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Internet-Based Realtors Win Monster Settlement

Posted by kdawson on from the disintermediation-works-eventually dept.

coondoggie writes "Until today, most Internet-based real-estate brokers were considered second-class citizens, and their clients were left in the cold. But perhaps that will change with today's news that the Department of Justice has reached a proposed settlement with the National Association of Realtors that requires NAR to let Internet-based residential real estate brokers compete with traditional brokers. NAR has agreed to be bound by a 10-year settlement, under whose terms NAR will repeal its anticompetitive policies and require affiliated multiple listing services to repeal their rules that were based on these policies." Here's the whole settlement document on the DoJ's site.

4 of 337 comments (clear)

  1. Re:Won't change a thing by Vectronic · · Score: 5, Funny

    "I happen to have three realtors on my doorstep..."

    Shit, is this a new fad like pink flamingo's and garden gnomes?

    "...and they sing the same song..." Aww, a triplet, do they dance too? If I tickle the right ones tummy, does he give me the key to your house?

    Now I want realtors for my porch.

  2. What about Realtors' conflicts of interests? by whoever57 · · Score: 5, Interesting

    Wake me when someone acts against real estate agents who are supposed to be representing the buyers stop getting commissions paid by the sellers. This is an obvious and massive conflict of interest.

    I saw an item on TV where agents were saying that sellers wanted to place their houses with agents on the basis that the buyer's agent got a larger commission. Now, why would they do that if they did not think it would influence the AGENT of the buyers? If the seller can influence the buyer's agent, there is something deeply wrong.

    Can someone explain to me how this obvious conflict of interest has persisted for so long?

    And before anyone tells me that a realtor is necessary -- I bought a house in the US (for several hundred thousand dollars) with no agents involved on either side of the deal.

    --
    The real "Libtards" are the Libertarians!
  3. Re:Great. by Anonymous Coward · · Score: 5, Insightful

    so seeing yet another major industry be dragged into the 21st century economy is interesting to a lot of folks. "Realtors" are a cartel, not an industry.
  4. Re:Great. by mrbluze · · Score: 5, Funny

    Just pass on by the ones you don't want to read Nah, half the fun of this site is to get annoyed and stamp one's feet at stuff randomly.
    --
    Do it yourself, because no one else will do it yourself. [beta blockade 10-17 Feb]