The Department of Justice and the National Association of Realtors have settled an anti-trust lawsuit against the brokers. The feds alleged the Chicago-based organization was strangling competition. They say the realtors group limited internet brokers’ access to property listings.
Lucien Salvant is with the association of realtors.
SALVANT: There was never any discrimination intended toward anyone who was a virtual broker or online broker. It was to try to prevent folks from scraping the listings when they really weren’t in the real estate business at all.
As part of the settlement, the realtors group would give online brokers access to more property listings. The justice department says the settlement will reduce brokerage fees and increase competition among real estate agents. A U.S. District Judge in Chicago must review the settlement after 60 days of public comment.