When I earned my real estate license in May 2000, the business was built on relationships, resourcefulness, and a lot of legwork. The Multiple Listing Service (MLS) existed, but it was expensive and not universally accessible—my broker and my aunt weren’t members. Our tools were simple:

There were no listing syndicators, no pay-per-lead platforms, and no instant home valuations. Your reputation was your currency, and collaboration was the norm. Agents would compete fiercely during the day, then sit side by side at broker tours the next morning. The business felt human and, in many ways, more transparent than what we see today.

That era is gone. Platform battles, data hoarding, and legal skirmishes define today’s real estate landscape. The central question has shifted—from “How do we help consumers?” to “Who owns the consumer?”

Compass, for example, promotes a "Three Phase Marketing" strategy. Listings are shared first within Compass's internal network, then among select partners, and only afterward made available on the MLS. For certain sellers, especially those in high-end markets, this can offer more control, privacy, and tailored outreach. But scaled broadly, it creates a system of exclusivity, where the first look is often reserved for in-house agents and clients, rather than the open market. Critics argue this strategy may benefit agents more than sellers and risks narrowing buyer access.

Zillow has taken the opposite position. The company built its brand on transparency, providing consumers with free access to listings that were previously restricted to agent platforms. Its business model relies on visibility—the more listings, the more traffic, the more leads to sell through its Premier Agent program. Zillow has argued that open access is fundamental to fairness, but critics point out that this transparency also aligns perfectly with its monetization strategy.

eXp Realty, a cloud-based brokerage, has positioned itself as a defender of openness and agent independence. CEO Leo Pareja has spoken out against Compass's listing tactics, describing them as restrictive and counterproductive to trust. eXp promotes systems where listings are made public immediately, with an emphasis on transparency and agent empowerment. While this helps differentiate eXp in an increasingly closed ecosystem, it also serves as a core recruitment tool.

In each case, what is presented as a service to the consumer also supports a business model built on retention, revenue, and platform control.

The current phase of industry evolution is not just a competitive adjustment. It is a philosophical shift. Companies are increasingly working to outperform one another; they are reconfiguring the market's infrastructure to favor their ecosystem.

Compass limits exposure, builds private funnels, and argues this serves the seller. Zillow pushes all listings public, then charges for the traffic. eXp positions itself as the moral middle ground. In practice, each is asserting its model as the standard while competing for the same outcome: loyalty, lead flow, and revenue.

Scorched-earth tactics have become normalized. Lawsuits, listing bans, referral blockades, and data paywalls are no longer exceptions—they're strategic tools. Platforms are fighting to own the listing funnel (some argue this is dying) from start to finish. Brokerages launch lawsuits against portals, portals respond with restrictive listing rules, and platforms tighten control over inventory. Each side promotes its approach as consumer-focused, but what’s unfolding is a high-stakes power struggle for control of the marketplace.

Despite promises of clarity, simplicity, and savings—especially after the Sitzer/Burnett verdict declared industry-wide commission practices anticompetitive—little has changed for buyers and sellers:

Buyers still don’t see every home. Sellers are left guessing who truly represents their interests. Agents, once local experts, now navigate litigation, lead algorithms, and loyalty programs rather than focusing on service.

Real estate has become a platform war, not a service-first business. Each player wants to own the customer journey, from the first online search to the final signature. The debate isn’t about listing visibility—it’s about control over data, access, and outcomes.

Unless something changes, the consumer risks remaining a product, not a priority. The crucial question isn’t who wins this war but whether any of the contenders deserve to.

I recall when trust, rather than software, was the foundation of this business. When agents shared, not siloed.

When being a member of an MLS was a professional standard, not a political tool or a paywall.

If we don’t reclaim that spirit, we risk losing the very heart of the industry.

Ultimately, consumers will vote with their feet. Agents will go where they earn the most and where they feel valued and supported. The next generation of disruptors would do well to remember that trust is not something that can be coded or marketed into existence—it is earned, one transaction at a time, one relationship at a time, in every market, every day.

This perspective is shaped by over two decades in the industry and active collaborations with both Compass and eXp Realty. It is not intended as a critique or endorsement of any single company, but rather as a reflection on the broader evolution of real estate—and a reminder of what must not be lost along the way

xoxo.

Maximillian Diez,

GP, Twenty Five Ventures

P.S. Stay with me on this journey. 

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www.twentyfiveventures.com

If nothing else, thanks for reading.