TL;DR: 
San Francisco real estate agents might find themselves wondering how Compass’ “Private Exclusive” and “Coming Soon” options work alongside local MLS rules and Zillow’s Listing Access Standards.
The two sets of rules serve different purposes. NAR’s Clear Cooperation Policy controls when a publicly marketed listing must be submitted to the MLS. Zillow’s Listing Access Standards control which listings Zillow will display.
NAR’s Multiple Listing Options for Sellers policy gives sellers more ways to choose how their homes are marketed. It preserves the “Office Exclusives” option and adds a “Delayed Marketing Exempt Listing” option. These choices remain subject to local MLS rules.
Zillow changed its standards in March 2026 to focus on broad public access. Its formal policy no longer sets a fixed deadline. However, that change did not remove the MLS requirement. In San Francisco, public marketing still triggers a one-business-day MLS submission deadline.
This article explains how the rules differ, what changed, and what the available marketing options may mean for San Francisco listings.
This article is intended as general information, not legal advice. Confirm your marketing plan with your MLS or your brokerage’s legal team.
Key Takeaways
- MLS rules and Zillow’s rules are separate. A listing can meet one set of requirements but not the other (and vice versa).
- The one-business-day Clear Cooperation requirement remains in place. MLS submission is still required within one business day of public marketing.
- Private Exclusives and delayed marketing are different. A private listing is not shared with the wider MLS network. A delayed marketing listing is filed with the MLS but may have delayed public distribution.
- Zillow’s March 2026 update focuses on open access. Its formal policy has no fixed deadline, but separate guidance still refers to one business day.
- Compass and Zillow each report different sales results and both say their findings confirm their assertions. Their studies use different methods, so neither proves which strategy works best for every seller.
Two sets of rules that do two different jobs
What is Clear Cooperation?
The Clear Cooperation Policy (CCP) is a rule created by the National Association of Realtors (NAR). The CCP says an agent must submit a listing to the MLS within one business day of public marketing.
Public marketing includes a published website, social media posts, an email campaign, or a public sign. The San Francisco Multiple Listing Service (SFARMLS) also has specific rules about showings to buyers represented by other brokerages.
Your local MLS is responsible for enforcing the one-business-day rule. A violation could lead to MLS fines or even disciplinary action.
What are Zillow’s Listing Access Standards?
Listing Access Standards (LAS) are Zillow’s own rules for displaying homes on Zillow and Trulia. They are not MLS rules.
Zillow updated the policy on March 17th, 2026 (you can read their full announcement here). The policy now focuses on whether a publicly marketed home is broadly and openly available. Access may come through the MLS, a public website, or a home search portal.
The formal text no longer mentions a fixed deadline. However, Zillow’s separate public guidance still says a publicly marketed listing should become broadly available within one business day.
For agents, the safest approach is to follow the local MLS deadline and make sure the public can access the listing as required. Do not assume a Zillow policy change gives you permission to bypass your MLS.
What counts as private or public marketing?
Office Exclusives
An Office Exclusive is a listing the seller has chosen not to market publicly or distribute to other MLS participants.
Under NAR policy, an Office Exclusive must still be filed with the MLS as an exempt listing. It is not shared with the wider MLS network. The seller must sign a disclosure that explains the benefits being waived.
Zillow also requires a written seller choice, a signed waiver, and limited sharing for a truly private listing.
Delayed marketing is different
NAR also allows for delayed marketing listings. These are filed with the MLS and available to other MLS participants, but public distribution through IDX and syndication may be delayed for an amount of time set by the local MLS.
IDX is the system that allows participating brokers to show MLS listings on their websites. Syndication sends listing data to outside portals.
When does the public marketing clock start?
In San Francisco, public marketing can include a social media post, a public website, an email blast, a yard sign, or other public-facing promotion.
NAR has clarified that one-to-one broker-to-broker communication does not trigger Clear Cooperation, but multi-brokerage sharing can. Current SFARMLS guidance specifically says one-to-one texts, calls, and personally written emails to clients are not public marketing.
A vague teaser or private message may still need review if it reveals enough information to identify the listing or creates public demand before the MLS plan is ready.
Zillow’s updated standard also targets hidden inventory advertised through private networks, registration walls, or requirements to work with a specific brokerage. A website alone does not make a listing broadly accessible.
