NAEBA warns private listings can weaken buyer protections

The National Association of Exclusive Buyer Agents says private listings and limited property data can put homebuyers at a disadvantage and raise fiduciary-duty concerns. The group’s warning follows comments from Realtor.com CEO Damian Eales that the industry is being tested on transparency and fair treatment of consumers.

Why it matters: - NAEBA says homebuyers risk making the biggest financial decision of their lives without full access to the facts that shape price and value. - Limited listing data can leave buyers without key details such as listing history, price cuts, days on market, comparable sales and known property concerns. - The group argues that reduced transparency can tilt negotiations toward sellers and away from buyer protections.

What happened: - The National Association of Exclusive Buyer Agents warned that the growth of private listings, pocket listings and fragmented property data raises questions about fiduciary duty in real estate. - The warning followed comments from Realtor.com CEO Damian Eales at the National Association of Realtors’ MLS Forum in Washington, D.C. - A June 24, 2026, Real Estate News article by Andrea V. Brambila reported that Eales said the industry faces a test over cooperation, open markets, transparency and fair treatment of consumers. - Eales also said agents’ fiduciary duty is “being tested” as some listing practices limit access to property information.

The details: - NAEBA said private listings and limited access to property data may prevent homebuyers from seeing complete information before making an offer. - Eales said the industry must decide whether it is “pro-cooperation,” “pro-open markets,” “pro-transparency” and committed to fair treatment for buyers and sellers, according to Real Estate News. - He also praised the U.S. multiple listing service system for helping “end asymmetry of information” and ensuring consumers benefit “on equal terms,” according to the same report. - Eales warned that the market could move toward a system where information is not shared and only some people can properly value a home. - Benjamin Clark, NAEBA president and owner of Homebuyer Representation in Salt Lake City, said fiduciary duty is a legal and ethical obligation to put the client’s interests first. - Clark said buyers denied complete listing information may not be able to make fully informed decisions. - Mike Crowley, a NAEBA board member and owner of Spokane Home Buyers, said buyers cannot fairly evaluate a property without access to listing history, price changes, days on market, comparable sales and known property concerns. - Victoria Henderson, a NAEBA board member and owner of HomeBuyer Brokerage, said the cleanest way to protect a buyer’s fiduciary relationship is to remove the seller-side conflict entirely. - NAEBA members only represent homebuyers and do not accept listings, advertise properties for sale or represent sellers. - NAEBA said that structure avoids conflicts that can arise when the same firm represents both buyers and sellers. - NAEBA said it was formed in the mid-1990s after dual agency allowed traditional brokerages to collect commissions from both sides of a transaction. - The group said it was created to advance standards and ethics for buyer-clients. - NAEBA said Exclusive Buyer Agents have been recommended by HUD, Kiplinger, Consumer Reports, the Consumer Federation of America, NerdWallet and others. - NAEBA urged buyers to ask whether an agent represents buyers only, represents sellers, takes listings, earns compensation from both sides of a deal, reviews disclosure and pricing history, and owes full fiduciary duties. - Henderson said buyers should understand exactly who the agent represents before sharing financial information, touring homes or making an offer.

Between the lines: - The dispute is not just about technology or marketing. It is also about who controls information in a transaction where buyers usually have less leverage. - NAEBA is framing private listings as a consumer-protection issue, not a brokerage strategy issue. - Eales’ comments give NAEBA a high-profile industry quote to anchor a broader warning about transparency.

What's next: - NAEBA is pressing homebuyers to vet representation carefully before entering the market. - The broader industry debate over private listings and access to property data is likely to continue as brokers weigh seller choice against consumer transparency. - Buyers who want full representation are being steered toward exclusive buyer agents who do not work for sellers.

The bottom line: - NAEBA says buyer loyalty and full market access should go hand in hand, and private listings threaten both.