What does it mean? DOJ and National Association of Realtors settle lawsuit
"On May 27, 2008, NAR and the U.S. Department of Justice reached a favorable settlement, concluding a two-year DOJ investigation (followed by two and a half years of litigation) regarding NAR's multiple listing policy as it pertained to the display of listings from the MLS on brokers' virtual office Web sites, or VOWs"
The tone of the NAR announcement makes it appear that the NAR's position was largely upheld. That the MLS is an internal tool to be used by Realtors during the conduct of broker to broker business. It is not a platform for the public and the information contained in the MLS system can be controlled in terms of where the information also appears.
Laurie Janik, NAR chief counsel, continues by saying:"The terms of the agreement preserve and strengthen the MLS as a means for broker-to-broker cooperation..."
In many ways I am not sure what the above really means to consumers. I suspect the issue that triggered the suit, discount brokers and the display of co-broker listings, is somewhat settled. In other ways I think the public's view of the Internet has moved on and Realtors will continue to adapt to the market realities.“This will ensure that MLSs are used for what they were originally intended to do — to help real estate professionals find buyers for people who want to sell their homes.”
A further quote from the NAR website article:
As a tech savvy RE investor or homeowner do you see the above having any real impact? What might that impact be?"NAR will be reinstating an updated version of its Virtual Office Web site policy. That policy was rescinded in 2005 when DOJ challenged certain provisions. The revised policy continues to protect the rights of sellers who do not want their property or their property’s address displayed on the Internet. The new policy also protects sellers from having false or other unwanted information about their listings appear on the VOW of an MLS member."
If you happen to be a Realtor how will this change the way you conduct your business?
If you
found this blog post helpful, entertaining, or
inspiring,
please pass it along to someone
you think will benefit from this entry.
Thanks for your time.
