US Homebuyers Could Face Changes as States Target Zillow Referral Fees and Private Listings
Washington, D.C., USA | September 16, 2026: US homebuyers and sellers could see changes in how properties are marketed and how agents are connected with consumers if state regulators investigate practices involving Zillow, private listings and referral fees. A coalition of housing and consumer groups is asking state attorneys general to coordinate investigations into practices it says could affect property visibility, agent choice and transaction costs.
The push comes as the US housing market continues to adjust to major changes in brokerage commissions and online property search.
Why Property Listings Are Coming Under Scrutiny
A coalition of consumer and housing advocacy organisations has asked the National Association of Attorneys General and state attorneys general to examine several practices used across the residential real estate industry.
One focus is the use of private or "pocket" listings, where homes can be marketed within a brokerage network before, or instead of, being broadly exposed through a public multiple listing service.
For sellers, wider exposure can potentially mean access to more prospective buyers. For buyers, limited-market listings can mean some properties may never appear in the searches they normally use.
Several states, including Connecticut, Washington and New York, have already moved toward rules requiring certain privately marketed properties to also be listed publicly.
Zillow's Referral Model Is Another Target
The coalition is also asking regulators to examine how online property portals route consumers who click "Contact Agent."
The groups allege that consumers may believe they are contacting the property's listing agent when their inquiry is instead routed to another agent who pays a referral fee to the platform.
According to the coalition, those referral fees can reach a significant portion of the agent's commission. It argues that consumers should have clearer information about who they are being connected with and how the relationship works.
Zillow has disputed concerns about its marketplace model, saying its referral arrangements do not increase transaction costs for consumers and that syndicating listings can give renters and buyers access to more inventory.
What It Could Mean for Buyers and Sellers
The issue goes beyond how an online button works. The way a property is presented and who receives a buyer lead can influence the home-search and transaction process.
For buyers, clearer disclosures could make it easier to understand whether they are contacting the listing agent or another broker and what representation relationship may follow.
For sellers, the debate over pocket listings raises a different question: how much exposure their property receives before and during the sale.
For agents, greater regulatory scrutiny could lead to additional disclosure, referral and marketing requirements.
Brokerage Consolidation Adds Another Layer
The coalition is also asking state regulators to examine Compass's acquisition of Anywhere Real Estate and its potential effect on competition.
It has raised concerns about pocket listings, dual representation and the concentration of brokerage activity. Compass completed its $1.6 billion acquisition of Anywhere in January 2026.
The groups argue that larger brokerage networks could have greater influence over which properties buyers see and how transactions are handled. These are advocacy groups' arguments, rather than established findings that the practices violate the law.
What Property Buyers Should Watch
For consumers, the immediate issue is not a change in property law but the possibility of greater regulatory scrutiny of the real estate search and transaction process.
Buyers and sellers should pay attention to who is representing them, whether a property is being marketed publicly or privately, how agent referrals work and what fees or obligations are disclosed before entering an agreement.
State attorneys general are now being asked to form a multistate working group to share evidence and coordinate potential investigations.
If regulators move forward, the outcome could influence how US properties are listed, how online leads are routed and how consumers choose real estate professionals.