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NAR, DOJ Reach Settlement

NAR, DOJ Reach Settlement

avatarthumbnail.jpgFor the last couple of years, the standard battlecry of the anti-Realtor set has been “wait until the Department of Justice is through with NAR! They’re going to turn the real estate industry upside-down!”

Um, no.

From the Department of Justice: “The Department of Justice announced today that it has reached a proposed settlement with the National Association of Realtors (NAR) that requires NAR to allow Internet-based residential real estate brokers to compete with traditional brokers. The Department said the settlement will enhance competition in the real estate brokerage industry, resulting in more choice, better service, and lower commission rates for consumers.”

And from the National Association of REALTORS: “The National Association of Realtors has reached a favorable settlement with the U.S. Department of Justice, resolving litigation between them regarding how listings from multiple listing services are displayed on brokers’ virtual office Web sites.”

NAR’s press release also says that the settlement validates what NAR has contended from the get-go … that the Multiple Listing Service is an inter-broker tool that facilitates the sale of real estate and not an entity in the public domain.

I’ve made that argument myself for the past two years. No one expects to be able to list their living-room sofa for sale on Ikea’s website but everyone believes they have a divine right to list their home for sale on the MLS without agreeing to work with a broker who is an MLS member.

Well done on the settlement. Now let’s move forward and sell some homes.

[tags]Phoenix real estate, NAR vs. DOJ[/tags]