The PLS, formerly a private listing network for real estate agents, will relaunch Jan. 19 as a public-facing site.
The site will be a competitor to third-party listing sites such as Zillow and Realtor.com. On the new site, both agents and members of the public will be able to search “PLS only” listings that automatically convert to just active PLS listings after one business day, according to Inman.
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In May, ThePLS.com filed a federal antitrust lawsuit against NAR, the California Regional MLS, Bright MLS and Midwest Real Estate Data. The suit alleges that the requirement for listing brokers to submit a listing to their MLS within one business day of marketing a property to the public violates the federal Sherman Antitrust Act and California’s Cartwright Act for adopting the Clear Cooperation Policy.
The original Pocket Listing Site was shut down because of the policy and declining membership. The new site takes advantage of a term in the Clear Cooperation Policy, which allows agents to advertise a property for one business day — up to 72 hours if the property is advertised on a Friday — before it must be submitted to the MLS.
“In the current market where inventory is extremely tight across the board, ThePLS.com will give agents the opportunity to exclusively share ALL listings on the platform first,” the company told Inman via email.
[Inman] — Sasha Jones