This article describes the private housing transactions that are emerging as a large portion of Moscow's housing stock is transferred into private ownership and becomes available for sale or rent. An industry of real estate brokers is developing to facilitate those transactions. The structure of this industry is evolving and, so far, reflects the fragmented nature of the housing market it serves. No industry-wide practices or standards have been developed. It is not clear if the U.S. model for maximizing information available to real estate brokers and their clients in the multiple listing service based on exclusive listing contracts will be followed in Moscow, or even if this is the model best suited to the Russian housing market. Furthermore, the nature and timing of government regulation of real estate brokerage will require careful design to avoid restricting competition and limiting the efficient pricing and housing mobility that can result from a well-functioning real estate market.