Zillow says no to compass deposition of Lloyd Frink
Frink was at Zillow/Compass Meeting
The submission includes extracts of statements, so we learn that Compass and Zillow -executives met on April 1, just over a week before Zillow announced his policy. The meeting was asked by Compass CEO Robert Reffkin. According to the deposition of Zillow’s Chief Industry Development Officer Errol Samuelson, performed at the end of August, Frink attended this meeting and his presence was intended to ‘show how serious [Zillow was] About trying to find a solution. ”
Samuelson stated that he hoped that the meeting would “encourage compass to support transparency.” Jeremy Hofmann, Zillow’s financial officer, added in his statement that Zillow hoped to create a “broader national partnership” with Compass.
According to Compass, Frink was ‘integral’ for these negotiations. However, Zillow argues that Compass has already deposited three managers who attended the meeting of April 1 and that the broker did not demonstrate that Frink has information regarding the motion of Compass for a provisional order. The submission notes that Frink, unlike other Zillow managers, has not been involved in continuous negotiations and discussions with Compass.
Zillow pushes back
Zillow argues that the departure of Frink is unnecessary and the desire of Compass to do this, “puts Zillow’s apparent effort into trouble by dropping off another senior executive.”
In addition to reducing the claim from Compass on Frick, Zillow also asked the court whether parts of some of the documents submitted in the case could be edited. According to Zillow, if some of the information is publicly available, this can cause Zillow ‘competitive damage’. If the court submits this request, would be part of a document entitled ‘Post Clear Cooperation Strategy’, of which Zillow claims his ‘detailed and confidential response strategy for various possible business scenarios’ contains. The motion adds that compass is not against this request.
In addition, Zillow also asked the court whether it can seal documents with its “views on his relationships with other participants in the real estate sector”, because it feels the public knowledge of this “would enable other market participants to adjust their behavior to responding to Zillow, including commercial negotiations.”
Submitted in mid -June, in the Pak Kompas claimed that Zillow’s policy will cause “irreparable damage” because it prevents lists of compass to be displayed on Zillow under the three -phase marketing strategy. Only a few days before the policy would come into effect on 30 June, Compass submitted a motion for a provisional order that would prevent Zillow from enforcing its policy. The two parties are currently discovered for a hearing about this motion, which is planned to start in November.
From the end of August, the private exclusive lists of Compass had more than 9,000 offers nationwide, according to an analysis of the technological strategist of the real estate sector Mike Delprete. However, Delprete says that after his report, “that metric quickly swung to an average decrease of 0.8% per day, a full change of 1.5% and the largest observable swing since I started following this data in July 2024.”
