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Douglas Elliman CEO Michael Liebowitz kicked off Inman On Tour Miami Tuesday morning with a defense of private listings, saying that consumers should have choices — and offering some slight criticism of other unnamed players who are also championing the private listing concept.
Liebowitz appeared as part of a three-person panel, and began his comments by saying that the real estate industry is currently experiencing significant change. One of the largest of those choices has to do with private listings, Liebowitz said, adding that “I’m a big believer in you’ve got to give the client choice.”
“It’s for me as the CEO of a company to make sure the client understands the risks,” Liebowitz continued, adding a moment later that “you have to offer choice.”
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Liebowitz went on to say that a listing is likely to get a better price if more people can see it, but that different homeowners have different priorities and an agent’s job is to educate. He added that he himself once listed his own home as a private listing years ago due to concerns about how his neighbors might react to the news that he was moving. However, Liebowitz said, he eventually ended up listing the home publicly, which led to him finding a buyer.
Michael Liebowitz on stage at Inman On Tour Miami on Tuesday. Credit: Mike Nyffeler with AJ Canaria Creative Services
A debate over private listings has roiled the real estate industry in recent months. On the one hand, proponents of the concept have argued that it gives homeowners choice and potentially protects their privacy, among other things. The most publicly vocal advocate of private listings in the industry has been Compass CEO Robert Reffkin, who has made the concept a centerpiece of his brokerage’s marketing efforts. However, other companies have also rolled out their own private listing networks.
However, private listings also have many critics who argue that the concept potentially has negative impacts on fair housing, and that an open marketplace is most beneficial to homeowners. Zillow has been among the entities taking this position, and went so far as to ban privately marketed listings from its platform.
Zillow Chief Industry Development Officer Errol Samuelson also appeared on Tuesday’s panel with Liebowitz, though Samuelson’s comments focused primarily on artificial intelligence.
During his remarks, Liebowitz did not mention any other companies by name. However, he did hint that he doesn’t agree with how some brokerages have engaged with the private listing concept.
“Others are using it for different reasons than that,” Liebowitz said after discussing private listings as a tool advancing consumer choice. “They’re using it for other business plans. We are focused on the client.”
In addition to Liebowitz and Samuelson, LPT founder and CEO Robert Palmer also appeared during Tuesday morning’s panel. Much of Palmer’s commentary focused on the market, with him noting that “right now, our kind of word of the year so far is maybe ‘uncertainty.'”
However, Palmer also weighed in on private listings, saying that “if it’s truly a private listing, great.” However, he criticized private listings that don’t end up in a multiple listing service but are nevertheless marketed to the public in other forums.
“If private listing becomes proxy for circumventing cooperation,” Palmer said, “I think that becomes a problem.”
