Compass Unveils Physical Book of Private Listings: Real Estate Goes Retro

May 02, 2025

In a surprising pivot back to analog, Compass—America's largest residential brokerage by sales volume—is launching a physical "Private Exclusive Book" in May 2025 in response to the recent industry changes by Zillow and Redfin. This innovative yet nostalgic approach gives agents and consumers access to listings not available on the MLS or public websites.

The bottom line: Compass's retro-inspired approach modernizes the concept of private listings, potentially creating a new standard for how off-MLS properties are marketed across the industry.

The Problem with Private Listings

Private or "pocket" listings have long faced criticism for reducing market transparency and potentially enabling agents to double-end deals. Compass aims to address these concerns while still preserving seller privacy.

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How It Works

  • Physical books available in Compass offices nationwide

  • Open to all agents and consumers—not just Compass affiliates

  • Updated multiple times weekly, with real-time digital version

  • No appointment needed, no contact information collected

The Strategy Behind the Book

This initiative represents phase one of Compass's three-stage marketing approach:

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Private Exclusive → Coming Soon → MLS.

Nearly half of sellers in 2025 opted to start in the private or coming soon phases, according to Compass CEO Robert Reffkin.

Benefits for Sellers

Sellers maintain control with opt-out options while testing different pricing strategies before going public. The approach balances privacy with broader market access—NAR policy permits office exclusives shared on a one-to-one basis.

Industry Implications

Some competitors voice concerns about transparency and fair housing risks, while others view it as an innovative balance between privacy and exposure in the digital age.