Historic MLS Settlement
Many of you probably heard that the Department of Justice and National Association of Realtors. have just settled their long standing dispute regarding the competitiveness of Multiple Listing Service practices. So, what have we gained after two years of government investigation and two and a half years of litigation? DOJ says that NAR will now "repeal its anticompetitive policies," and will promise not to be anticompetitive in the future. That's it, no more anti-competitiveness? I just don't see how this legal exercise will have much of an impact on our industry.
The government is not requiring the payment of any fines, nor the admission of any wrong-doing. The NAR IDX policy remains unchanged, their revised VOW policy will become permanent and MLS data will continue to be reserved for the use of professional real estate brokerages. No big news here. The most significant result? The elimination of "opt-out" practices that allowed brokers to prevent their listings from being shown on competitors'
websites. However, many brokers have long since realized that the widespread distribution of their listings is the most beneficial practice. At the same time, this settlement also says that a seller still has the right to control under what circumstances their listing may be shown on the Internet.
Over two years ago, we made the decision at RE/MAX that the best course was to provide the consumer with ALL available listings, without any online registration. Today, remax.com is the most visited website among all our competitors. The free marketplace decided where the best services could be found.
Of course, both sides are claiming victory, but I see the results of this settlement as more favorable to our industry. Most importantly, the NARleadership did not back down. They fought the good fight and represented our interests very well. We should all be grateful for their unwavering commitment.
I think the real estate industry will move forward very much like it has in the past, regardless of this settlement. The marketplace will always decide
what system works best and which companies will survive.
Pasadena Real Estate | Pasadena Homes For Sale | Pasadena Real Estate Agent
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