Compass says its partnership with Redfin has generated more than 60,000 buyer leads since launching this spring as the brokerage expands its phased listing strategy. Compass.com sessions in Chicago, where Coming Soon inventory is concentrated, also rose 111%, according to its latest quarterly update.
CEO Robert Reffkin has said he expects 80% of Compass listings to eventually pass through the Coming Soon phase. He first outlined that target during the company’s May earnings call, when Coming Soon adoption had risen from the low-20% range to the mid-30s. The target refers to listings passing through Coming Soon, not permanently staying off Zillow or the MLS.
How Compass’ Coming Soon strategy works
Compass’ three-phase marketing strategy begins with a Private Exclusive, where a property is marketed within the Compass network. The second phase, Compass Coming Soon, makes the listing publicly visible on Compass.com and, when the seller chooses, Redfin. Phase three expands distribution to public websites and the MLS, subject to local rules.
Under the three-year Redfin agreement, participating Coming Soon listings can appear on Redfin before broader distribution. Written seller consent is required, and sellers can opt out.
Compass and Zillow offer competing data
Compass has published research supporting phased marketing. However, the findings remain part of an industry dispute over whether limiting early exposure helps or hurts sellers.
A July Compass analysis examined 296,966 listings and found a 100% median sale-to-list ratio among 806 listings excluded from Zillow, compared with 98.7% for listings that appeared there. Compass calls the 1.3-percentage-point difference a “Zillow Tax.” Its analysis found no statistically significant difference in how quickly the two groups went under contract. Another Compass study of 70,809 transactions estimated that homes first marketed as Private Exclusives or Coming Soons closed for 4.6% more after controlling for dozens of variables.
Separately, Compass reported that premarketed listings reached contract 34% faster once active and were 29% less likely to record a price reduction. The research covers Compass transactions, and the company notes that individual results may vary.
Zillow has presented competing evidence in its litigation involving Compass and Midwest Real Estate Data. Economist Lawrence Wu, an expert retained by Zillow, estimated lower prices for likely Compass private-network transactions. His analysis used a proxy to identify those transactions rather than confirmed private-listing records, according to reporting on the competing studies.
Neither side’s research establishes that phased marketing will produce the same result for an individual seller.
What agents should check before using Coming Soon
Local rules remain a key constraint. The National Association of Realtors says listing statuses are determined locally, with each MLS setting its own Coming Soon requirements and restrictions. Agents should confirm those rules before recommending a phased launch. The Close also has a guide to current pocket listing rules and risks for agents weighing limited-exposure strategies.
The broader listing-distribution fight remains unresolved. Zillow has accused Compass and MRED of anticompetitive conduct involving listing access in Chicago, while Compass and MRED dispute those allegations. The parties were awaiting a federal court ruling following a July hearing on Zillow’s request for a preliminary injunction.
Compass wants Coming Soon to become a routine stage of its listing process. Agents recommending it still need to weigh seller priorities and local MLS rules against the reach of an immediate broad-market launch.