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 — especially for 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, 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

After the NAR settlement and now all these massive mergers, the real question is: what is not changing in real estate? Zillow recently launched a feature that allows listings to be publicly marketed before they are officially active, rolled out in partnership with major brokerages including Keller Williams and Side.

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 going live. Due to Zillow's change of course (and 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?

MLS systems are not disappearing anytime soon. They still play a critical role in 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.

I personally believe the fractional MLS days are numbered, but that remains to be seen. The way listings are introduced to the market is evolving — some listings may now go through a staged rollout that includes private marketing or public pre-marketing before hitting the MLS.

Increased seller control, decreased buyer transparency

One of the biggest shifts is the control given to sellers, who 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, and how offers are managed.

What this means for 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 more fragmented and competitive. MLS systems have traditionally provided transparency by ensuring listings are widely available — a balance the industry is still working out.

The bottom line

It is hard to imagine a world in which fractional or regional MLSs keep a meaningful role when the major brokerages control most listings. New partnerships and technologies are changing how listings are introduced and giving sellers more control. Maintaining transparency and equal access for buyers will continue to be a key focus as the industry moves forward.