Zillow has become almost synonymous with searching for residential real estate; it’s the first stop for many would-be home buyers. So when Zillow changes how it operates, the whole real estate market takes notice.

As of Monday, June 30, Zillow is changing its rules for listing homes. In the past, some sellers have tried their luck listing their homes privately, through a particular broker, and keeping the listing off of Zillow for days, weeks, or even months. And then, if there's no offer, the seller lists the property publicly.

Starting today, that will change. If you're selling your home and you want the option of having it appear on the site, you and your broker have one day to offer it exclusively. As soon as that day is over, you'll have to post it on the Multiple Listing Service for everyone to see.

As a longtime broker in Austin, Texas, Tiffany Russell understands the importance of making sure all her listings are on Zillow. 

But sometimes she has clients who don’t want their home listed publicly — especially now, when the market’s so slow.

“A lot of people are not wanting to sit on the market for 70, 100, 120-plus days, but they are willing to sell their home if a buyer comes along,” she said.

For sellers like that — less than 10% of her clients — she’ll do a private listing. But under Zillow’s new rules, Russell won’t be able to list it there later. 

Casey Roberts, a spokesperson at Zillow, said the new rule is about fair access.

“Making sure that buyers don’t miss out on their dream home. They can really make sure,” she said. “They see every single home that could be a fit for what they need, ensuring that it's fair, open and transparent for everyone.”

Most homes are already listed publicly for everyone to see. 

Lisa Sturtevant, chief economist at Bright MLS, has done research showing that keeping a sale private doesn’t offer benefits to most sellers — at least in her markets in the mid-Atlantic.

“Listings that are started as private, exclusive listings, don't bring the seller any more money, and they take, on average, two weeks longer to sell,” she said.

Private, exclusive listings can also hurt some buyers, especially people of color, she said, who tend to have less access to them.

Generally, public listings have benefits for both buyers and sellers, said Logan Mohtashami, lead analyst at HousingWire.

“The buyer gets to see everything that's on there, and the seller also gets to have the most eyeballs. So I'm in the general camp that the more open is better for consumers,” he said.

But open listings may not always benefit brokers and the companies that employ them. At least, not in this sluggish housing market.

“When you're literally in the third straight year of the lowest home sales ever, as an industry you're making less money. And to survive and to make sure that you know your agents are making enough, this is one way to help them out,” said Mohtashami — by keeping listings exclusive, and in-house.