyer.
Because the marketing began before completion, the early buyer had an opportunity to make certain customizations. That is a real consumer benefit. In new construction, early engagement can create a better match between product and buyer.
That is not anti-consumer – that is smart brokerage.
Days on Market Can Distort Reality
Days on market is one of the most misunderstood data points in real estate.
It can be useful. It can also be misleading.
A property with high days on market may be overpriced, poorly presented, or misaligned with buyer expectations. But it may also be under construction, awaiting final approvals, being marketed in phases, targeting a very narrow luxury audience, or intentionally held back from a full public launch until the timing is right.
In Brookline’s luxury market, this matters.
Many $7 million-plus homes have long market times. That does not automatically mean they are bad properties. It may mean the buyer pool is small, the pricing requires calibration, or the property needs a more targeted campaign.
For those sellers, a controlled release can be valuable. It allows the listing agent to gather intelligence before the property is publicly judged.
What price range creates engagement? Which agents have credible buyers? Which objections are consistent? Does the market understand the property? Should the presentation be adjusted? Should the launch timing change? Is the seller better served by waiting, revising, or going broader?
That intelligence can be worth real money.
Compensation Changed the MLS
Before the recent rule changes, the MLS had a very specific economic role. It was where a listing broker could communicate an offer of compensation to a cooperating broker.
That offer helped power the buyer-agent side of the transaction.
Today, the economics are different.
Buyer agents still need to be paid. In many transactions, the buyer agrees to compensate their agent, then asks the seller to provide a credit or concession to cover that cost. In many cases, sellers still effectively pay, but the structure is different, more negotiable, and no longer displayed through the MLS.
The MLS still helps agents cooperate.
But the old compensation mechanism – the thing that made the MLS not just a database, but an economic marketplace – has been removed.
That is why the industry conversation feels different now.
If the MLS is no longer the place where compensation is offered, then listing agents and sellers are naturally going to ask: what exact role should the MLS play in our marketing strategy?
The answer should not be: “Always everything, immediately, because that is how we have always done it.”
The answer should be: “Use the MLS when it serves the seller’s strategy, and use it intelligently.”
Coming Soon Already Existed
One of the frustrating parts of the current debate is the suggestion that coming-soon or private marketing is some new invention.
It is not.
Agents have always shared upcoming listings before they were broadly public.
They did it through phone calls, office meetings, broker networks, email blasts, private agent groups, text chains, and local relationships.
In Greater Boston, this has existed for years. “Top Agent Network” (a.k.a TAN) has operated in the area. “All Agent Connect Massachusetts”, a Facebook group with thousands of agent members, has functioned as a coming-soon and agent-to-agent information channel.
So the question is not whether this activity should exist.
It already does.
The question is whether it should remain scattered across informal back channels, or whether technology can make it more organized, searchable, accountable, and accessible.
That is where Compass’ approach deserves serious consideration.
Compass is not inventing pre-market cooperation. Compass is trying to systematize behavior that already exists and make it easier for agents and sellers to use strategically.
What Sellers Should Know
Sellers should not be forced into a false choice between “private” and “public.”
The real question is: what sequence creates the best outcome?
A seller should ask:
Should we test the market before going fully public? Would early exposure help us calibrate price? Could public days on market hurt us if the property is not ready? Is the buyer pool narrow enough that targeted outreach makes sense? Would a coming-soon or private phase help reduce uncertainty? When should we move to the MLS? When should we syndicate everywhere? How will we know if the strategy is working?
For many sellers, the MLS will still be the right move.
For some sellers, the MLS should be part of the campaign – but not necessarily the first step.
Seller informed choice is the key.
Not every home needs controlled marketing. But every seller deserves to know it may be an option.
What Buyers Should Know
Buyers should understand that the public portals are not the entire market.
There is active inventory. There is coming-soon inventory. There is private inventory. There are sellers who would sell if the right buyer appeared. There are developers quietly testing units before completion. There are agents who know what may be coming months before the listing appears online.
This is not new.
What is new is that technology may make some of this shadow inventory easier to organize and access.
For buyers, the practical advice is simple: do not rely only on Zillow, Redfin, or public search alerts.
Work with an agent who is connected to the local market, understands private and coming-soon channels, knows how to communicate with listing agents, and can help you identify opportunities before they become obvious to everyone else.
Agents should stop pretending this is a radical shift.
Coming soon has always existed. Private agent networks have always existed. Broker-to-broker cooperation has always existed.
The real shift is that the MLS is no longer the same economic instrument it once was.
