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Elizabeth Warren presses Compass and MRED for private listing network details
Warren’s letter, sent Thursday, asks for responses by Aug. 21 and highlights concerns that restricted private listings could weaken pricing data and raise housing costs.
Sen. Elizabeth Warren sent a letter to Compass International Holdings CEO and founder Robert Reffkin and Midwest Real Estate Data, or MRED CEO Rebecca Jensen seeking information about a private listing network partnership and its planned nationwide expansion, HousingWire reports.
Warren said she is concerned the deal could create a two-tiered housing market, where buyers and industry insiders get exclusive access to inventory and market data while others are left out, and she also flagged risks involving fair housing, industry consolidation, and consumer harm.
According to the letter, obtained by HousingWire, Warren worries the restricted network could hide listings from the broader market and obscure pricing signals typically used to negotiate home sales, including days on market and price change history.
She also pointed to the scale of the companies involved and said Compass has entered similar agreements with other MLSs since announcing the MRED partnership, asking the companies to explain what steps they have taken and will take to mitigate potential harms by Aug. 21.