Ten years ago, the National Association of Realtors struck a deal with the Department of Justice that dictates how online brokerages can display listings. That 10-year old settlement and consent decree will expire in November of this year, giving NAR the opportunity to alter MLS rules amid mounting technological innovation.
Despite the opportunity for change, NAR is not planning to change the MLS. A NAR spokesperson said the current system for multiple listing services promotes healthy competition in the real estate market. The spokesperson continued that NAR will not make rules restricting MLS listing data from third-party websites, either.
- The 10-year old settlement and consent decree between NAR and the DOJ is expiring on November 18th, 2018
- NAR does not plan to alter MLS policies regarding how online brokerages display property listings online
- NAR hopes to continue promoting competitiveness in real estate brokerages through the current MLS system
NAR will have the opportunity to demonstrate the breadth and depth of competition in the real estate and brokerage industry at a public workshop held by the DOJ and Federal Trade Commission.
NAR’s General Counsel Katie Johnson released the following statement regarding innovation and competition in real estate brokerage and the upcoming DOJ and FTC workshop:
“The National Association of Realtors asserts that the real estate market is vibrant, healthy and vigorously competitive. Technology innovation in the real estate industry is robust, and the notion that real estate isn’t highly competitive and listing data not readily available is unsubstantiated.
“To the contrary, a wealth of listing data is available to consumers and technology companies from a multitude of sources, and Realtors provide their clients and consumers with more real estate information today than has ever been available.”
“Further, the notion that innovation is spurred by providing real estate data to technology companies without any restrictions is simply erroneous.”
“In fact, in most cases MLSs do not restrict listing data from third-party websites but instead leave the determination of what third-party listing websites will receive and display to the individual MLS participants whose listings are included in the MLS.”
“Having one national property database with free and unrestricted access as some envision may be unrealistic, as this could lead to a degradation of information, or a tragedy of the commons, and others in the industry agree.”
View the original article at Rew-online