Elliman, Corcoran Introduce Private Exclusive Platforms

Following Compass’ controversial private exclusive listings, competing brokerages are jumping on the bandwagon.

Douglas Elliman announced on Monday that it plans to launch its own platform for agents to market their clients’ homes internally before listing them on the MLS, according to an email obtained by The Real Deal.

Elliman’s private exclusives database, called Black Label, comes a few weeks after Corcoran introduced its own version, dubbed Reserve. Elliman’s platform is not yet live.

“Douglas Elliman has always believed in the power of choice,” the email states. “Private listings provide significant advantages for certain sellers including discretion, market testing, and exclusivity for properties where gauging interest before public exposure is beneficial.”

Ryan Schneider, CEO of Corcoran’s parent company, Anywhere Real Estate, previously teased the company’s foray into private exclusives on the firm’s first-quarter earnings call earlier this year. Schneider noted that “there’s clearly an opportunity for players with listing scale to create private, off-market listing networks that only select agents can access.”

A website for Corcoran Reserve, the brokerage’s private listing platform, went live two weeks ago, according to Google. The service “enables an agent to prioritize their seller’s wishes, with a focus on privacy and discretion,” per the website.

“While I firmly believe that real success comes from transparency and sharing with each other — there are situations where a different approach is needed, one that offers a more customized experience,” Corcoran CEO Pam Liebman said in a statement. “That’s where Corcoran Reserve comes in.”

Liebman characterized the platform’s appearance as a “soft launch,” adding that it is specifically for the firm’s agents in New York City and Long Island’s East End.

Elliman declined to comment.

These companies are getting in on the private exclusive action after Compass, the nation’s largest brokerage by headcount, debuted its so-called 3-phased Marketing Strategy. This program allows sellers to advertise their homes privately to other Compass agents, then switch to “coming soon” on compass.com before finally listing their properties publicly on the MLS.

“Compass agents and Compass.com have more inventory than third-party sites, sending a strong signal to buyers that if you aren’t working with Compass agents or aren’t searching Compass, you are not seeing all the inventory,” Compass CEO Robert Reffkin said on earnings calls last year.

Beginning in February, the firm offered to pay for a $100 social media campaign for every listing that starts as an exclusive and moves to a “coming soon.” The program will run until the end of May.

Along with his campaign for private listings, Reffkin has also waged war against the National Association’s Clear Cooperation Policy, known as CCP, which requires members to list a property on the MLS within one day of marketing the listing. Reffkin has repeatedly called for an end to the rule.

Last month, NAR said that it would maintain its policy but amended the rule to allow sellers to keep their homes from being syndicated on listing aggregators for a set period of time to be determined by individual MLSes.

Reffkin’s moves have been met with significant pushback from executives at other brokerages and residential listing sites.

“You always want to give a listing maximum exposure and have all eyes on it,” said Brown Harris Stevens CEO Bess Freedman, one of Reffkin’s most vocal critics. “It’s not for some greater good, like he’s trying to help the world. He’s trying to get as much money as he can.”

Reffkin has previously refuted that accusation, adding that the firm will continue to “co-broke with everyone.”

This story has been updated with a comment from Corcoran CEO Pam Liebman.