I have a conflict of interest on this one, since I'm a RealtorŪ myself. Commission rates may seem especially high in a market where buyers are shopping for real estate on the internet. Personally, I try to balance those "easy" sales with the ones that want to make me lose my religion.
NEW YORK (Reuters) - U.S. antitrust regulators are preparing to sue the National Association of Realtors (NAR) over policies they believe will illegally restrict commission discounting and harm online competitors, The Wall Street Journal reported Monday.
The effort by the Justice Department and the Federal Trade Commission aims to protect buyers and sellers of homes and could help contain high real-estate costs in a booming housing market, the newspaper said.
The association is the nation's largest trade group for brokerage firms, agents and others involved in selling real estate.
The report, citing lawyers close to the case, said the
Justice Department is expected to charge that the association, in a pending bylaw, illegally adopted practices intended to stifle Internet-based rivals and discounters.
The competitors often charge commissions below the traditional 6 percent that is divided between buying and selling agents.
The NAR bylaw would allow its more than 1.2 million members to withhold property listings from online brokers, the newspaper said. The date for it to take effect, which has been delayed several times because of discussions with the Justice Department, is now set for this July.
http://money.cnn.com/2005/05/09/real...ex.htm?cnn=yes
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