REX Submits Letter To Department of Justice Commenting On Realty Cartel's Anticompetitive Behavior
Big Brokers extract $60 billion in annual fees from American at a time when labor costs have been replaced by technology and AI
AUSTIN, TEXAS, Wednesday, February 17, 2021 -- REX has submitted a comment letter to the proposed final judgment in the Department of Justice's actions in their suing and settling with the National Association of Realtors (United States v. National Association of REALTORS®) for violations of antitrust law as written in the Sherman Act.
In the letter, REX urges the Biden Administration and the Department of Justice to protect consumers from the Big Brokers' anticompetitive behaviors which extract $60 billion per year from American consumers. This anticompetition crushes job mobility at a time when Americans need to move to find jobs and stay safe, and inhibits middle-class and lower-class Americans from creating wealth through homeownership. This in turn widens income inequality, suppressing jobs for all manner of trade workers such as carpenters, painters, plumbers and electricians whose livelihoods cluster around the purchase and sale of homes. Furthermore, the Big Brokers are depriving the government of valuable tax revenue which funds teachers’ and first responders’ pension funds when homes are bought and sold.
In the letter, REX calls for concrete steps to eliminate the price-fixing which causes brokerage fees in the United States to be two to three times higher than most developed countries, and to grant all licensed real estate agents access to lockbox systems so that buyers can purchase homes for, on average, $5000 to $10,000 less per home, allowing more homeowners to achieve the American dream
REX CEO & Co-Founder Jack Ryan released the following statement:
"REX continues to spend its own money so that they can charge consumers less! While we know that this reads like a man bites dog story, we chose sides at the very beginning and continue to fight for consumers against the cartel which dictates the terms of competition among industry participants, a behavior that somehow escaped the trust-busting of the last century”.
Our technology provides better service, better outcomes and millions of fees to our clients. Our team advises clients rather than chasing commissions, and is actively opening the doors to homeownership, greater wealth and better schools and jobs to many who were priced out of homes by the Big Broker cartel.
Let's have the DOJ finish the work they began and put real estate, and a trillion dollars over the next ten years, back in the hands of American consumers.”
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