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Celebrity broker and The Agency founder Mauricio Umansky has revived a simmering lawsuit that takes aim at rules created by the National Association of Realtors, arguing the rules help maintain unfair dominance over the nation’s multiple listing services.

The new lawsuit, filed in the U.S. District Court of Southern California, boils down to a few key arguments:

• Umansky alleges NAR controls competition in the residential real estate industry by controlling a large network of MLSs in the country.
• Namely, the Clear Cooperation Policy that requires listings to be placed on an MLS within one business day limits competition from companies seeking to offer private listings that are marketed outside the MLS.
• The policy stymied efforts by would-be competitors, like Umansky’s ThePLS.com, to give brokerages a new way to discreetly market homes for sale.

“The surge in consumer demand for pocket listings, and the rise of a listing network to market pocket listings effectively, was a competitive threat to the viability of the NAR-affiliated MLS system,” ThePLS.com wrote in its complaint, filed overnight on Tuesday. “These market changes also threatened NAR’s ability to control competition in the residential real estate brokerage industry.”

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The federal antitrust lawsuit keeps pressure on NAR and its affiliated MLSs, and shows that the industry will remain engaged in a fierce debate over the rules — especially those governing private listings — that will guide the next chapter of the real estate industry. 

Compass, the No. 1 largest brokerage by sales volume, last week filed a lawsuit against Zillow, the nation’s largest real estate portal by unique visitors. Compass is taking aim at updates to Zillow’s policies that require listings to be filed on the MLS and therefore on Zillow within one business day. 

Compass is making the claim that Zillow is a monopoly and that its policy is anticompetitive because it prevents the company from growing its network of Private Exclusive listings, which are homes for sale and only accessible through a Compass agent. The network itself is marketed on Compass’ website, which is a violation of Zillow’s new standards. 

The newly filed lawsuit keeps a target squarely on NAR and the Clear Cooperation Policy.

“Through the Clear Cooperation Policy, NAR and the MLS conspirators eliminated the possibility of a more competitive future in the market for residential real estate listing network services,” ThePLS.com wrote in the complaint. “A once-in-a-lifetime opportunity for competition in a monopolized market has been lost. NAR’s conduct has harmed competition and consumers, and is illegal.”

What is NAR saying?

The new filing actually represents the refiling of a case that Umansky and NAR fought over beginning in 2020, shortly after NAR adopted its Clear Cooperation Policy. NAR said that PLS had walked away from the negotiating table before filing its suit overnight, and it defended its Clear Cooperation Policy. 

“NAR and PLS were in discussions to extend this agreement until PLS ceased to engage,” an NAR spokesperson said in a statement to Inman. “The Clear Cooperation Policy promotes transparency and competition in the real estate marketplace while still providing home sellers and their agents the option to list their property as an office exclusive.”

More context

After years of debate, NAR opted to keep Clear Cooperation in March, but at the same time rolled out a new policy to allow for the delayed marketing of a listing without violating the rule.

The update was an effort to balance criticisms of the policy, but it received mixed reviews among industry insiders.

ThePLS.com filed it’s first lawsuit against NAR in 2020, shortly after the trade organization first adopted the Clear Cooperation Policy.

NAR and ThePLS.com previously reached an agreement that dismissed the case but kept open the possibility of it being filed again at a later date. 

“Where we landed is that we gave them a tolling agreement on the statute of limitations to give us time to figure out whether or not we were amenable to repealing the Clear Cooperation Policy,” former NAR outside legal counsel Ethan Glass said at a hearing in 2024.

Over the years, Umansky has challenged NAR in other ways as well. 

Early last year, he was part of a team that launched the American Real Estate Association, a group that intends to compete with NAR. 

“Right now I don’t feel like anybody is caring; we’re in a lot of trouble,” Umansky said at the time, arguing at another point, “We need better advocacy, we need better lobbying, we need to make sure we’re taken care of.”

Update: This post was updated after publication to add additional clarity.

