The fight for the future of the real estate industry is now in a courtroom. The notable National Association of Realtors (NAR) and other leading brokers are facing claims that they violated competition laws. Plaintiffs have alleged that the NAR-imposed Participation Rule is locking out potential buyers from the agency’s customer base.
In the courtroom, the plaintiffs focused on powerful and damaging video depositions of Gary Keller and Gino Blefari. These depositions are the centerpiece of the case against the NAR and brokerages, with the plaintiffs claiming that the actions of Keller, Blefari, and other NAR leaders, indicate an anti-competitive conspiracy.
The NAR and brokers, argued that there is no conspiracy in place and that the Participation Rule does not impose any obligations onto sellers, as they have claimed. To strengthen their arguments, the NAR and brokers stated that their practices are beneficial to buyers, ensuring a more competitive environment.
Key Points:
– Plaintiffs allege that the National Association of Realtors (NAR) and their brokers have violated competition laws.
– Plaintiffs are using video depositions of Gary Keller and Gino Blefari to prove anti-competitive conspiracies.
– The NAR and companies argue that there is no conspiracy and that the Participation Rule does not impose any obligations onto sellers.
– Claims that their practices are beneficial to buyers, in order to create a more competitive environment.
You can read this full article at: https://www.housingwire.com/articles/the-sitzer-burnett-trial-kicks-off-in-kansas-city/(subscription required)
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