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Compass, Redfin, and Rocket Mortgage have formed an alliance to build a private listing network that operates outside the open MLS. The shadow MLS is here — and it's a direct attack on the transparency that real estate has operated under for decades.

In this episode, Gary Pickren breaks down how this Compass/Redfin/Rocket partnership works, why it's being called a "shadow MLS," and what it means for every buyer, seller, and South Carolina real estate agent operating in the open market. This isn't a future threat — it's happening now.

What's covered:

• How the Compass, Redfin, and Rocket Mortgage partnership creates a private listing ecosystem that bypasses traditional MLS rules
• The controversial tactics at play — private listings, rerouted buyer inquiries, and data control — and who benefits
• The legal and ethical problems with shadow MLS networks: fiduciary duty violations, fair housing exposure, and transparency concerns
• Whether regulators will step in and whether traditional MLS rules can survive this level of private-market pressure

South Carolina real estate agents need to understand this alliance before it reshapes the market they work in. The open MLS is under direct threat — know what you're up against.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.