Real Estate Commission Practices And The Internet
The United State Government has filed a lawsuit in Federal District Court against the National Association of Realtors over the Association's apparent unwillingness to share online listings with online real estate brokers who are willing to discount the normal 5-6% commission structure commonly used across America. The U.S. Government's acting antitrust chief, J. Bruce McDonald, stated according to the 9 September issue of The Wall Street Journal, that the Association's policies "stifle competition to the advantage of some of its members, at the expense of home buyers and sellers across the country."
The Journal reporters, John Wilke and James H. Hagerty, reported that Mr. McDonald "said online commerce brought innovation and lower fees to air travel, stock sales, insurance, music and other markets."
Again we have the Internet about to change another business tradition just as it has already done with countless other mainstream industries. And of course beyond changing business practices the Net continues its assault on daily life ranging from basic information to how candidates run for public office. The Internet is relentless in causing change.
Gasoline prices are going sky high, but at least real estate commissions will soon be declining.
Jupitermedia CEO Alan Meckler
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