When the offer of compensation came off the MLS, the MLS became more like a database and distribution system. Still important, but different.
That means agents need to sharpen their value proposition.
The best agents will not simply say, “I put it on the MLS.”
That is not enough.
The best agents will explain when to expose the listing, how to expose it, how to protect the seller’s leverage, how to manage days on market, how to test pricing, how to use private channels ethically, how to transition to the MLS when appropriate, and how to make sure buyers still have a fair opportunity to engage.
The MLS is a tool, not a strategy.
The Zillow Issue
Zillow is a powerful search platform. Consumers use it. Agents use it. It has real value.
But Zillow is not the MLS, and it is not a neutral public utility.
Zillow is a public company. It cares about traffic, user engagement, lead generation, advertising, monetization, and shareholder value. That does not make Zillow bad. It simply means its incentives are not always identical to the seller’s incentives.
Zillow once had “Make Me Move,” a feature that allowed owners to signal a possible willingness to sell without formally listing. Zillow also experimented with forms of pre-market visibility in the past. Those features changed or disappeared over time.
So when Zillow argues about what is best for transparency, access, or consumers, the industry should listen – but critically.
Portals benefit when inventory flows through channels they control or display. Sellers benefit when their property is marketed in the way most likely to produce the best outcome.
Those interests can overlap.
They are not always the same.
My View
As a Compass Executive Vice President, I believe Compass is pushing an important conversation into the open.
This should not be reduced to “Compass Vs. the MLS” or “private listings Vs. transparency.”
The better conversation is about seller choice, modern cooperation, and whether the MLS should evolve now that one of its original economic functions has changed.
The MLS still matters. Public exposure still matters. Buyer access still matters. Transparency still matters.
But strategy also matters.
In Brookline, especially in the luxury and new-construction segments, there are real scenarios where a controlled release can benefit the seller and the buyer. The 41 University Road example is exactly that: early marketing created buyer engagement, allowed customization, reduced risk for the developer, helped satisfy lender confidence, and avoided a misleading days-on-market story.
That is not a loophole.
That is professional judgment.
The MLS should support cooperation. It should not flatten every listing strategy into the same rigid sequence.
The industry is changing because the MLS is changing. Once compensation was removed from the MLS, the system became less about economic cooperation and more about data distribution. That makes it even more important for sellers to receive thoughtful advice before deciding how, when, and where their property should be released.
The future of real estate should not be controlled by portals.
It should not be controlled by brokerages either.
It should be guided by informed sellers, represented by skilled agents, using the right tools in the right order.
That is the real issue.
And that is why this debate matters.
FAQ
What is the MLS in real estate?
The MLS, or Multiple Listing Service, is a shared database used by real estate agents to list properties, share information, cooperate with other agents, and track market activity. It is also the source of much of the listing data that appears on brokerage websites and public portals.
Why does the MLS matter to buyers and sellers?
The MLS matters because it remains one of the most important systems for exposing properties to the brokerage community. For sellers, it can create broad market visibility. For buyers, it helps agents identify active inventory, track property status, review comparable sales, and understand market conditions.
Has the role of the MLS changed?
Yes. Historically, the MLS was not only a listing database; it was also where listing brokers communicated offers of compensation to cooperating buyer brokers. After recent industry rule changes, compensation offers are no longer displayed through the MLS. That has changed the MLS from an economic cooperation system into more of a data, compliance, and syndication platform.
Does that mean the MLS is no longer important?
No. The MLS is still highly important. It remains a central source of listing data, market history, property status updates, and agent cooperation. But it should be understood as a tool, not a complete marketing strategy by itself.
What is a private listing?
A private listing is a property being marketed outside the full public MLS and portal ecosystem. Depending on the platform and local rules, it may be shared within a brokerage, with select agents, through private networks, or through other controlled channels before a full public launch.
What is a Coming Soon listing?
A Coming Soon listing is a property that is being promoted before it is fully active for sale. The exact rules vary by MLS and market. In general, Coming Soon marketing allows agents and buyers to become aware of a property before showings, offers, or full public exposure begin.
Are private listings new?
No. Agents have always shared upcoming listings before they became fully public. Historically, this happened through phone calls, emails, office meetings, broker networks, private agent groups, and local relationships. Technology is making these networks more organized and searchable.
Why would a seller choose private or controlled marketing?
A seller may choose controlled marketing to test price, gather buyer feedback, protect privacy, reduce unnecessary days on market, prepare a property before full launch, or target a narrow buyer pool. This can be especially useful for luxury homes, new construction, unique properties, or homes that require a more strategic presentation.
Is private marketing bad for buyers?
