New Rule Opens Door for Online Real Estate Brokers

Posted by Sun on May 28, 2008
Post viewed 423 times, 3 so far today

Advertisements

and home buyers could save hundreds or thousands of dollars on commissions as online real estate brokers can compete with their local counterparts more effectively.

The Justice Department yesterday announced that it has reached a tentative settlement with the National Association of Realtors on an antitrust lawsuit that accused NAR of discrimination against online real estate agents by denying them the access to MLS databases. A key allegation of the lawsuit is that current NAR rules “obstructed real estate brokers who use innovative Internet-based tools to offer better services and lower costs to consumers.” And one of the “innovative” tools is rebates offered by the buyer’s agent.

According to a USA Today article which quoted Deputy Assistant Attorney General Deborah A. Garza of the Justice Department’s antitrust division as saying that the settlement

really does free brokers generally to engage in whatever they feel is the most efficient and effective way to compete.

because it can lower the cost of buying a house. The Justice Department’s antitrust division also has an online rebate calculator to help home buyers figure out how much money they can save if the buyer’s agent does offer a cash rebate, as well as a list of stats currently banning such rebate (New Jersey, unfortunately, is one of them :( ).

As the internet has changed our shopping experience and saved us money at the same time, the new settlement, if approved by the court, can be expected to bring fresh ideas into the way we buy/sell homes. So if you are buying a home, make sure to check if there’s any online realtor operating in your area and don’t forget to ask whether the agent you choose offers rebates.

If you enjoyed reading this post, please consider subscribing to my full RSS feed (What's RSS feed?). Or you can also choose to have free daily updates delivered right to your inbox.

Featured Financial Products
Related Articles You Don't Want To Miss
Categories : Personal finance, Real estate Tags: , ,

Advertisements
Trackbacks & Pingbacks
2 Comments
Share Your Thouhgts
Your opinion matters. Please use the form below to share your thoughts on New Rule Opens Door for Online Real Estate Brokers with us.

(required)

(required)


Recent Entries