In March, 2025, the National Association of Realtors (NAR) announced a new “Multiple Listing Options for Sellers” policy which gives sellers the option to only list a property on the local MLS and delay the listing on public platforms like Zillow and Redfin. The local MLS will now determine how long the listing may be delayed before they are sent to be listed on public platforms.

While longstanding NAR policy still requires brokers to list properties on the local MLS within 24 hours of first marketing the property, it is unclear how long a property can be kept off of public platforms and what effect that will have on how properties are bought and sold.

In response to this policy change, large real estate brokerages including Compass Real Estate have expressed the belief that sellers should have flexibility in marketing options. In opposition, public platforms like Zillow and Redfin have announced that they will not publish any listings that have used this delayed listing option as they believe it hinders transparency to buyers.

Implications for Buyers:

This new delayed listing policy comes less than a year following NAR implementation of additional broker disclosure requirements where buyer’s agents now must have a signed agreement in place with the client prior to showing any properties. The agent’s compensation must be clearly outlined in the agreement. This disclosure requirement was intended to provide additional transparency, so buyers know exactly what they are paying for their agent’s services. With the addition of NAR’s new delayed listing policy, it is now even more important for buyers to engage with an agent even earlier in the home buying process to be able to not just tour properties, but to have an agent who can see all properties that are listed only on the MLS. Buyers can still use platforms like Zillow and Redfin to view active listings, but those who want to know about all available properties will almost certainly need to formally engage a real estate agent to do so.

Implications for Sellers:

The new delayed listing policy now provides sellers additional flexibility to decide how to market their property. They can now choose whether privacy or maximum visibility is preferable given each seller’s individual circumstances. For example, some high-profile individuals may not want their property or knowledge of a sale to become publicly available. Other sellers may want maximum visibility for a quick sale for a variety of reasons. Ultimately, experts do have conflicting opinions on whether private listings will generate higher sales prices. Though this policy gives sellers additional marketing options that were not previously available.

Overall Takeaways:

Many real estate professionals offer conflicting opinions on NAR’s new delayed listing policy. While it is still possible to buy and sell a property without an agent, the delayed listing and broker disclosure policy changes made within the last year emphasize the importance of having professional representation on either side of a real estate transaction.

For questions about this, or any other legal real estate questions, please reach out to any of the lawyers in Lasher’s Real Estate practice group.