It can be problematic if it unfairly limits access or is used primarily to benefit a brokerage instead of the seller. But private or coming-soon marketing can also help buyers discover opportunities earlier, especially when they work with an agent who has strong local relationships and access to private inventory channels.
Why do days on market matter?
Days on market influence buyer psychology. A property that sits publicly for a long time can begin to feel stale, even if there is nothing wrong with it. Buyers may assume the property is overpriced or that the seller is losing leverage. For some listings, especially luxury or new-construction properties, controlling when public days on market begin can be an important part of the strategy.
How can controlled marketing help new construction?
With new construction, marketing often needs to begin before the property is fully finished. Early marketing can help test demand, secure buyers before completion, reduce carrying risk for the developer, give lenders confidence, and sometimes allow buyers to make customizations before construction is complete.
Why is this especially relevant in Brookline?
Brookline is a high-value, low-inventory, hyperlocal market. Homes vary significantly by neighborhood, layout, school district proximity, transit access, architecture, and buyer profile. A one-size-fits-all launch strategy may not serve every seller, especially in luxury, new-construction, or highly unique segments of the market.
What is shadow inventory?
Shadow inventory refers to homes that may be available or potentially available but are not visible on public listing portals. This can include private listings, coming-soon listings, off-market opportunities, builder inventory, seller-intent opportunities, and agent-network listings.
How can Brookline buyers access private or coming-soon inventory?
Buyers should work with a well-connected local agent who understands the Brookline market, communicates regularly with listing agents, monitors private networks, and knows how to identify inventory before it becomes publicly visible on major portals.
Is Compass trying to replace the MLS?
Not exactly. Compass is pushing for more seller choice and more flexibility in how listings are marketed before full public exposure. The argument is not that the MLS has no value, but that the MLS should be one part of a broader marketing strategy rather than the only acceptable starting point.
Is this about hiding listings?
It should not be. Ethical controlled marketing is not about hiding inventory from the market. It is about sequencing exposure in a way that benefits the seller, protects strategy, and creates better information before a full public launch.
Should every seller use a private listing strategy?
No. Many sellers are best served by a full MLS launch with broad public exposure. Private or controlled marketing is not appropriate for every property. The decision should depend on the seller’s goals, property type, price point, timing, privacy needs, and local market conditions.
What should sellers ask before choosing a marketing strategy?
Sellers should ask: Who will see the property? How long will the private or coming-soon phase last? What data will we collect? When will we go public? How will we measure success? What are the risks of waiting? What are the risks of launching too broadly too soon?
Is Zillow the same as the MLS?
No. Zillow is a consumer-facing portal. The MLS is an agent-cooperation and listing-data system. Zillow displays listings and attracts consumer traffic, but it is not the MLS and does not represent the entire real estate market.
Why are portals part of this debate?
Portals benefit when inventory flows through systems they can display, monetize, and use to attract traffic. That does not mean portals are bad, but their business incentives are not always identical to a seller’s best marketing strategy.
What is the practical takeaway for sellers?
Sellers should understand all available marketing options before listing. The question is not simply whether to use the MLS, but when to use it, how to use it, and whether a controlled release could create a better outcome.
What is the practical takeaway for buyers?
Buyers should not assume every available home is visible online. In competitive markets like Brookline, serious buyers benefit from working with agents who know how to access public, private, coming-soon, and relationship-driven inventory.
What is the practical takeaway for agents?
Agents need to move beyond simply saying, “I put it on the MLS.” The value of a listing agent is strategy: pricing, timing, exposure, buyer intelligence, negotiation, presentation, and knowing when broad distribution helps — and when it can hurt.
About Elad Bushari
Elad Bushari is a Brookline, Massachusetts real estate advisor, Executive Vice President at Compass, and founder of The Bushari Team. With more than 22 years of experience and over $1 billion in career sales, Elad specializes in Brookline real estate, luxury homes, condominiums, multi-family properties, development sales, and strategic representation.
Based in Brookline, Elad advises buyers, sellers, landlords, tenants, and developers across Coolidge Corner, Washington Square, Chestnut Hill, Fisher Hill, Brookline Village, Longwood, and Greater Boston. His work combines hyperlocal market knowledge, data-driven pricing strategy, high-end marketing, negotiation experience, and deep familiarity with Brookline’s housing stock, condo buildings, schools, zoning, and neighborhood dynamics.
Elad writes about Brookline real estate market trends, housing policy, condo due diligence, private listing strategy, older-home risk, luxury property marketing, and local buyer and seller strategy on Bushari.com.
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