For salespeople who are supposed to be an upbeat, positive bunch, real estate agents have a surprisingly negative view of their business.
While the 213 agents polled in a recent survey intend to remain in the business for the next several years, the majority don’t particularly like the national listing portals that now dominate their work — or their own multiple listing services, for that matter. But they especially dislike the trend toward private listings.
The sample size may seem small, especially considering there are more than one million licensed agents nationwide. But it was emphasized that this is a highly experienced group — 80% have been in the business for eight years or more, and nearly half have been active for more than 15 years.
Sometimes known as pocket listings, private listings are properties that have signed listing contracts but have yet to be posted on the local MLS. That allows the listing agent to shop the property within their own network of potential buyers or within their firm.
If the property does not sell within a short period, it is then listed on the wider MLS and picked up by Zillow, Realtor.com, Homes.com, and other national listing portals for broader exposure.
Private listings are controversial because they limit the pool of potential buyers, whereas listings on the MLS are visible to everyone. They also restrict rival agents’ ability to show homes to their clients, potentially limiting their ability to earn a commission.
The agents surveyed by Cotality and ResiClub did not specify why they have a dim view of private listings — only that they do. More than half view them somewhat or very unfavorably, and a third say they should be discouraged entirely. More than half do not use the tactic at all.
Cotality, formerly known as CoreLogic, is a global information company specializing in property and real estate. ResiClub is a research and news company.
Among national portals, meanwhile, Zillow faces the most negative sentiment, with 39% viewing it very unfavorably and just 7% very favorably. Zillow also cuts into agents’ commissions by selling buyer inquiries as leads to agents willing to share their fee if and when a sale occurs.
Redfin and Compass show similar polarization, with more than one-third viewing each very unfavorably. Compass is a leader in the effort to hold listings off the general market for a few days.
Not surprisingly, the National Association of Realtors also received more negative than positive sentiment, with 65% viewing it somewhat or very unfavorably. The trade group has been mired in controversy since settling several class-action lawsuits — agreements many agents believe conceded too much.
In contrast, Fannie Mae and Freddie Mac were viewed relatively favorably, with roughly 72% rating each somewhat or very favorably. The government-sponsored enterprises keep mortgage credit flowing by buying loans from local lenders and packaging them into securities for sale to investors worldwide.
The NAR settlements were expected to put pressure on commission structures by effectively separating compensation between the seller’s agent and the buyer’s agent. By unpacking commissions, buyers are free to negotiate with their agents rather than relying on listing agents to set compensation.
But it hasn’t played out that way, the survey found. “A little commission pressure exists, but it hasn’t been what the media headlines suggested back in 2024,” when the settlements were struck. Roughly two-thirds of agents said there has been no meaningful change in their commission levels since the 2024 settlement.
Among those who reported increased attempts to negotiate commissions, about a third said the most pressure has been on buyer-side compensation.
The survey also noted that 2025 marked the third straight year of the lowest home sales since 1995. Adjusted for population growth — 99 million households in 1995 versus 135 million last year — 2025 was the slowest year in more than four decades.
Consequently, while it may seem surprising that nine out of 10 agents say they expect to remain active three years from now, it is more likely that much of the industry’s shakeout has already occurred.
