The co-CEOs of @properties Christie’s International Real Estate are pushing into the fray over a proposal to force agents to list homes on a multiple listing service within a day of signing a listing agreement, calling the measure a giveaway to Zillow and a blow to consumer choice.
In an op-ed in the Chicago Tribune Monday, Thad Wong and Mike Golden argued the proposal in the Illinois General Assembly — framed by supporters as a push for transparency — would mandate a one-size-fits-all approach to home sales. Wong and Golden said the proposal protects Zillow’s ad-driven business model.
“Let’s be clear: This bill isn’t about protecting consumers,” they wrote. “It’s a solution in search of a problem.”
Zillow stands to lose revenue when listings are withheld from the MLS even briefly, they claimed.
In response to the National Association of Realtors’ recent allowance of limited off-MLS marketing, Zillow implemented a policy banning listings from its platform if they are publicly marketed and not added to the MLS within one day. That ban went into effect last month.
“Essentially, Zillow — a company that doesn’t sell homes — is asserting it gets to decide how you can market and sell your home,” they wrote of the “$16 billion tech giant.
The Illinois bill would have codified that 24-hour rule, but it failed to advance before the legislative session ended last weekend. The bill could be reintroduced in a future session.
Wong and Golden founded @properties 25 years ago; Compass acquired their brokerage last year in a deal worth $405 million.
They argue the policy would strip sellers of the ability to test pricing or quietly build interest before going public, strategies they say lead to faster and more lucrative deals.
They described @properties’ “private-to-prominent” approach as a way to launch listings more strategically, beginning in a broker-only private network to generate buzz before debuting publicly. The strategy allows sellers to tweak their offerings without accruing days on market or showing price cuts online, and it often results in quicker, higher-priced sales, they said.
Homes marketed first through Midwest Real Estate Data’s private listing network sold 55 percent faster and for more money than those listed publicly from day one, according to an MRED study last year.
The bill’s supporters argue private listings hurt transparency and fair housing. Smaller brokerages like Baird & Warner say increased use of office-exclusive deals cuts them out of the market and may discourage diversity in buyer pools.
Zillow has aligned itself with those concerns, citing internal studies showing off-market listings disproportionately harm sellers of color and can result in homes selling below full market value.
Housing advocacy groups including the National Association of Hispanic Real Estate Professionals and the Consumer Policy Center have backed the 24-hour listing requirement as a step toward equity.
Wong and Golden insisted the debate has to do with innovation, not equity in homebuying.
“Zillow and some state lawmakers want to stifle that innovation, limit choice and erode the competitive landscape that allows agents and companies like ours to deliver better outcomes for local homebuyers and sellers,” they wrote.
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