Real estate disruptor sues to break insiders’ commission-pumping scheme
Cato Institute's Sam Spiegelman writes in the OC Register about REX's efforts to break the traditional real estate industry's cartel and give consumers better outcomes
“Online brokerage Real Estate Exchange, Inc. (REX), which uses groundbreaking machine-learning to bypass MLS and match potential buyers and sellers with a precision unimaginable before the digital age, has been leading the fight to reduce commissions and put money back into consumers’ wallets. It recently sued Oregon for abetting NAR by prohibiting brokers from rebating a part of their NAR-set commissions, preventing intrepid brokers from effectively lowering their rates on the back end. REX’s latest lawsuit in a Seattle-based federal court claims that NAR, Zillow, and Trulia have extended the former’s nationwide monopolistic scheme, though without official assistance in every state.”
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