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Real estate is changing fast, and so must you. Inman Connect San Diego is where you turn uncertainty into strategy — with real talk, real tools and the connections that matter. If you’re serious about staying ahead of the game, this is where you need to be. Register now!

Let’s be real — when you’re launching your real estate career, creating a business budget might feel a little … intimidating. Between licensing costs, marketing expenses and just trying to get your first deal closed, the idea of budgeting can feel like one more thing on an already overflowing to-do list.

But here’s what I want to tell every new (and honestly, not-so-new) agent: a business budget isn’t a restriction — it’s a roadmap. It’s what helps you make smart, confident decisions. It’s what gives you clarity in slow seasons and control in fast ones. And it’s what separates the agents who hustle paycheck to paycheck from the ones who actually build sustainable, scalable businesses.

I’ve seen both sides; I’ve lived both sides. And now, as a broker-owner coaching new agents every day, I’ve boiled the budgeting process down to five simple, doable steps that anyone can follow.

5 steps for building a business budget

Let’s break it down.

Step 1: Know your numbers (and separate your accounts)

First things first: You can’t manage what you don’t measure. Before you make a single budget decision, you need to know:

• How much is coming in (even if that’s $0 for now — this is about preparation)
• What your fixed and variable expenses are
• What your income goals are

Start by setting up separate business banking accounts. Even if you’re a one-person show, this is key. Having a separate account for your real estate income and expenses helps you stay organized, track your spending, and avoid those messy “Wait, was this dinner a business expense or date night?” moments.

Protip: Open a business checking and a tax savings account. Every time you get paid, transfer 20 percent to 30 percent into your tax account before you even blink. Future you (and your CPA) will be forever grateful.

Step 2: Build your baseline budget

Now that you’ve separated your accounts and tracked your basics, it’s time to build a budget that reflects what you actually need to run your business.

Here’s a list of common new agent startup and recurring costs:

Startup

• Licensing + exam fees
• Local, state, and national association dues
• MLS access
• Business cards, signage, lockboxes
• Headshots and initial marketing

Monthly/Quarterly

• Brokerage fees or splits
• CRM or lead generation platforms
• Social media scheduling tools (think Canva, Later)
• Website hosting or IDX feed
• Fuel, car maintenance, office supplies
• Continuing education

Now, set realistic monthly and quarterly budgets for these categories. Don’t overshoot your tools and tech. You don’t need everything at once. Start lean, then grow intentionally.

Remember: Just because it’s a write-off doesn’t mean it’s free.

Step 3: Plan for slow seasons and the ‘no check’ gap

Real estate is a feast-or-famine business if you’re not careful.

It’s easy to get a big commission check and feel like you’ve got money to burn. But smart agents — ones who last — know to treat every check like it’s part of a bigger puzzle.

Here’s how:

• Plan your personal budget around your lowest average month, not your best one
• Create a reserve fund for business expenses — ideally three to six months
• Remember: there’s often a 30-90 day lag between doing the work and getting paid

Start thinking like a CEO, not just a salesperson. Your business needs cash flow, cushion and clarity. Treat your commission as income to be managed, not a jackpot to be spent.

Step 4: Use tools that help you instead of confusing you

If you’re someone who breaks into a cold sweat at the thought of spreadsheets, you’re not alone. Good news: You don’t need to be a numbers nerd to build a great budget.

Here are a few tools I recommend:

• QuickBooks Online: Great for tracking expenses and mileage
• Wave: A free, beginner-friendly accounting platform
• Google Sheets: Customize your own tracker

But here’s the real key: Use it consistently. Block out 30 minutes once a week to check in on your numbers. Know what’s coming in, what’s going out and what needs adjusting. Budgeting isn’t a one-time setup; it’s a habit.

Step 5: Budget for growth, not just survival

This step is often missed, but it’s what makes the difference between staying stuck and scaling with intention.

Too many agents budget just to get by. But a great budget should include room to grow, even if the numbers are small at first.

Set aside funds for:

• Future marketing campaigns
• Coaching or training opportunities
• Upgrading your systems or software
• Celebrating wins (yes, budget for the celebratory coffee after a hard week)

I like to call this your “vision line” in the budget. It’s not required for survival, but it’s essential for momentum. You’re not just building a business to stay afloat. You’re building a life you’re excited to wake up to.

