REX Demand Letter to MLSs Nationwide In Response to 11/19 DOJ Announcement
Letter demands access to all home listings for the benefit of the American consumer
|Nov 20, 2020|
(AUSTIN, TEXAS, Friday, November 20) — REX is following up on yesterday's historic announcement coming out of the U.S. Department of Justice which appears to be the first in a series of moves to dismantle anti-competitive and anti-consumer behaviors of the National Association of Realtors (NAR) and their MLS members.
The letter from REX, dated November 20, 2020, notified the nearly 600 MLSs nationwide of the DOJ's changes and demands access to home listings for the benefit of the American consumer. After decades of locking out non-MLS firms from showing homes to interested buyers, and prioritizing only those consumers willing to pay the predatory fees required by the NAR, the DOJ has barred this continued anti-consumer activity.
Key takeaways from the letter:
"[REX agents] should have the right to full use of your MLS electronic lockbox to access any and all properties listed within your MLS regardless of our affiliation to the NAR or your MLS."
"REX requests immediate access and use of the electronic lockbox associated with your Multiple Listing Service (MLS)."
"Specifically, we request your MLS to (a) transform your processes (online or otherwise) for Suprakey or other electronic lockbox access to not be contingent upon membership in your MLS; and (b) confirm to us in writing that (a) has been completed."
"Beginning November 30, 2020, REX Real Estate will chronicle all circumstances of non-compliance and inform both the Department of Justice of each instance of noncompliance."
Statement from REX CEO & Co-Founder Jack Ryan:
“Yesterday's historic announcement from the U.S. Department of Justice is only the first step, but a major one, in the breaking up of the cartel that has hurt so many Americans. Before we move on, let's take a moment to consider the decades of anti-competitive practices that have been swept away.
The immediate result is the National Association of Realtors and their MLS members can no longer bar any licensed agent from showing homes by blocking them from access to the Supra key, cannot claim any more that the buyer agent is “free”, can no longer prevent their members from disclosing the fee they are being promised by the seller for their buyer customer, and must dismantle the “boycott button” which had allowed traditional agents working with buyers to rank homes by the size of the commission which the seller is offering to the buyside agent.
This is a great win for the American consumer, and for REX. We will continue to build the technology and services that erase the $60 billion extracted from consumers each year by the National Association of Realtors-led cartel and help millions of Americans achieve their dream of homeownership.”
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