Real estate brokers in the hot seat as Congress Investigates

The fight over who competes in real estate sales went to a new battlefield this week as representatives of consumer groups, brokers and government agencies clashed before a House subcommittee. Few participants pulled any punches. Speaking on behalf of NAR was president-elect, Pat Vredevoogd-Combs. She argued that National Association of Realtors (NAR) membership is open to all, including discounters. NAR does not encourage [tag]price-setting[/tag]; it has a compliance policy in effect saying that pricing decisions are to be made independently by each firm.

As for the discount brokers contention that full service brokers often won’t show their listings to the discounters’ buyers,

Real Estate Riches: How to Become Rich Using Your Banker\'s Money

The full-service brokerage industry, as represented by the [tag]National Association of Realtors[/tag] (NAR), has fought to maintain the status quo. In nine states, for example, there are minimum-service laws that effectively force all agents to provide full service – [tag]real estate agency discounters[/tag] would otherwise be willing to offer limited services and charge home sellers much less than the traditional 6-percent commission.

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