…Realogy is now syndicating all of their listings to Zillow. But this won’t come as a surprise to regular 4realz readers, since I mentioned that was likely to happen last week based on a message from a tipster…

“The only listing announcement related to the three companies in the “tip” I see coming out of NRT is that they are sending their listings to Zillow since they are already (presumably) sending listings to Trulia and Frontdoor.”

However, there’s more juice to this story!

Turns out that not only is Realogy (and that means Coldwell Banker, ERA, Sotheby’s International Realty, The Corcoran Group, and Century 21) adding all of their listings to Zillow, but they (or at least NRT, which includes all of those brands except Century 21) are apparently taking some of their ad money out of Realtor.com. Here’s how one tipster phrases it:

“Starting February 13 agents have 3 days to buy the exclusive office spots at a 10% discount. After that NRT associates can purchase other NRT offices unsold spots for 30 days. NRT funding of agent branding goes away on R.com and agents can pay $99 a year to get that back.”

The way it was described to me by a Coldwell Banker insider is that NRT is just looking to shift some money associated with one product (Featured Homes).   And while it is significant that some money is being shifted out of R.com at the corporate level,  it was viewed as more as an adjustment than a wholesale change in strategy.

Even if it is just an adjustment, I think it is safe to say that Realogy’s new strategy does not bode well for R.com’s negotiating strategy with the other big brokerages.