[Disclaimer: I have business relationships with one or more of the companies mentioned herein.]

Was it merely three months ago when I wrote in my Seven Predictions for 2026 that private listings will go mainstream?

Why yes, yes it was.

Since then we have seen the Compass-Redfin deal go down (which I haven't written about because of vibe coding and things) and now... Howard Hanna knocks over the next domino:

HannaList will roll out in April, allowing listing agents and their clients to share properties with Howard Hanna buyer agents and their clients before widespread distribution.
Howard Hanna has launched a private listing network aptly named HannaList.
HannaList, powered by software company Ocusell, allows Howard Hanna listing agents and their customers to share listings with Howard Hanna buyer agents before distributing them broadly through the Multiple Listing Service (MLS) system. The company said in a statement that HannaList provides agents with valuable real-time insights into their listings, helping them “evaluate timing, positioning, and demand” before entering the broader market.
“This is about strategy and consumer choice,” Hobie Hanna, CEO of Howard Hanna Real Estate Services, said in a statement Wednesday. “Sellers should have more flexibility in how they bring their homes to market. HannaList allows them to understand buyer demand, adjust their positioning, and build momentum before their listings are widely distributed across the market.”
The company says HannaList was created in collaboration with regional partners including MLS Now and West Penn Multi-List.

We'll parse what this announcement means. I am likely to offer Voldemort thoughts: "those that must not be thought!" The real question I want to address is what this trend means for smaller independents and maybe what they should start thinking about, like real hard. And when "smaller" means "smaller than Howard Hanna" that's a lot of firms.

Let's get into it.

HannaList

Read the Inman story if you'd like, but the news is more or less what you expect here. Howard Hanna found a vendor (Ocusell) to create a private listing network (PLN) for Howard Hanna agents.

The key phrase might be here:

HannaList, powered by software company Ocusell, allows Howard Hanna listing agents and their customers to share listings with Howard Hanna buyer agents before distributing them broadly through the Multiple Listing Service (MLS) system. The company said in a statement that HannaList provides agents with valuable real-time insights into their listings, helping them “evaluate timing, positioning, and demand” before entering the broader market. [Emphasis added]

I mean, yes, of course that's how PLNs will work going forward. The listings aren't "off" the MLS per se, since 9 out of 10 of them end up on the MLS anyhow; they're simply "before" the MLS.

If that makes you think of Project Upstream, it means you are old. At least old in the industry; not old like me going decrepit with each passing day.

In any event, HannaList will be rolled out in April to the roughly 15,000 Howard Hanna agents across 500 offices in 15 states throughout the Mid-Atlantic and Midwest. At least I assume so. It makes little sense for Howard Hanna to announce this and then not let their sub-brands like Allen Tate and FC Tucker participate.

If that were the entire story, then well... you may shrug your shoulders and return to work. Frankly, if you are an agent on the street, maybe you should do that anyway.

If, on the other hand, you are a brokerage, MLS, Association, or tech company leader you might want to keep going.

Data Control is a Game Changer

Towards the end of the article, we find this from Hobie Hanna:

“From a broker’s perspective…if you can organize your data well enough at a large enough scale, it’s going to be a game-changer over the next three to five years. A lot of brokerages aren’t doing anything with their data. It’s stagnant,” he said. “…We are currently working strategically with a number of partners on how to strategically distribute data. Whether it’s listings to create a more efficient marketplace to sell homes faster for consumers to buyers who are already approved and already on the market, they are ready to pull the trigger today.”
“That means you can spend less time on market, make more impact, and get a higher price.” [Emphasis added]

I happen to have some first-hand personal knowledge and experience with this and... well, the bigger deal in the HannaList is not that Howard Hanna is doing a PLN. The bigger deal is that Howard Hanna wants to and apparently is able to control its own data.

In my early efforts with NexusMLS, what I found is that most brokerages including a few quite sizable regional firms do not have what techies call a "data lake." They simply do not control or own their own listing data; that lives on the MLS. They often don't control their agent data; that often lives in the Association member management platforms. They don't control customer data; the agent controls that through her own CRM because she doesn't trust the broker with that info. Brokerages, it turns out, control very little data.

