Investing.com -- KeyBanc said the National Association of Realtors' (NAR) decision to uphold its Clear Cooperation Policy (CCP) is a positive outcome for Zillow Group (NASDAQ:ZG), as concerns about restricted access to private listings have eased.

“We see this as a positive outcome for Zillow,” KeyBanc stated, noting that despite the introduction of a “delayed marketing exempt listings” option, Zillow’s access to listings data is unaffected.

What Happened?

CCP, implemented in 2020, requires real estate listings to be entered into a Multiple Listing Service (MLS) within one business day of public marketing. While CCP promotes transparency and competition by providing buyers access to all available listings, opponents argue it limits sellers’ flexibility and restricts private sales.

On Tuesday, NAR retained CCP but introduced a new category of “delayed marketing exempt listings,” allowing sellers to delay listing properties through Internet Data Exchange and syndication.

The length of this delay will be determined by individual MLSs and not by NAR, and sellers must sign a disclosure waiving the benefits of immediate public marketing.

No Impact on Zillow Listings

KeyBanc highlighted that while Zillow uses IDX and syndication to obtain listings, these are not the only sources. Analyst expects all available listings to continue appearing on Zillow one business day after public marketing, emphasizing that Zillow’s extensive data sources ensure it remains the most up-to-date and accurate listing platform.

Competitive Advantage for Zillow

With its broad data access, Zillow is less likely to be affected by the delayed marketing window, giving it an edge over other platforms that rely solely on IDX and syndication.

KeyBanc maintains an Overweight rating on Zillow with an $85 price target, citing market share gains and strong margins.

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