Does the New Zillow Merger Mean the End of the MLS as We Know it?

Zillow, Keller Williams, and Side Merge: Are MLS Systems at Risk?

The real estate industry is entering a new phase as major companies like Zillow, Keller Williams, and Side introduce new ways to market homes before they officially hit the market. These changes are raising important questions about the future of Multiple Listing Services and how buyers and sellers access information—especially buyers. Buyers used to be able to see if a listing had been sitting on the market, had fallen out of contract and re-listed, etc.—will these big mergers spell the end of that buyer transparency?

While MLS systems have long been the foundation of real estate transparency, new listing strategies are beginning to shift how homes are introduced to the market. For example, buyers have always been able to see if listings had been sitting on the market, had fallen out of contract and re-listed, or had other trouble selling. Will these big Compass/Redfin/Rocket, and now Zillow, Keller Williams, and Side mergers spell the end of that buyer transparency?

What Is Changing in the Industry

At this point, after the NAR settlement and now all these massive mergers, the real question is probably: what is NOT changing in the real estate industry?? Let’s back up: Zillow recently launched a new feature that allows listings to be publicly marketed before they are officially active. This initiative is being rolled out in partnership with major brokerages including
Keller Williams, Side, and others.

This approach creates a “pre-market” phase—following Compass’ lawsuit against Zillow on this exact topic—where homes can gain visibility, generate interest, and collect buyer engagement data before they formally go live. Due to Zillow’s change of course (and most likely, cash flow issues), Compass has now dropped its antitrust lawsuit against Zillow.

At the same time, other brokerages have been experimenting with private or phased listing strategies, where properties are initially shared within smaller networks before being released to the broader public.

Will This New Strategy Replace the MLS?

Despite these changes, MLS systems are not disappearing anytime soon. MLS platforms still play a critical role in ensuring broad exposure, cooperation between agents, and equal access to listings.

Even new tools like Zillow’s pre-market feature are designed to work within existing MLS frameworks rather than replace them entirely. But over time, what will happen in reality? I personally believe the fractional MLS days are numbered, but that remains to be seen.

However, the way listings are introduced to the market is evolving. Instead of going directly to the MLS as the first step, some listings may now go through a staged rollout that includes private marketing or public pre-marketing.

Increased Seller Control, Decreased Buyer Transparency

One of the biggest shifts in this new model is the level of control given to sellers. Sellers now have more influence over how their home is marketed, including:

- When the property is publicly shown

- Who sees it first

- How long it remains in a pre-market phase

- How offers are managed

Industry leaders have emphasized that decisions around marketing strategy, timing, and exposure ultimately belong to the homeowner. This added flexibility can allow sellers to test pricing, build early demand, or maintain privacy depending on their goals.

What This Means for Buyer Transparency

While increased seller control can offer benefits, it also raises concerns about buyer transparency.

If more homes are marketed in private networks or delayed from full public exposure, buyers may not see all available inventory in one place. This could make the home search process more fragmented and competitive.

There is ongoing debate within the industry about how to balance seller flexibility with the need for open and equal access to listings. MLS systems have traditionally provided this transparency by ensuring that listings are widely available to all participants.

The Bottom Line

The real estate industry is evolving, but will MLS systems remain an important part of the marketplace? It is hard to imagine a world in which fractional / regional MLSs will have a part to play when all the major brokerages are controlling the vast majority of listings.

New partnerships and technologies are changing how listings are introduced, giving sellers more control and creating new marketing strategies. At the same time, maintaining transparency and equal access for buyers will continue to be a key focus as the industry
moves forward.