Key Dates in the Compass vs. Zillow Dispute
The rules and legal disputes have changed over time. Here are the key dates:
- April 10, 2025: Zillow announced its Listing Access Standards. Under the original policy, certain homes marketed publicly but kept off the MLS for more than one business day could be blocked from Zillow and Trulia.
- November 2025: By mid-November, Zillow had blocked 48 listings under the policy. About 90% were Compass listings. Read more in our earlier article, “Zillow’s Listing Access Standards: What every agent should learn from the 48 banned listings.”
- February 6, 2026: A federal judge denied Compass’s request to pause Zillow’s standards while its lawsuit moved forward. The ruling did not decide the full case.
- March 17, 2026: Zillow updated its standards to focus on broad public access rather than a fixed deadline*. It also announced Zillow Preview, a program that lets participating brokerages show pre-market listings publicly on Zillow and Trulia. The program was set to launch in April.
- March 18, 2026: Compass dismissed its lawsuit against Zillow. The dismissal was “without prejudice,” meaning Compass could bring similar claims again.
- May 12, 2026: Zillow filed a new lawsuit against Compass and Midwest Real Estate Data (MRED), the MLS serving the greater Chicago area. Zillow claimed the companies worked together to limit its access to listing data. These are allegations, not findings of wrongdoing.
- May 22, 2026: A federal judge ordered MRED to restore Zillow’s access to its listing feeds under a temporary court order. The order did not decide the full lawsuit.
- July 1–2, 2026: The court held a hearing on Zillow’s request for a longer-term order. The judge had not ruled on that request at the end of the hearing.
*The March update changed Zillow’s own policy. It did not remove NAR’s Clear Cooperation Policy or local MLS requirements. Agents should confirm their marketing plans with their broker or MLS compliance team.
What do Compass and Zillow say about their results?
Both companies have published research that supports their approach. Their numbers are useful, but they should not be presented as guarantees.
Compass says phased marketing means better results for sellers
Compass says sellers who began with a Private Exclusive or Coming Soon sold for 4.6% more than comparable homes that went directly to the MLS.
Its study covered 70,809 closed Compass transactions from April 2025 through March 2026. The company used a model that adjusted for more than 50 factors. It did not include listings that expired or were withdrawn.
Compass also reports 34% faster time to contract and a 29% lower chance of a public price cut.
Source: Compass, Sellers Make 4.6% More When Choosing Private Exclusives or Coming Soons, July 24, 2026.
Zillow reports lower sales prices for homes sold privately
On the flip side, Zillow says sellers who used private listing networks lost an average of $4,230 per home.
Its research reviewed more than 15 million sales from 2023 through 2025. The private-listing analysis used a smaller qualifying sample of about 6.2 million transactions.
Source: Zillow Research, Selling With Same Agent On Both Sides Cost Home Sellers $1.49 Billion Over Three Years.
What should agents tell sellers?
The studies above use different samples, time periods, and methods. They are also not measuring the same kind of listing. Compass looks at homes that began with phased marketing, while Zillow focuses on homes sold through private channels or with limited public exposure.
Neither result proves that one strategy will work best for every home.
Compass argues that a private phase can help sellers test pricing and build demand. Zillow argues that broad exposure gives more buyers a chance to compete. Both are relevant points to discuss, but the right choice depends on your seller’s goals.
Topics agents may consider discussing with their sellers
Privacy: Does the seller want to limit who knows the home is for sale? A private listing may meet that goal, but it also limits exposure.
Feedback: Would the seller benefit from testing the price before a wider launch? If so, phased marketing may provide that opportunity.
Buyer reach: Does the seller want the broadest possible audience from the start? Full MLS distribution could be a better fit.
Timing: Is the seller ready to go public? Photos, listing details, and required disclosures should be prepared before the public launch.
Compliance: Has the seller signed the correct forms? Does the team know which actions trigger MLS submission and Zillow’s access rules?
There is no universal “right answer.” Explain the tradeoffs, document the seller’s choice, and confirm the plan with your broker or MLS compliance team.
Key terms
CCP: NAR’s Clear Cooperation Policy, enforced by local MLSs.
LAS: Zillow’s Listing Access Standards, which determine whether a listing meets its display policy.
Office Exclusive: A seller-approved listing that is filed as exempt and not publicly marketed or distributed to the wider MLS network.
Delayed Marketing: An MLS-filed listing whose public distribution through IDX and syndication may be delayed under local rules.
