Reading the Tea Leaves on Clear Cooperation

A couple of recent earnings calls sketch out how things may unfold

If you told me in November of 2023, right after the Sitzer v. NAR decision was handed down, that in February of 2025, the number one topic of discussion for the entire industry would be Clear Cooperation Policy… I don’t think I would have believed you. There are, frankly, many far more important structural issues as a result of that decision and the subsequent settlements.

Yet here we are.

I have taken the position that CCP is dead, no matter what happens at the policy level. Incentives matter, and the incentives post-settlement are aligned to get rid of CCP. (And much else.) But thinking about incentives can pint to longterm outcomes, but they’re not great for some of the details: how and when.

Three recent earnings calls, I think, provide a bit more insight into the how and the when. Granted, I am engaging in the most profound of reading tea leaves, but hey, we specialize in informed speculation around here.

Without further ado, let’s get into it.