StreetEasy Goes On The Offense With Premarketing Tools

StreetEasy just launched two new options to premarket listings as it faces criticism over its listing policies from the nation’s largest residential brokerage conglomerate.

Earlier this week, the New York City-focused platform introduced StreetEasy Preview and StreetEasy Coming Soon.

The new tools are in some ways similar to premarketing strategies offered by Compass International Holdings, whose executives have taken aim at StreetEasy’s listing guidelines. Under Preview, agents can advertise their listings on the platform for 14 days without accruing days on market or price drops — metrics Compass International CEO Robert Reffkin has repeatedly pushed back against as harmful to a home’s value. (Listings uploaded as Coming Soons will still include those tallies.)

That StreetEasy rolled out the options isn’t that surprising, considering its parent company, Zillow, already introduced its own version of premarketing, Zillow Preview, more than six months ago. The platform appears to be going on the offense after executives with Compass International began urging agents to remove their listings from the platform, including offering financial incentives.

Following the directive, first issued this summer, listings added to the Real Estate Board of New York’s residential listing service as “Participant Only,” which executives encouraged agents to do instead of listing on StreetEasy, tripled from 47 to 144, with another 153 added in the first 12 days of August, according to data from Marketproof. However, it’s unclear whether those listings were a direct result of agents under the Compass umbrella pulling their listings from the platform.

More platforms introducing similar premarketing options as Compass could also pose a challenge for the firm’s goal to become the go-to listings destination. The more inventory it keeps within its own ecosystem, whether as a private exclusive or Coming Soon on its website, the higher its likelihood of pulling consumers from other places to its platform. (Firms under its umbrella have released multiple ads touting a hidden inventory of listings available only through their websites.)

But by introducing tools of their own, platforms such as StreetEasy, which already has the eyeballs in New York, may be able to hold on to their audience without ceding ground to Compass and its other brands.

Even if that’s the case, Compass International could still count the shift in the listing landscape as a win, particularly on one issue its leaders have been vocal about for years: platforms directing prospective buyers to agents within their lead generation programs and away from listing agents. With StreetEasy Preview, listing agents will be able to directly connect with buyers.

In case you missed it…

With election season in full swing in New York, Compass’ Jason Haber and his fellow teammates behind the American Real Estate Association are launching a new political advocacy group.

Haber announced the 501(c)(4), called Built for New York, earlier this week, describing it as a year-round effort to organize agents, condo and co-op boards, other real estate professionals and even some tenants and NYCHA leaders.

The group already has $500,000 pledged to get it up and running. The first issue on its agenda is to push for New York City to switch to open primaries, which Haber said will allow more agents, many of whom are independents, to have a say in which leaders make it to the general election.

NYC Deal of the Week

The most expensive deal to hit the city rolls this week was for a condo at Witkoff Group and Access Industries’ One High Line. Penthouse 35B sold to an anonymous LLC for just under $26 million.

The 5,100-square-foot condo has four bedrooms and four full bathrooms. It also features two loggias, a corner great room and chef’s kitchen. Amenities in the building at 500 West 18th Street include a lap pool, fitness center, golf simulator and access to services at the Faena Hotel.

A team with Corcoran, led by Steve Gold, head sales at the property.