BrokerageIndustry News

2 Michigan MLSs settle with discount brokerage

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A Michigan brokerage that claimed it was put out of business by two multiple listing services has reached confidential, out-of-court settlements with both MLSs.Home Quarters Real Estate Group had claimed damages in excess of $10 million in a May 2007 lawsuit against MiRealSource and Realcomp II Ltd.Attorneys for Home Quarters, which offered cash rebates to buyers and commission discounts to sellers, claimed traditional Realtors were threatened by the Home Quarters business model. The lawsuit claimed that the MLSs enacted rules aimed at forcing the brokerage to adopt a more traditional business model.MiRealSource and Realcomp allegedly shut off Home Quarters' access to the MLSs within 24 hours of each other in a May 2003 dispute over the brokerage's display of listings.MiRealSource later said Home Quarters had not signed up for the MLSs' broker reciprocity program, and had no authority to advertise the listings of other brokers without their consent.After the case had dragged on for mor...