Sometimes, you’re a hair too early.
The most recent Intel Index survey of real estate agents and brokerage leaders went live mere days before the news of brokerage giant Compass’ deal to acquire rival Anywhere became public knowledge.
Because of this, Intel barely missed a chance to get an early view into how agents feel about the deal, or whether they’re planning to jump ship. (Rest assured that in our next survey, these questions will be front and center.)
But in a stroke of luck, the September edition of the Intel Index survey was chock full of probing questions about some of the issues for which the proposed acquisition has significant implications: Clear Cooperation, private listings and brokerage contingency plans in the face of potential changes to the policy.
The results depict an industry that is broadly skeptical that private listings are in the interests of most clients — although this sentiment was far from unanimous. But they also reveal an openness to quick action in the event that the embattled National Association of Realtors policy were ever repealed.
Dive into these questions and more this week in Part 2 of Inman’s private-listing series.
Prevalence and preference
A majority of agents who replied to Inman’s September survey said they did not utilize a single private listing or office exclusive in the past year. Only a small share — 1 in 4 agent respondents — said that they used such a strategy more than once during the same period.
The main reason for this will come as no surprise to many real estate professionals: They simply don’t trust that the tactic is in the best interest of the majority of their clients, when pursued in isolation.
- Fewer than 1 percent of agent respondents at franchise brokerages said that a fully off-market strategy — with no usage of the MLS at any point in the process — is an effective tactic for listings.
- That share was 4 percent for private indie agents and 9 percent for agents at big non-franchising brokerages in the same survey.
Instead, proponents of a private-listing approach are significantly more likely to view it as “a useful first step” in a broader strategy to test pricing and generate interest before a full MLS launch.
- 1 in 3 agent respondents in September said private listings are useful when paired with an eventual run on the MLS, a share that was as high as 44 percent among agents at big non-franchising brokerages.
But the largest share of agents in this survey were just not fans of private listings in general.
- More than half of agent respondents at franchises and private indies agreed with the idea that private listings rarely benefit the seller, and “often extend the timeline of the sale.”
- Even at the publicly traded, non-franchising brokerages that are more open to private listings, 37 percent of agent respondents expressed that they failed to see a clear benefit to sellers.
These responses capture sentiment today that appears to be broadly reflective of the engaged Inman audience. But Intel also sought to ask industry members and leaders where things might be headed.
Where the winds are blowing
How would you react if Clear Cooperation were repealed tomorrow?
This idea served as the core premise behind a series of forward-looking questions in the September survey.
Broadly, this survey found there is limited appetite for an alternative to the standard MLS listing — but still enough interest that it could inspire groups to court brokerage business if Clear Cooperation were repealed.
- 12 percent of agent respondents said that they would use private listings “significantly more” if Clear Cooperation ended tomorrow, and another 11 percent said they would use them “slightly more.”
- Still, these groups remain outnumbered by those who said their employment of private-listing strategies would remain about the same: 49 percent of agents picked this response.
When it comes to decision-makers at their brokerages, a similar picture emerged. Executives, investors and broker-owners in Intel’s September survey expressed general support for Clear Cooperation, even stronger opposition to private-listing strategies than their agent counterparts, and majority commitment to their local MLS in the event that the policy were repealed.
Still, many of the brokerage leaders Intel surveyed in recent weeks expressed a willingness to be flexible if the industry went in a new direction.
- Most brokerage leaders Intel surveyed know exactly how they would react if Clear Cooperation went away tomorrow: 38 percent said it would have no effect on their platforms, policies or commitment to their local MLS, while another 17 percent said that they would “move quickly” to join or launch a national or regional MLS alternative.
- But many brokerage leaders were in a fuzzier middle area, with 26 percent saying they would significantly expand their use of private listings or internal investments in private-listing platforms, even as they remain broadly committed to their MLS. And the remaining 19 percent said they would wait and see where the industry moved.
In all, the leadership results from September’s survey show an industry that, if NAR were pressed to go in a new direction, is very much wrestling with which side to take.
- On the one hand, a clear majority — 64 percent — of surveyed brokerage leaders expressed a commitment to their local MLS in a hypothetical post-Clear Cooperation world.
- On the other hand, 62 percent of the same group also expressed some degree of openness to a greater role for private listings if the policy were repealed.
While these efforts to hedge bets are led by Compass and other big, non-franchising operations, they aren’t exclusively limited to them.
- 38 percent of agent respondents at franchise brokerages told Intel their companies have introduced a private-listing platform, with 13 percent of all franchise agents saying the platform rolled out sometime in the past year.
- By comparison, only 21 percent of agent respondents at private indie brokerages said they had access to such a platform, and only 5 percent said one had been rolled out in the last 12 months.
- 71 percent of agent respondents at publicly traded, non-franchising brokerages like Compass, eXp and the Real Brokerage said their company had a private-listing platform, with 31 percent saying it was introduced in the last year.
As the dividing lines continue to firm up, Intel will continue to track this and other core questions facing the industry.
Methodology notes: This month’s Inman Intel Index survey ran from Sept. 18 to Oct. 1, 2025, and received 545 responses. The entire Inman reader community was invited to participate, and a rotating, randomized selection of community members was prompted to participate by email. Users responded to a series of questions related to their self-identified corner of the real estate industry — including real estate agents, brokerage leaders, lenders and proptech entrepreneurs. Results reflect the opinions of the engaged Inman community, which may not always match those of the broader real estate industry. This survey is conducted monthly.
