MegaCapital Hawaii
MegaCapital Hawaii

The National Association of REALTORS® (NAR) has announced a significant policy change that formally introduces "delayed marketing exempt listings" to the Multiple Listing Service (MLS) framework. Sellers will now have the option to withhold their property from public marketing—such as through Internet Data Exchange (IDX) and third-party syndication—for a specified period, while still making the property visible to fellow MLS participants.

Effective March 25, 2025, and with full implementation required by September 30, the policy is being introduced as part of a broader initiative titled "Multiple Listing Options for Sellers." It is designed to provide homeowners with greater flexibility and privacy when listing properties. NAR emphasized that this update emerged from months of consultations with MLS leaders, agents, brokerages, legal experts, and fair housing stakeholders.

This pivot formalizes what certain niche players in the real estate sector—such as Hawaii-based Private Listings and Luxury Big Island—have already been doing for years. The move implicitly acknowledges that some sellers value privacy, while some buyers prefer discretion. According to Harold X. Clarke, founder of both Private Listings and Luxury Big Island, "It's validation that the industry is recognizing what we've known for a long time: not every sale belongs on a billboard."

Quiet Sales Have Long Had a Clientele—Now They Have Recognition

Off-market transactions, also known as "silent sales" or "pocket listings," have historically served clients whose priorities differ from those of traditional real estate consumers. These include ultra-high-net-worth individuals (UHNWI), public figures, and multi-generational family estate holders who prioritize discretion and exclusivity over broad visibility.

Private Listings, which operates as an invitation-only platform, deals with transactions often exceeding $40 million. The properties are not searchable online, and access is restricted to vetted parties. Clarke and his team have described their role less as listing agents and more as real estate matchmakers, connecting opportunities with the right people quietly and efficiently.

Luxury Big Island, while publicly accessible, also offers a tailored service to high-net-worth clients. The platform features trophy properties across Hawaii, including gated estates and oceanfront holdings. Both entities are under the corporate umbrella of MegaCapital Hawaii Corp. Clarke says the approach stems from decades of working with individuals "who don't want their homes—or their intentions—on display."

Market Forces Are Moving Toward Customization

The announcement from NAR comes amid growing consumer frustration with a one-size-fits-all model for property transactions. According to Redfin, more than 15% of luxury home sales in major U.S. cities in 2024 were conducted off-market. In Hawaii specifically, internal data from brokerages suggests that nearly one in five residential sales over $10 million occur outside of the MLS system.

This market trend is not exclusive to luxury buyers. Some sellers have cited safety, timing constraints, or the desire to test pricing as reasons for avoiding immediate syndication. Clarke believes the shift reflects deeper changes in how people think about real estate: "For a while, technology dictated the rules—list it, blast it, sell it fast. But people are realizing that speed doesn't always align with value."

NAR's policy stops short of explicitly endorsing full off-market deals, but it carves out a sanctioned path for delaying public exposure. It also clarifies that one-to-one broker communications will not be considered public marketing under the Clear Cooperation Policy—a point that may benefit firms already operating in this gray zone.

Brokerage Identity Is Being Rewritten

NAR's revised guidelines bring fresh attention to the question of what role brokerages should play. Traditionally, listing agents have functioned as conduits between sellers and the MLS. But Clarke suggests that the future points toward a more consultative, problem-solving model. "We're deal sourcers. Our job is to understand the layers behind a transaction—not just find a buyer, but find the right buyer at the right moment."

By offering multiple paths to market—from public listings to ultra-private introductions—firms like MegaCapital Hawaii are challenging the idea that MLS participation alone equates to client service. While the new NAR policy still requires listing within one business day of public marketing, the option to delay that exposure now creates more maneuvering room.

Whether other brokerages will follow suit remains to be seen. But Clarke is not expecting Private Listings or Luxury Big Island to become mainstream. "Our model isn't for everyone," he says. "But for the people who need what we offer, nothing else works."

Local Rollouts, National Implications

As individual MLS systems now begin setting their own timelines for delayed marketing periods, brokerages and clients alike will be watching closely. The policy allows for local discretion, which could mean varied experiences across the country depending on how each market interprets and applies the new rules.

For those already working with high-discretion clients, the changes may not shift operations drastically. But the regulatory cover now offers legal and professional legitimacy to what had long been viewed as an unconventional approach.

What remains consistent, regardless of policy, is the growing demand for customized sales strategies—especially at the top end of the market. Whether done quietly or loudly, the goal is the same: achieving the best outcome for clients in a way that respects their circumstances.