CEO of eXp Leo Pareja calls for courage, clarity, and collaborative leadership in meeting threats to market transparency head-on.
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Editor’s note: This opinion piece comes on the heels of Zillow’s announcement that it will ban private listings from its platform beginning in May. EXp is the first brokerage to commit to this new policy.
The summer of 2023 marked a shift in the industry when two defining events collided, demanding immediate action.
First, the Rapattoni MLS system went dark, disabling our ability to update or input listings across 12 markets. It was a jarring reminder, exposing how fragile our dependency is on systems that aren’t built for resilience. Then came Sitzer | Burnett, a legal reckoning heading to trial with the potential to upend how we do business entirely.
These weren’t isolated challenges: They were flashing red lights, warning signs that the industry status quo was no longer sustainable. We knew we had a fiduciary responsibility to future-proof our ability to serve clients, no matter what disruptions came next.
So we moved fast. We found a direct path to national listing portals — Zillow, Realtor.com, Homes.com, and Redfin — so if the MLS failed again, we’d be able to keep our clients moving forward. And in doing so, we launched eXp Access, our CCP-compliant office exclusive inventory powered by Zenlist.
Private listings, public responsibility
I’ve always been a loud supporter of CCP because I believe in giving consumers choice — real, intentional choice. There are legitimate, important reasons a property may need to be off-market:
- A federal judge presiding over a human trafficking case
- A DEA agent protecting their identity
- A tenant-occupied home that’s inaccessible
- High-net-worth individuals who require discretion
These are all valid. And for over two years, we’ve made sure those consumers had that option.
But let me be crystal clear — using that rationale to steer every seller into off-market listings is a complete disregard for our fiduciary responsibility.
Anyone who’s sold real estate at scale knows this: The highest form of client service is full market exposure. That’s how we get the best price, in the shortest time, with the highest net proceeds. Period.
Don’t dismantle the system that works
In 2024, out of over 350,000 transactions at eXp, fewer than 1,000 were off-market. Why? Because we believe in the power of a transparent marketplace. We believe every buyer and seller deserves fair access to opportunity.
Yet somehow, what we’ve built in the U.S. — the envy of the global real estate community — is now under attack. I’ve seen firsthand what happens when transparency breaks down.
In France, buyers must check eight different sites to see 70 percent of inventory — and that’s if they’re lucky. Sellers pay per listing, per month to appear online. And agents? They’re navigating chaos, all while the most vulnerable buyers are left behind, priced out, shut out, or simply overlooked.
The consequences are already here
Just this week, I heard about a deal that closed at 23 percent below every comp in the neighborhood. One company, both sides, zero days on the market. No exposure. No transparency. No fairness. The seller lost hundreds of thousands. And now, every homeowner in that neighborhood has to answer to that sale when refinancing or listing their own property.
That’s the road we’re heading down. And if we don’t course-correct now, we are going to financially harm sellers and rob buyers, especially those from historically underserved communities, of the chance to build generational wealth through homeownership.
This is bigger than us
We aren’t just talking about industry strategy. We’re talking about access. About equity. About maintaining the single most impactful system for wealth creation in America. Four million to seven million families move every year in this country. They’re counting on us to get this right.
At eXp, our agents already operate in 25 countries. We’re not afraid of competition; we face it daily on a global stage. But our preference? Always, and I mean always, is cooperation. Because it’s what’s best for the consumer. And that should be the North Star for every decision we make.
The path forward
So here’s where I stand.
We will not sit back and watch the most transparent, trusted, and efficient real estate ecosystem in the world be dismantled.
We will lead. We will innovate. And above all, we will protect the public trust.
And yes — we will compete if we have to. But I’d much rather collaborate with every broker, every MLS, and every agent who shares our commitment to doing what’s right.
This industry doesn’t need more finger-pointing. It needs more courage. More clarity. More leadership.
Let’s be that.
