New brokerage Showings bets on buyer leads over listing commissions

A new real estate brokerage aims to eliminate traditional listing agents and listing fees altogether — a model its founder says could challenge decades-old assumptions about agent compensation.

Showings announced it will officially launch May 22 in New York City, Atlanta, Chicago and Orlando.

The company describes itself as the first nationwide real estate brokerage built without traditional listing agents, a structure leaders say is designed to help homeowners increase buyer exposure while keeping more of their equity.

“We’re utilizing our platform and our AI along with other technologies to make the listing easier,” Showings founder Aaron Mighty told HousingWire. “So, whereas a list would normally take 20 minutes, we’ll probably knock it down to somewhere between three and five minutes.

“It’s not a difficult process anymore. It’s just a matter of letting sellers know we’re out there and we’re available.”

The no-listing-fee structure is built exclusively for primary homeowners who occupy the home they’re selling, according to Showings’ website.

Initial rollout across four markets is intended to serve as a testing phase — allowing the company to gather operational data and refine its model ahead of broader national expansion.

How the model works

Mighty acknowledged that many people ask how a brokerage can operate without listing agents.

Showings employs what it calls assisting agents — licensed real estate agents who are not paid commissions but assist sellers in getting homes listed using the company’s platform and artificial intelligence tools.

Assistant agents are essentially referral agents who can work for any other brokerage. They sign up at assistingagents.com, specify markets they can support and list homes for free.

“I think an agent has to look at this and say to themselves, ‘Well, if I close 20 seller side transactions and 10 buyer side transactions, that’s 30 transactions total,’” said Mighty. “Then they can say, ‘If I can close 30-plus buy side transactions, I’m still making the same kind of revenues I made the year before.

“In fact, they can say, ‘Now, not only am I closing the 30 transactions on the buyer side, I have all these additional leads that I can refer out to other agents in the network and get paid back a referral fee.'”

Buyer inquiries, showing requests and leads generated through listings are sent directly to the agent. Showings says agents do not pay for the leads.

Agents can work the leads themselves or refer them to other agents in the network in exchange for a 30% referral fee, according to the company.

Mighty said the assisting agents network includes 847 agents covering 38 states — with a goal of reaching all 50 states within 60 days and adding at least 2,000 more agents.

Revenue, buyer agent compensation

Showings generates revenue through a referral fee from the buyer’s agent rather than charging sellers.

Under the model, sellers agree to pay a 3% commission to the buyer’s agent — with 2.5% guaranteed to that agent and 0.5% returning to Showings as a referral fee, Mighty said.

“The concept is really to bring in as many sellers as possible in order to generate as many potential leads as possible,” he said. “Obviously, if you bring in 25 or 50 leads to a house, well, they’re not going to all buy that same house — impossible, only one person buys that house.

“Then you have another 24 or 30 or 40 or 50 other leads to essentially create business, and that’s where our business model should be able to sustain enough revenue to continue to grow and expand.”

Regarding legal settlements that made buyer agent compensation negotiable, Mighty said Showings believes it is in the clear because it operates as a private listing network.

“If the seller agrees to be in our listing network, they’re going to agree to the 3% commission and forego having to pay a listing side commission, so we’re in the clear of that for now,” he said. “Do I expect lawsuits? I do. I don’t think the lawsuit’s going to come from the seller.

“That’s because we’re essentially cutting their commission [costs].”

MLS access, industry implications

Despite operating without listing agents, Mighty said every Showings home still gets listed traditionally on the multiple listing service (MLS).

Because assistant agents are licensed real estate agents who belong to their own brokerages, they maintain MLS access and syndication to major real estate websites.

Mighty said the company is in discussions with a smaller MLS in its region about a potential partnership.

“Forget about the theory that the listing is the king,” he said. “This new business model says the buyer is the king. I want to get as many buyers under my belt as possible, and if I need to refer those to other agents in the network, great — I do less work and I make more money.”

Showings said its long-term goal is to modernize the home selling experience through a fee-free structure “centered on savings, efficiency and buyer activity.”