Courtney Poulos, founder and CEO of ACME Real Estate in Los Angeles, contends that recent direct partnerships between major brokerages and listing platforms are accelerating a power shift that moves control of listing data away from agents and toward technology companies. With 20 years of experience building a boutique brokerage, Poulos has observed agents steadily losing ground in their ability to control how their listings are distributed and monetized, a trend she believes could become permanent without structural changes.
The fundamental problem, according to Poulos, is that agents bear the costs of creating listing content but have minimal say in its use. Agents fund professional photography, staging, videos, and marketing materials, while sellers authorize the use of their property information. Multiple Listing Services (MLS) aggregate the data, and platforms then distribute it. "Everyone has a claim to the data, but the people who create it and own the properties have the least say in how it’s used," she says. This fragmentation is exacerbated by the existence of more than 1,100 separate MLS systems nationwide, each operating under different rules and standards, preventing agents from having a unified voice when negotiating with national platforms.
The financial arrangement at the center of this dispute reveals a significant imbalance: MLSs collect fees from platforms in exchange for access to listing data, while agents absorb all upfront costs of producing that content. When a listing fails to sell, the agent takes a total loss on photography, video, and marketing spend, whereas the MLS has already been paid. For boutique brokerages like ACME Real Estate, which closed $155 million in sales in 2024 across 35 agents, this imbalance is particularly acute. Poulos argues that if platforms are paying MLSs for access to agent-created data, agents should participate in conversations about how that revenue is distributed.
Poulos advocates for consolidating the nation’s MLS systems into a single nationwide platform accessible to all licensed agents regardless of location. A unified system would standardize data across markets and provide agents with the collective bargaining power they currently lack. This consolidation would address practical challenges such as multiple memberships, inconsistent fee structures, and incompatible data standards faced by agents working across state lines. More information about MLS consolidation efforts can be found at https://www.nar.realtor.
The direct partnership agreements now being announced between major brokerages and listing platforms are setting precedents that will shape listing distribution for years. Poulos questions whether these deals give brokerages genuine control over their data or simply formalize existing arrangements where platforms retain distribution authority. "The real test is whether these deals result in agents having more say in how their listings are marketed, or whether they’re just new arrangements that maintain platform control," she says. For independent and boutique brokerages, the stakes are concrete: if major national firms lock in exclusive or preferential platform relationships, smaller brokerages will compete at a structural disadvantage.
Consolidating MLS systems into a single national platform would require cooperation from organizations that benefit from the current structure, including existing MLS organizations, state associations, and large brokerages. Poulos acknowledges this obstacle but argues the cost of inaction is higher. Without structural shifts, agents will continue absorbing content creation costs while platforms consolidate control over distribution. She advises agents to pay attention to where leverage is concentrating, noting that collective action through a restructured national system is the mechanism that could change outcomes. Poulos expects the next 12 to 18 months to be decisive, as deals being negotiated now will set precedents shaping real estate for the next decade.
