Compass-NWMLS settlement bigger than ‘coming soon’ listings

Monday’s lawsuit settlement between Compass and Northwest Multiple Listing Service (NWMLS) could have implications well beyond Washington state.An end to litigation comes as brokerages and multiple listing services (MLS) continue to reconsider how rules should govern listing marketing, data access and competition.The agreement, which takes effect in stages beginning Sept. 4, creates a new “First Look” status that will allow sellers to publicly market homes before they enter active status while keeping those properties available to NWMLS members.It also changes rules governing listing-agent attribution on portals, listing-photo watermarks and access to transaction data through broker technology platforms.NWMLS characterizes the settlement as a way to modernize its rules without changing the fundamental structure of its cooperative marketplace. “NWMLS characterizes this outcome as a victory for open competition, consumer protection and the integrity of the regional housing market,” the organization said in a statement provided to HousingWire. “With this settlement, there will be no off-MLS private listings. The settlement preserves universal access: every single First Look listing mu...