Online real estate agents get favour from US court

WASHINGTON - The Justice Department gave online real estate brokers — and potentially their clients — a boost on Tuesday by forcing a new industry policy opening access to home listings the agents were previously denied.
In a court settlement, government attorneys said the National Association of Realtors could no longer discriminate against Internet-based agents by blocking them from the group's multiple listing service, a database of for-sale properties.
Online agents often charge lower fees and allow consumers to review listings at their own pace.
"When there is unfettered competition from brokers with innovative and efficient approaches to the residential real estate market, consumers are likely to receive better services and pay lower commission rates," said Deborah A. Garza, deputy assistant attorney general for the Justice Department's antitrust division.
The National Association of Realtors eased some of its policies against online brokers when the Justice Department filed suit in September 2005. The group called Tuesday's settlement a "win-win" and noted that it will neither pay a fine nor admit any liability as part of the agreement.
"Today I can say with the clear knowledge — reinforced and underscored by DOJ's settlement compromise — that the real estate industry is dynamic, entrepreneurial and fiercely competitive," NAR President Richard F. Gaylord said in a statement. "Thanks to Realtors, consumers can access detailed information about millions of properties for sale across the country."
The Justice Department and Federal Trade Commission released a report last year that said limits on discount brokers' access to Web listings of for-sale properties has prevented consumers from receiving the cost savings and other benefits that online competition has brought to other industries.
The report found that more consumers use the Web when house hunting than rely on "For Sale" yard signs.
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