| MLS: An equal opportunity? |
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| Written by Becky | |
| Wednesday, 28 May 2008 | |
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On Tuesday the Justice Department made new policies stating that Internet based agents have access to home listings. While the settlement still awaits court approval, it would mean a great change for the internet based Realtors. They have been denied access from over 800 MLS (multiple listing service) sites, which are associated with the National Association of Realtors. These MLS sites, show properties that are up for sale. A previous lawsuit was held in September of 2005, where government lawyers said the MLS denial was discriminatory. The settlement filed in the U.S. District Court of Chicago, allows online and residential property agents to both have MLS access. Deborah A. Garza, the Deputy Assistant Attorney General, with the Justice Department´s antitrust division, says that "It really does free brokers generally to engage in whatever they feel is the most efficient and effective way to compete," and that doing this should "should lower the cost of the transaction for buying a house." Online Realtors are known for discounted commission fees, and letting their clients look at listings in their own time. Studies have also shown that those looking to buy a property lean more towards internet searching then driving and searching for For Sale signs. The settlement, which has a duration of 10 years, should be placed into effect at least 60 days after court approval.
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