REX CEO Applauds DOJ's Filing of Antitrust Case Against the National Association of Realtors
The lawsuit alleges that the NAR "established and enforced illegal restraints" on competition in the market.
(AUSTIN, TEXAS, Thursday, November 19) — The U.S. Department of Justice announced today the filing of a civil lawsuit against the National Association of Realtors (NAR) for its anti-competitive practices. REX, which has worked to upend the traditional real estate industry and its unfair practices since our founding, applauds the DOJ’s action.
Statement from REX CEO and Co-Founder Jack Ryan:
“As the tech company founded to upset the old real estate industry by offering much lower fees and better experiences for homeowners, REX and our customers have firsthand experience with the predatory real estate broker behavior that the DOJ's action today addresses. We have been working with the DOJ to share with them the many ways that the NAR and the MLS set their practices to extract money from home buyers and sellers.
“We applaud the DOJ for demanding that big real estate and their agents quit concealing $60 billion of excess annual fees that Americans pay, and the brazenly anti-competitive practices that make it two to three times more expensive to sell a home in the U.S. than anywhere else in the developed world.
REX built itself as the singular consumer-first solution in real estate, and we will continue to develop products and services that bring trust and transparency—long absent, as shown in DOJ's complaint—to buying and selling a home. We will continue to put the customer first at REX.”
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