StreetEasy Introduces Big Brokerage Cap, Affecting Compass Agents

Zillow's New York City-focused portal, StreetEasy, has introduced a cap on how many agents from large brokerage businesses can join its platform.

According to an email shared with The Real Deal, StreetEasy's 'Experts' program will now ban any new agents from joining it if they are associated with a company that already contributes at least twenty per cent of StreetEasy's total user base.

The knock-on effect will solely impact Zillow's rival, Compass (and its affiliates including Anywhere, Corcoran, Sotheby's and Coldwell Banker), which is the only company over the new threshold.

StreetEasy Experts is a lead generation program for agents in New York City. When would-be buyers request a property tour, they are prompted to connect with an Expert agent in the area. According to StreetEasy, one-third of buyers in the city connected with a StreetEasy Expert between 2022 and 2024.

A StreetEasy spokesperson confirmed that Compass would be affected by the cap, but added that the company is not removing access to existing subscribers "at this time."

"[The cap] ensures that agents at companies of every size, from small independent shops to the city’s largest firms, have a meaningful opportunity to grow their business through Experts."

Meanwhile, Caroline Burton, General Manager at StreetEasy, has penned a blog all but calling out Compass for its latest marketing playbook (which suggested delisting from StreetEasy in the autumn), and lobbying for Compass agents to remain on the platform:

"This August, Compass leadership rolled out what they’re calling their newest playbook, a coordinated push to pull listings off the open market and into their private network. They’re directing their agents to hold back inventory during one of the most active summer seasons New York has seen in years.

"If you’re a Compass agent reading this, I want you to know I’m not writing about you. I’m writing about what’s being asked of you. Most people become real estate agents because of the independence the career offers. The ability to build something that’s yours: your reputation, your client relationships, your business.

"Compass’ playbook asks agents to subordinate all of that to a corporate strategy designed to benefit the firm, not you. Every time you hold a listing back from the open market, you’re taking a risk with your professional integrity to grow Compass’ position, not your own.

"When Compass funnels listings into its private network, they become visible only to buyers already working with a Compass agent. Hiding listings from the open market eliminates the two things that protect both sides of a transaction: open competition and price transparency."