Michigan MLS Hit With Antitrust Suit – Limited Service Brokers – Limited Service Listings
Limited Service Broker Michigan MLS Suit
• Michigan MLS Slammed with Suit – Contact Us: 305-772-1173
October 18, 2010 – Michigan’s largest multiple listing service has been named in an antitrust lawsuit that claims MLS policies allegedly aimed at hindering limited-service brokers stifled competition, resulting in tens of thousands of home sellers paying inflated commissions to full-service brokerages…
The lawsuit maintains that Realcomp’s board members and shareholders — primarily full-service brokers — intentionally tried to limit competition from limited-service brokers.
Limited-service brokers often employ exclusive agency listing agreements, which allow them to charge a nonrefundable, flat fee to clients who want their homes to be listed in the MLS. Depending on the level of service desired, sellers may owe the listing broker nothing more when their house sells, although they must pay cooperating brokers who bring a buyer to a transaction…
Canadian MLS Strikes Deal With Feds
• Realtors in Canada keep grip on MLS in deal with feds*
October 14, 2010 – Canadian homeowners will be able to list their homes on the Multiple Listing Service for a flat fee, but they’ll still have to compensate any real estate agent who brings a buyer to their doorstep, according to the confidential terms of a deal between the industry and Ottawa’s competition watchdog…
Justice Department Reaches Settlement With Consolodated Multiple Listing Service Inc.
• Settlement Will Result In More Choices, Better Services, and Lower Commission Rates for South Carolina Consumers*
Washington – Monday, May 4, 2009 – The Department of Justice announced today that it has reached a proposed settlement with Consolidated Multiple Listing Service Inc. (CMLS) that requires CMLS to change its rules to allow low-priced and innovative brokers to compete with traditional brokers in the Columbia, S.C., area. The Department said the rules caused consumers to pay more for residential real estate brokerage services in the Columbia area…
“Today’s settlement will remove unlawful impediments to competition for real estate brokerage services in the Columbia area and will lead to more choices and lower brokerage fees for South Carolina consumers,” said Christine A. Varney, Assistant Attorney General in charge of the Department’s Antitrust Division. “For most Americans, purchasing a home is the most significant purchase of their life. This settlement demonstrates the Department of Justice’s continuing commitment to preserve competition in the real estate brokerage industry.”
The War Against MLS Continues
• Buying or selling a home is the most significant transaction in most peoples lives*
May 06, 2008 – “Today’s lawsuit seeks to remove unlawful impediments to competition for real estate brokerage services in the Columbia area, so that consumers will benefit from the additional options and reduced fees that competition can bring.”
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