Your budget is your business plan in action

At the end of the day, a budget isn’t just about dollars. It’s about decisions. It’s about choosing where your energy (and your money) goes, so your business feels more aligned than chaotic.

If you’re a new agent reading this, wondering where to even begin, let me say this clearly:

You don’t have to be perfect. You just have to be willing. Willing to look at your numbers. Willing to learn. Willing to treat your business like it matters — because it does.

So open the spreadsheet. Separate your accounts. Build your baseline. And take the first step toward a business that doesn’t just survive — it soars.

I’m cheering you on. Every click, every dollar, every smart decision at a time.

Jessica Souza is a broker-owner and author. Connect with her on LinkedIn and Instagram.

Real estate is changing fast, and so must you. Inman Connect San Diego is where you turn uncertainty into strategy — with real talk, real tools and the connections that matter. If you’re serious about staying ahead of the game, this is where you need to be. Register now!

Compass faces no real harm from Zillow’s updated policy banning publicly marketed private listings from its platform, the portal said in a new legal filing on Monday.

In response to filings in Compass’ antitrust lawsuit challenging Zillow’s private listings policy, the nation’s largest real estate portal said that Compass waited until near the deadline to go to court and was seeking to “turn back the industry-wide status quo of transparency and liquidity.”

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“Zillow provides maximum transparency and has become a trusted resource for millions of users, who are able to use Zillow to find buyer agents who represent their best interests rather than relying on listing agents whose duty is to the seller,” the company wrote in its filing.

It was Zillow’s first response in court to the lawsuit Compass filed a week ago. On Friday, Compass also asked the judge overseeing the case to file a preliminary injunction on Zillow’s updated listing access standards, which require listings to be filed on the MLS and therefore on Zillow within one business day of any public marketing.

The policy seemed to take aim at Compass’ 3-Phased Marketing Strategy, the first of which includes putting a listing on the brokerage’s private listing network without going onto the MLS. The first phase of a Compass listing under the strategy is known as a Private Exclusive.

“Put plainly,” Compass wrote in its complaint, “Zillow has granted itself the power to ban every Compass Private Exclusive listing from going to Zillow because of the way in which Compass markets and executes its Private Exclusive listing strategy internally and externally.”

In its lawsuit, Compass argued that its Private Exclusives were considered “office exclusives,” or exempt listings where the seller directs their agent not to widely disseminate a listing publicly. 

According to NAR: “The office exclusive listing shall be filed with the MLS but not disseminated to other MLS Participants and Subscribers.” 

A spokesperson for NAR declined to comment on whether Compass’ Private Exclusives were considered office exclusives under that definition.

“NAR is not a party to this lawsuit and has no comment,” the spokesperson said.

According to Zillow’s updated policy, a listing within a brokerage’s private listings network would violate the policy if that network is itself publicly marketed on the brokerage’s website.

“Compass would erect new barriers for buyers by making listings exclusive to each broker — resulting in reduced transparency, less market liquidity, and a more frustrating and less efficient experience for buyers and sellers,” Zillow wrote in its filing.

“Likewise, other entities that display for-sale listings to prospective buyers, including Compass, remain free to display such listings from any source, including the MLS, regardless of whether Zillow would display them,” it continued.

The legal filing was made in opposition to Compass’ request for expedited discovery.

Compass attorneys are hoping to receive from Zillow any communication between Zillow, Redfin, eXp and other brokerages, along with unspecified documents about what it calls the Zillow Ban, documents outlining Zillow’s interactions with certain MLSs, and more.

It also wants data about Zillow’s users and traffic, and documents related to competition in the real estate portal market.

In its filing, Zillow wrote that the request was unreasonable.

“Compass’s requests seek potentially hundreds of thousands of documents (if not more) and terabytes of highly confidential data,” the attorneys wrote. “Compass, without seeking leave, has also indicated that it will seek fact depositions and expert discovery.”

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