I have personally had the incredible experience of contacting MLSs on behalf of brokerages, asking for the PDAP feed (Participant Data Access Protocol) which is the broker's own data, and having the MLS have no idea what I was talking about, then making us jump through hoops, then taking 3 months to provide an answer, before we all gave up. So no, that broker does not control his own listing data practically speaking no matter how much NAR and the MLS will tell him he owns his data.

Which is one reason why MLSs get away with talking about "compilation copyright" and a few demand that the brokerage transfer ownership of listings and photographs to the MLS when entering a listing. What choice does the brokerage have?

What Howard Hanna is proclaiming here is that they are independent of the MLS as it comes to their own data. That's a far bigger deal than HannaList. When Hobie Hanna says they are working on "strategically distributing data" that does not mean "beg the MLS to send a data feed." That means Howard Hanna will send a data feed, under its own terms and its own licenses.

I have long warned of this coming if the MLS did not change. Well, that day is apparently here now.

The MLS "Partnerships"

Inman's coverage also says that Howard Hanna did this "in collaboration with regional partners including MLS Now and West Penn Multi-List." I can't say for sure, but I do think this is the first time I heard a brokerage refer to their MLS as a "partner." We also get this:

Garry Marsoubian, president and CEO of MLS Now, said HannaList is aligned with current regulations, particularly the National Association of Realtors’ clear cooperative policy that requires properties to be listed on the MLS within one business day of public marketing. However, there are policy exemptions that allow home sellers to stop (i.e., office-only) or delay (i.e., delayed marketing exemption listing) the distribution of their listings to a broader audience.
“MLS Now values ​​innovation that works within established MLS policies and supports transparency to consumers,” Marsoubian said in a written statement. “Howard Hanna’s approach shows how brokerages can implement new strategies while continuing to operate within the framework of Clear Collaboration and the broader MLS.”

I suppose if you're Garry Marsoubian, CEO of the MLS in Cleveland which is Howard Hanna's home turf, you don't have much of a choice right? Howard Hanna is likely his largest (or one of the largest) brokerages and they now have control over their own listing data.

You can call it a partnership if you'd like. Sorta like how Venezuela is a good partner to the United States now.

Project Upstream Went Downstream

For those old enough to remember Project Upstream, this vision of "something in front of, or upstream of, the MLS" was the dream of Realty Alliance and affiliated brokerages. That dream more or less died for a variety of reasons which we don't need to get into here, but one of the reasons was that the technology for doing something like this was difficult and expensive back in 2013. After a couple of years of looking for vendors and such, Upstream just kicked it over to NAR who funded it to the tune of $12 million to turn RPR into Upstream and to create AMP (Advanced Multilist Platform).

In 2013-2015, if you wanted a database separate from and in front of the MLS, $12 million is what it took. Probably more, with all the overhead and payroll and whatever else. So of course brokerages tried to come together to do it and then typical real estate governance problems doomed that.

In 2026, technology is advanced enough that Howard Hanna didn't need to do any of that. They hired a vendor and not a very large one like Corelogic or ICE, but a near-startup, who built them a data lake (of some kind, or so I hope), and some input/output modules. What NAR and $12 million couldn't really do in 2015, Howard Hanna did in 2026, because technology advances.

Upstream can and has gone downstream, to the individual broker.

Now What?

The first thought that should pop into your head, because it popped into mine, is that if Howard Hanna can and did do this, then there's no question that Compass, eXp, and HomeServices can and either did or will shortly do this too. Everyone about the size of Howard Hanna can and did/will go free of the MLS, at least in terms of controlling their own listing data.

The second thought that should naturally follow, if you are a brokerage leader, is "How do I do this too?"

The answer is that in 2026, it isn't technology that holds you back. It's politics and lack of will that hold you back. With AI, a reasonably competent technologist with skill and domain expertise can knock that out pretty quickly.

Which means that a brokerage of any size can get control over their own data if they want to. Whether that makes sense for a particular brokerage is impossible to say; I merely say that any brokerage can do it if they want to.

If you are an MLS leader, the second thought that should flow from HannaList is "Holy shit, what if they all do this too?"

The answer to that question is, they all will if they want to. The followup question for the MLS then becomes, Do they want to? Why?

