Hot Off The Press!
In a press release just out, it was revealed that NAR and the DOJ reached a settlement today after three years of litigation over the display of listings from the MLS on Virtual Office (VOW) Site. According to NAR, the final order validates their IDX policy and strengthens the rules governing multiple listing services.
President Dick Gaylord was quoted as saying “This is clearly a win-win for the real estate industry and the consumers we serve. Today I can say with clear knowledge, underscored by DOJ’s settlement compromise, that the real estate industry is dynamic, entrepreneurial, and fiercely competitive.”
The final order expressly provides that NAR does not admit any liability or wrongdoing, and will make no payments in connection with the settlement. And, according to NAR, the terms of the agreement vindicate the NAR position that the MLS is a broker to broker tool intended to serve real estate professionals who list or sell property.
Laurie Janik (one of my personal heroes) was quoted as saying “This will ensure that MLSs are used for what they were originally intended to do, which is help real estate professionals find buyers for people who want to sell their homes”.
Mark Lesswing pointed out that the new policy (which has to be adopted by MLSs and local associations to implement the amended VOW policy within 90 days of the court’s approval of the final order) comes at a time when brokers appear to be moving away from the VOW business model ,”..because consumers can find sites thoughout the Internet on which to gather information without having to register their name and contact information”.
So all in all , I think we can chalk one up for the good guys!
