The real estate industry is facing a growing gap between what agents believe about private listing networks (PLNs) and what consumers actually want. While 64 percent of agents say PLNs benefit sellers, 81 percent of consumers prefer their home to be publicly listed for free on platforms like Zillow, Realtor.com, or Redfin. Additionally, 56 percent of agents believe PLNs increase home sale prices, yet sellers left over $1 billion on the table in 2023 and 2024 by selling off the MLS. This disconnect highlights the need for greater transparency in listing strategies.
Zillow’s January 2025 survey of more than 2,000 U.S. consumers, conducted by The Harris Poll, reveals an overwhelming desire for fair, transparent and free access to real estate listings.
Consumers’ awareness of listing practices
While the term “Multiple Listing Service” (MLS) is familiar, only 32 percent of consumers aged 45-54 and 23 percent of those aged 18-34 fully understand what it means. Awareness of PLNs and dual agency is even lower.
Notably, 68 percent of sellers who worked with an agent said their agent never explained the differences between MLS and private networks. This lack of clarity can leave sellers uninformed about the financial impact of their listing choices. Meanwhile, agents themselves are misinformed: 61 percent believe PLNs benefit buyers, 64 percent believe they benefit sellers and 56 percent think they increase home sale prices — despite data showing otherwise.
The shift toward private listing networks
Among recent home sellers, 63 percent said their agents recommended using a PLN, compared to just 18 percent of those who sold more than five years ago. The demographic disparities in PLN recommendations are also notable — 74 percent of Hispanic sellers and 73 percent of Black sellers reported being encouraged to use a PLN, compared to 24 percent of white sellers. This trend raises concerns about equitable access to MLS listings and the potential impact on fair housing.
Consumer preferences: Transparency and visibility matter
Survey data shows 81 percent of Americans believe their home should be publicly listed for free, reinforcing the importance of visibility in driving competitive pricing. Additionally, 86 percent agree that all home listings should be freely accessible to buyers, and 81 percent believe greater exposure increases the likelihood of a bidding war.
The economic case for MLS listings
New research shows sellers lost over $1 billion in 2023 and 2024 by selling off the MLS. In California, off-market sellers missed out on an extra $30,075 per home; in New York, it was $13,749 (median value).
Additionally, 44 percent of consumers who initially preferred private networks changed their minds after learning that off-MLS homes typically sold for less. Younger sellers (ages 18-34) were particularly influenced, with 74 percent revising their preferences.
For agents, this presents an opportunity to educate clients about the financial benefits of MLS exposure. Clear communication about how MLS listings impact sale prices builds trust and aligns with clients’ best interests.
What sellers want in an agent
When selecting an agent, sellers prioritize:
- 52 percent: An agent’s ability to reach the largest pool of buyers.
- 45 percent: The highest possible sale price.
- 21 percent: Access to an exclusive buyer network.
These preferences show that broad MLS exposure is not just an industry talking point — it’s what clients expect.
Key Takeaways for real estate professionals
- Emphasize visibility: Most consumers value public and free access to listings. Highlight how MLS exposure maximizes buyer interest and sale price.
- Educate your clients: Many sellers are unaware of PLNs and their impact. Providing clear, unbiased information can set you apart.
- Prioritize equity: Disparities in PLN recommendations suggest the need to uphold fair housing principles and ensure equitable access.
- Leverage data: Use research to help clients make informed decisions about their listing strategy.
As private listing networks grow, aligning industry practices with consumer preferences for open access and fairness is crucial. By prioritizing transparency, visibility and education, real estate professionals can foster trust and drive better outcomes for their clients — and the industry as a whole.
Survey methodology
This survey was conducted online by The Harris Poll on behalf of Zillow in January 2025 among 2,087 U.S. adults, including 1,232 who previously sold a home. The data has a Bayesian credible interval of +/- 2.5 percentage points at a 95 percent confidence level.
