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The Journal.

Compass vs. Zillow: The Real Estate Wars

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.8K Ratings

🗓️ 15 December 2025

⏱️ 20 minutes

🧾️ Download transcript

Summary

Compass CEO Robert Reffkin wants to change the way Americans buy and sell homes by encouraging sellers to list their homes privately when they first hit the market. That strategy is challenging companies like Zillow, which have made information about home listings accessible to buyers. WSJ’s Nicole Friedman explains why Compass wants to overhaul the real estate market, and why Zillow is putting up a fight. Jessica Mendoza hosts. Further Listening: - A Case of Conspiracy in Real Estate - Think It's Expensive to Buy a Home? Try Owning One. Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

If you're in the market for a home, good luck. It can be really difficult right now.

0:12.0

I think the general experience for home buyers is that it's stressful. That's our colleague Nicole

0:17.8

Friedman. She covers real estate. It's very expensive to buy a home,

0:22.3

especially these days. Home prices are high. Mortgage rates are high. And in a lot of parts of the

0:28.3

country, there are still not enough homes to choose from. The inventory is lower than it was before

0:34.5

the pandemic. And so they're really kind of glued to the listing sites, you know, waiting for a new home to pop up, hoping that this could be the one.

0:43.8

Those online listing sites have become an essential part of buying a home.

0:48.4

Sites like Zillow and Redfin list thousands of homes for sale across the country.

0:53.1

I think for a lot of buyers, that's where they start the process.

0:55.9

If they're thinking about buying a home, even just casually like, oh, is this the year?

0:59.8

Maybe we should buy.

1:01.1

They go to one of these portals.

1:03.0

They set up, you know, search alerts for their neighborhood or their budget.

1:07.9

And so looking at home listings is often the very first step.

1:12.7

And for home buyers, these sites can be a treasure trove of information, everything from how

1:17.5

many days a home has been on the market to how many other buyers have viewed the listing.

1:23.1

But one real estate brokerage wants to change how the system works to give more power and flexibility

1:28.9

to sellers. And in the process, upend the way real estate is done. That brokerage is Compass.

1:36.8

So Compass is trying to promote essentially a different strategy for selling your home.

1:44.0

Compass is telling sellers, you know,

1:46.5

widely advertising your home for sale immediately is not the best strategy for everybody.

1:53.0

Instead, the company is focusing on private listings and limiting what information is shared

...

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