Syndication: The process that sends listing information from the MLS to outside websites.
Zillow Preview: A public, pre-market program that lets participating brokerages show homes before they become active.
FAQs
Are Compass “Private Exclusive” listings legal?
Yes. They are permitted under NAR policy and applicable MLS rules when the required seller authorization, filing, and marketing requirements are followed. Zillow has separate rules governing whether those listings can later appear on Zillow or Trulia.
Did Zillow’s March 2026 update remove the MLS requirement?
No. Zillow changed its own display policy. It did not change NAR’s Clear Cooperation Policy or SFARMLS rules. Public marketing in San Francisco still triggers the local one-business-day submission deadline.
Does Zillow still have a one-business-day rule?
Practically, yes. Zillow’s formal standards no longer explicitly state a deadline, but Zillow’s current public guidance (specifically, an FAQ answer on their website) still says publicly marketed listings must be broadly available within one business day. You can view that answer under the question, “What are Zillow’s Listing Access Standards, and what do they require?”
Follow that guidance while also meeting your MLS obligations.
Can I share a private listing with one buyer without triggering Clear Cooperation?
It depends on who is sharing it and which MLS rules apply. NAR allows certain one-to-one broker communications. SFARMLS, however, treats showings to clients of other brokerages as public marketing. Confirm the specific situation before sharing.
Does an MLS-compliant listing automatically meet Zillow’s standards?
Not always. Zillow separately requires broad public access for publicly marketed listings. A listing hidden behind a registration wall or a requirement to work with one brokerage may still create a Zillow issue.
What happens if Zillow decides a listing does not meet its standards?
Zillow may decline to display the listing while it remains with the same listing agent or brokerage. Its current policy also covers amended or later listing agreements. Do not promise a seller that cancelling and relisting will fix the problem.
Which marketing strategy gets sellers a better price?
There is no single answer supported by the competing studies. Compass reports a price benefit from phased marketing, while Zillow reports losses linked to homes sold privately or with limited public exposure. Use both studies as context, not as a promise of results.
Whichever path your client chooses, prepare the listing before it goes public. Open Homes can help you plan photography, video, floor plans, property websites, and other marketing assets around the approved launch schedule.
Schedule media early enough for your team to review, approve, and coordinate each asset with the planned launch stage.
Sources
NAR MLS Clear Cooperation Policy: https://www.nar.realtor/about-nar/policies/mls-clear-cooperation-policy
NAR Multiple Listing Options for Sellers: https://www.nar.realtor/about-nar/policies/multiple-listing-options-for-sellers
NAR model MLS rules, Section 1.3: https://www.nar.realtor/handbook-on-multiple-listing-policy/c-model-rules-and-regulations-for-an-mls-operated-as-a-committee-of-an-association-of-realtors
SFARMLS Clear Cooperation Policy: https://sfar.freshdesk.com/support/solutions/articles/69000869662-clear-cooperation-policy
SFARMLS Coming Soon Listing Assistance: https://sfar.freshdesk.com/support/solutions/articles/69000841631-coming-soon-listing-assistance
Zillow Listing Access Standards: https://www.zillow.com/c/info/zillow-listing-access-standards/
Zillow agent FAQ on Listing Access Standards: https://www.zillow.com/pro/agents-know-listing-access-standards/
Zillow March 17, 2026 LAS update: https://www.zillow.com/news/updating-zillows-listing-access-standards-for-todays-market/
Zillow Preview launch announcement: https://www.zillow.com/news/zillow-launches-zillow-preview-to-bring-pre-market-home-listings-into-the-open/
Compass July 24, 2026 study: https://www.compass.com/newsroom/research/sellers-make-four-point-six-percent-more-with-private-exclusives-or-coming-soons/
Zillow Research May 14, 2026 study: https://www.zillow.com/research/dual-agency-sale-price-36325/
Reuters: Compass injunction denied: https://www.reuters.com/legal/litigation/us-judge-rejects-compass-bid-injunction-over-zillow-online-home-listings-2026-02-06/
Reuters: Compass dismissed Zillow lawsuit: https://www.reuters.com/world/compass-voluntarily-dismisses-lawsuit-against-zillow-regarding-real-estate-2026-03-18/
Zillow announcement: MRED/Compass lawsuit: https://www.zillow.com/news/zillow-sues-mred-compass/
