The Cost of Going Dark: Why Off-MLS Deals Are Losing Their Shine
When it comes to selling a home, there’s a growing mountain of data proving that “private” isn’t profitable.
A new report from the San Francisco Association of Realtors (SFAR) and RealReports found that sellers who listed on the MLS earned nearly 19% more than those who kept their listings off-market. That’s roughly $302,000 more per home in San Francisco — a city where the median sale price hovers around $1.4 million.
The study’s authors credit RESO-standardized MLS data for allowing “apples-to-apples” analysis — a big step toward quantifying what many agents already suspected: broad exposure creates real money.
This isn’t rocket science, right? If you want the best possible price and terms you want exposure to as large an audience as possible. Does it work 100% of the time? Of course not… because there are no absolutes.
Transparency vs. exclusivity
The findings land at a tense moment for the industry. Class action lawsuits have forced large scale changes to the industry as have changes in local policy.
Compass recently filed multiple lawsuits against major MLSs, alleging that restrictive data-sharing and marketing policies stifle competition. At the same time, the brokerage’s own “Private Exclusive” program has drawn criticism for keeping listings off the open market.
It’s a contradiction now playing out in courtrooms and boardrooms: should brokerages be allowed to curate “exclusive” deals in the name of privacy when data increasingly shows sellers lose tens — or even hundreds — of thousands of dollars by doing so?
MLS organizations, meanwhile, argue that universal participation protects consumers, prevents discrimination, and stabilizes valuation data for appraisers and lenders. Without it, off-market transactions create blind spots that skew comps and erode trust.
If you’ve ever traveled overseas and visited a real estate office (you mean that’s only me?) you would see this as clearly as I do - there is no MLS overseas and no easy way to know what the property next door is on the market for without calling the listing agent. How can you determine value without the data?
Sellers should be able to determine how their property is marketed and they should be provided with real data in order to make that decision.
What it means for MA & RI
While this study focused on San Francisco, the pattern applies everywhere transparency meets scarcity — including Massachusetts and Rhode Island, where inventory remains tight and price growth has flattened.
Both MLS PIN and Statewide MLS have reported year-over-year declines in new listings, but total sales volume has held steady, indicating that public exposure — even in slower markets — continues to deliver stronger outcomes for sellers.
In these regions, “office exclusives” tend to cluster at the upper end of the price spectrum, where privacy is often mistaken for strategy. Yet those same homes frequently record longer days-on-market and steeper discounts at closing.
The big picture
As consolidation, lawsuits, and data policy debates swirl, the takeaway is simple: Transparency sells.
Off-market listings might sound sophisticated, but numbers don’t lie — visibility builds value. In a profession built on trust, the MLS remains not just a database, but a public promise: everyone plays by the same rules, and the market decides the price.
🧾 References
AJ LaTrace. (2025, November 6). Off-MLS transactions cost sellers thousands, new report finds. Real Estate News. Retrieved from https://www.realestatenews.com/2025/11/06/off-mls-transactions-cost-sellers-thousands-new-report-finds
Inman News. (2025, October 29). Compass sues MLSs over data-sharing restrictions and exclusivity rules. Retrieved from https://www.inman.com/2025/10/29/compass-sues-mlss-over-data-sharing-restrictions
HousingWire Staff. (2025, October 30). Compass legal challenge highlights tension between transparency and competition. Retrieved from https://www.housingwire.com/articles/compass-legal-challenge-highlights-transparency-competition
The Real Deal Staff. (2025, November 1). Compass faces backlash over “Private Exclusive” listings amid transparency debate. Retrieved from https://therealdeal.com/2025/11/01/compass-private-exclusive-listings-controversy
