Zillow Preview Launches with Major Brokerages, Sparking Industry Debate on Listing Distribution
A new program from Zillow, called Zillow Preview, is allowing agents from several major brokerages to market listings on the portal before they are entered into the Multiple Listing Service (MLS), while still adhering to local MLS rules. The initiative, announced Tuesday, includes initial participation from Keller Williams affiliates, HomeServices of America, RE/MAX, United Real Estate, and Side.
At the center of the conversation is Chris Kelly, CEO of HomeServices of America. He views the rollout as a pivotal moment for the industry to critically evaluate the long-term implications of how home listings are distributed online. “I hope what it serves as is a little bit of a pulse check,” Kelly told Inman. “Everybody should take a moment and really assess the long-term implications versus maybe the perceived short-term gains.”
A Nuanced View on a Fragmented Landscape
Kelly’s perspective comes as brokerages and listing portals experiment with various models for early listing exposure. Recent examples include a partnership between Compass and Redfin to display “coming soon” listings, and Howard Hanna’s launch of its private internal network, HannaList.
While some industry observers frame these moves as a binary choice between open MLS-based distribution and closed private networks, Kelly believes the reality is more complex. “I do believe there are some that are thinking of it along those kinds of linear terms — like you’re either on this side or on the other side,” he said. “But like most things in life or business, the truth is somewhere in between.”
His primary concern is consumer experience. Kelly warns that if brokerages collectively retreat into siloed, private listing networks, it could create a fragmented marketplace. “If all brokerages went running in the direction of their own private listing networks not shared with others, not put on the portal, not shared in the MLS — that’s where you really start running the risk of separating the agent from the consumer,” he explained.
He draws a parallel to the media industry’s shift to streaming. “If you look at portals like Zillow, it’s a little like YouTube TV,” Kelly said. “That’s where consumers are going to watch the content.” A fragmented real estate landscape could force buyers to search multiple, disparate websites to see a complete inventory of available homes, reducing efficiency and transparency.
HomeServices’ Strategy: Broad Exposure and Internal Consolidation
Despite experimenting with Zillow Preview, Kelly asserts that for the vast majority of listings, broad exposure remains the seller’s best advantage. “For the vast majority of our properties, what’s most advantageous for the seller is the widest exposure possible,” he stated. He acknowledged that selective, “speakeasy” marketing can be appropriate for unique, high-profile properties, but it is not the default strategy.
Kelly also highlighted an internal operational focus at HomeServices. Historically, the company’s many affiliated brokerages operated on different technology platforms. The firm is now consolidating these systems to create a more unified experience for agents and consumers. “Some of the differentiation we had wasn’t actually making us better,” Kelly reflected. “It was differentiation for the sake of differentiation.” This simplification aims to enhance national coordination and better integrate brokerage services with HomeServices’ mortgage, title, and insurance operations.
The Ongoing Industry Reckoning
The launch of Zillow Preview and similar initiatives suggests a period of significant testing and debate. Kelly expects the conversation around listing distribution to continue, urging the industry to prioritize sustainable, consumer-friendly models over tactical advantages. “The truth is there’s lots of ways to do real estate,” he said. “The question is whether we’re thinking about what works best long term — not just what helps us in the moment.”
As these programs evolve, their success may depend on balancing the desire for early marketing advantages with the fundamental real estate principle of maximum property exposure and a seamless, consolidated experience for homebuyers.
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