BrokerageIndustry News

Alternative companies allege unfair playing field in real estate

Congress hears testimony from industry representatives

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During a congressional hearing Tuesday, representatives for real estate companies with unconventional business models described a climate of discrimination, blackballing, targeting and harassment by industry competitors and rule-makers. Meanwhile, the president for the National Association of Realtors trade group and RE/MAX International, a major real estate franchise company, told members of Congress that competition is healthy and robust in the real estate marketplace and that there is plenty of room for all types of companies. The Subcommittee on Housing and Community Opportunity, which operates under the U.S. House Financial Services Committee, heard 3 1/2 hours of testimony from federal antitrust officials and real estate company representatives at the hearing, titled, "The Changing Real Estate Market." U.S. Rep. Michael Oxley, R-Ohio, the chairman of the Financial Services Committee who last year ordered a U.S. Government Accountability Office investigation of price competition ...