The National Association of Realtors reached a settlement with the Justice Department yesterday to offer discount brokers who offer cut-rate commissions — particularly those working on the Internet — access to the multiple listings services that are the backbone of the industry for traditional brokers. The suit charged that the the NAR, which had been blocking their access to these listings, was stifling competition and hurting consumers.
The big question is: can you blame the NAR for doing this? Some predict that the increased competition will now lead to a 25 to 50 percent drop in commissions. This is good for consumers and businesses looking for real estate, but what about the traditional realtors? Was the NAR monopolizing the industry, or just protecting their own? How would you have acted?
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