Compass Defends Private Listings Strategy as Key Deadline in Congressional Probe Expires

Compass CEO Robert Reffkin has vigorously defended the brokerage giant's private listings strategy, even as Congress is preparing to probe aspects of the practice.Reffkin spoke at length about private listings on the company's earnings call Tuesday night, days after a congressional subcommittee launched a probe into Compass' relationship with a Chicago-based multiple listings service to create a national private listings network.“How many tens of millions of people do you need to see your property? That’s why we’re getting so much traction, and we’re seeing a lot of demand for the Private Exclusives as well,” said Reffkin.Compass, the world's largest residential real estate broker, has focused its business strategy heavily on private listings, which it calls Private Exclusives. These are homes for sale that are primarily marketed to the company's own network of agents and clients, before they are easily visible to the wider public online.Last month, congressional leaders sent a letter to Reffkin and the CEO of multiple listings service Midwest Real Estate Data, Rebecca Jensen, requesting a briefing on their business practices.The inquiry comes after Compass and MRED, the MLS for th...