I imagine that question will not be asked at the next board meeting of many an MLS. Instead, the directors will sit around discussing whether they want to allow such a thing, whether NAR rules permit it or not, or whether something like HannaList violates rule 17(b)(ii) of the MLS Policies or not. Then they will agree to continue the discussion at the next monthly board meeting. Maybe a few will agree to spin up a special Advisory Committee to investigate and come back with a report in 90 days instead.

Meanwhile, technology marches on.

For Smaller Independents

Consider this free consulting, worth what you paid. But I promised I would give you some things to think about as a smaller independent. As mentioned, "smaller independent" doesn't mean mom-n-pop shops; most companies in real estate are smaller than Howard Hanna.

There are, roughly speaking, three broad considerations.

1) Buyer or Seller

The first question you should be asking is if given all that has happened whether you are a buyer or a seller in the industry moving ahead. Compass + Anywhere has and will trigger a consolidation wave. Howard Hanna isn't going to stay #8 forever. Other big players will make big moves.

So it is reasonable to decide whether you are a seller now, and look to find a suitable buyer for the business, or if you are a buyer. Small companies get big all the time; it could be you. You just have to be clear-eyed about it and be intentional. Don't just sleepwalk your way into whatever comes next.

2) Self-Reliance

Whether you are a buyer or a seller moving forward, post-HannaList I don't know how any brokerage does not immediately investigate greater self-reliance. At a minimum, if the big dogs are hoarding the data (at least for a while) and you want to play ball, you gotta have something to bring to the table. Just wagging your fingers at them and lecturing them about fiduciary duty and consumer benefit probably are not getting you a seat at the table.

Those who want to make this into a moral religious crusade ignore that real estate is not a charity. Everybody is doing what they're doing to make money. The whole concept of a transaction is based on a trade: you give me money, I give you a house. What's the trade you're engaging in with the big boys? Give me leads or I'll call you names is not a trade.

Which means you gotta have something to trade as the world moves in the direction it's moving. Sticking to just the PLN issue, if your goal is to have Howard Hanna let you into their HannaList PLN, a reasonable ask might be, "Cool, what are you bringing to the potluck?"

The answer can't be, a fork. Or "You can find my listings in IDX." If you can't send a data feed, why would you expect to receive one?

3) The Zillow Factor

We simply can't leave a discussion of HannaList without at least addressing the Zillow Factor. Maybe you and your agents don't care about the MLS much. You and your agents and their sellers do care about Zillow.

ZLAS still remains in effect, and Zillow has (supposedly) begun ramping up enforcement. It has to be a consideration.

If you are independent and control your own data lake, as Howard Hanna does, that conversation goes differently than if your data is held by the local MLS. Maybe owned by the local MLS. The difference between deciding to turn on your data feed to Zillow versus going to the next MLS board meeting to submit a petition for the board to consider changing the rules such that you could make your data available to Zillow... is pretty stark.

The Compass-Redfin deal certainly has an impact in this consideration. Zillow is still king on on the Iron Throne but now it's Homes.com and Redfin as alternatives? If you controlled your own data feeds, maybe Redfin would like to talk to you. If you don't, then Redfin would prefer to talk to the MLS who actually controls the data feeds.

Conclusions

HannaList is not the end; it is the beginning. Compass led the way with its 3PM, then acquired Anywhere, and is currently busy rolling things out to that vast network. Hanna making the move clearly signals the direction for large dominant brokerage firms. Will the other national or big regional firms stay put? Maybe. But I don't think all of them stand pat. Which means the future direction is now knowable and known.

The MLS is rapidly on its way to becoming a "regional partner" from a "necessary utility." I say rapidly because I am confident in the ability of the MLS to react slowly, debate endlessly, and do committee meetings in lieu of taking action. The governance structure and ownership models of most MLSs all but dictate sloth-like responsiveness and speed. Not all, obviously, as some MLSs are led by powerful and influential CEOs who the board and the brokers trust; they might be able to react fast enough. They might be smart enough to ask the real questions:

"What do we do if they all do this?"
"Do they all want to do this?"
"Why?"

Most, however, will recite and rehash talking points from the days gone by, and rest confident in the knowledge that the agent on the street just loves, loves, LOVES the MLS and can't live without it.

I hope to be proven wrong about this; I fear that I am not.

-rsh