In a recent podcast on Youtube’s The Update, Saul Klein introduced a unique diagram he prepared that gives a 50,000 foot view of the current state of the real estate industry. Saul, along with panelists Tristan Ahumada and John Reilly, focused discussions about Zillow vs Compass: The Wild Battle for Real Estate Data, Listings, and Your Leads.
EXECUTIVE SUMMARY
On May 12, 2026, two announcements landed within hours of each other and reframed a fight that has been building in residential real estate for the better part of two years. Cotality, formerly CoreLogic, launched Broker Listing Exchange (BLX) with HomeServices of America and Keller Williams as the first activations. Hours later, Zillow filed a federal antitrust lawsuit against Compass and Midwest Real Estate Data (MRED) in the Northern District of Illinois.
Together they crystallize the central question facing the industry: should a residential listing belong first to the open MLS marketplace, or first to the brokerage that signed the seller? The answer will reshape how listings flow, where consumers find homes, which businesses capture the revenue, and what the Multiple Listing Service exists to do.
This diagram reviews the events of the past two weeks, places them in the longer arc of litigation and consolidation since the Sitzer/Burnett verdict, and assesses what the next 24 to 36 months may bring for MLSs, brokerages, portals, agents and consumers.
During the podcast, Saul and Tristan engaged in a discussion of the two competing systems in the following 6 minute clip.
CONCLUSION: The future belongs to the model that builds trust, empowers agents, and delivers value to consumers.
Saul also made note of the Digital Moat concept. Earlier in the podcast, John discussed Zillow’s boast to investors that Zillow’s proprietary ownership/control of consumer behavior data and insights through its many acquired services (mortgage, rental, title, showing, etc) is a dominant asset. Saul points out how Google, with its ton of consumer behavior data, has now joined the crossroads battle as a formidable player.
Related Reading: The link to the full 40 minute podcast
