Real estate anit-trust hearings
A major showdown is underway in Washington pitting the traditional real estate practitioners dominated by the National Associaction of Realtors against the new web-savvy discount practitioners.
While I am not taking sides in this epic battle, in the end consumers will ultimately decide who the winners and losers are in this battle for the $60 billion pot of commission that is up for grabs each year.
Discount and non-traditional real estate firms vented their frustration and rage at the powerful National Association of Realtors yesterday at an all-day hearing held by federal antitrust regulators.
Many long-standing grievances bubbled to the surface as panelists representing new kinds of real estate businesses spoke about ways they said the trade group had blocked them from full participation in the market. Several derisively called the Realtors group a “club” that excludes members who won’t play by their rules, such as adherence to the traditional 6 percent commission charged on home sales.
Discount Firms Blast Realtors [Washington Post]