This story originally appeared on Real Estate News.
One of the biggest lawsuits to capture the real estate industry’s attention over the past year has come to an abrupt end.
Compass International Holdings announced Wednesday that it is dismissing the lawsuit it filed last June against Zillow. The two industry titans have battled in court for months over Zillow’s Listing Access Standards, a policy barring listings that are publicly marketed but not widely available via the MLS.
Zillow shares rose slightly after the news broke.
Compass’ signature 3-phased marketing strategy, in which sellers are encouraged to launch their home as a Compass Private Exclusive and then enter a Compass Coming Soon phase before listing publicly via the MLS, had been in direct conflict with those standards.
The move comes a day after Compass Chairman and CEO Robert Reffkin appeared to extend an olive branch to the brokerage’s portal rival after Zillow introduced a change in its approach to pre-market listings.
What Compass said: Reffkin specifically cited Zillow’s “Preview” product announcement — which he referred to as a policy “reversal” — in a post on social media.
“Because of this reversal, we are dismissing our lawsuit against Zillow,” he wrote.
“Our goal has always been to give homeowners more choice to decide when, where, and how to market their homes. We are pleased to see that both other brokerages and portals are now recognizing the strong consumer demand for more options in how they sell their homes,” Reffkin’s post said.
“At Compass International Holdings, we will always defend our real estate professional’s ability to put their clients first, and we will continue to advocate for more choices, not fewer, for homeowners.”
Making nice? Reffkin’s Mar. 17 social media response to Zillow Preview seemed to signal some kind of vibe shift between the two companies — two industry giants that have been vocal in their criticism of each other’s policies.
“A sincere thank you to Zillow for offering homeowners more choice,” he wrote in response to Zillow’s announcement. “Sellers deserve the choice to decide when, where and how they market their homes.”
Real Estate News has reached out to Zillow for comment.
💸 Earn Instantly With This Task
No fees, no waiting — your earnings could be 1 click away.
Start Earning
