In a sharply argued piece for Inman News, CEO Bess Freedman draws a direct parallel between private listing networks and Wall Street’s “dark pools,” warning that the growing trend is fundamentally at odds with how real estate is supposed to function.
Her core argument is simple: real estate works best when it’s transparent—and private networks undermine that foundation. As she puts it, “fair markets are rooted in transparency and collaboration,” yet private listings do the opposite by limiting access and controlling who sees inventory.
Freedman doesn’t mince words about the consequences. These networks, she argues, are “a Dark Pool that enables brokerages to double-end more deals and keep non-participants out,” ultimately restricting exposure for sellers and distorting what buyers can see.
She also raises serious concerns around ethics and fiduciary duty, noting that encouraging sellers into these systems—while acknowledging they may reduce competition—is, at best, “a bad look.” And beyond market dynamics, the implications extend to fair housing, where a lack of transparency can open the door to exclusionary practices and “major legal and ethical dilemmas.”
Perhaps her most pointed takeaway: “Dark pools of listing inventory were created to keep people out,” and any system designed to limit access is inherently vulnerable to abuse.
This is a must-read if you care about where the industry is heading—and who it ultimately serves.
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