Putting Our Clients First
Our company released this news article in response to recent news reports that the U. S. Department of Justice and the Federal Trade Commission are preparing a lawsuit against the National Association of Realtors. I have included it in my newsletter with the hope that it will shed some light on this issue and help you understand what you should expect when you work with me as your Realtor®.
What It All Means
The potential lawsuit against the National Association of Realtors (NAR) stems from a policy that was approved by the NAR in 2003 but has never been implemented. This NAR policy permits real estate brokers to decide if information about the homes they have listed for sale can be displayed on the web sites of other real estate brokers. Under the terms of this policy, each real estate broker could choose to withhold information about the homes they have for sale from all other brokers, or from specific brokers.
The policy was developed in reaction to the advent of web-based real estate brokers who do not list homes for sale themselves and do not sell homes to clients. These web-based brokers do not provide any individualized guidance to buyers and sellers. Instead, they simply display information about homes that are listed for sale with other brokers and collect information about consumers who are interested in these homes. When a consumer expresses an interest in visiting or learning more about a home that is offered for sale, the web-based broker passes information about that consumer back to the other broker and charges the other broker a fee for the information. In essence, the web-based brokers display the homes that other businesses have for sale, collect information about consumers who are interested in buying these homes, and sell that information back to the businesses who listed the homes for sale in the first place. They do not add any value to the process, but they do add cost.
The Patterson-Schwartz Policy
What is Patterson-Schwartz’ policy on sharing information about the homes we have listed for sale? We provide information to absolutely every real estate broker that is part of the local multiple listing service (MLS). (The MLS serves as the clearinghouse for all the information about all the homes for sale in a particular area.) We intend to continue to share this information, regardless whether the new NAR policy is implemented. Why do we do this, despite the possibility of being asked to pay for information about consumers who are interested in the homes we have for sale? We do it because our highest priority is to provide the best possible guidance and service to our clients. By sharing information with every broker, we ensure that the homes we have for sale will be seen by the largest possible number of people. This gives our clients the best opportunities to sell their homes quickly and for the best price.
The only exception to this policy is when a client requests that their home not be displayed on the Internet. In this case, the listing is not included on our own web site, pattersonschwartz.com, or any other web site.
What Should You Do?
What does all of this mean to you if you’re planning to buy or sell a home? If you’re planning to sell a home, learn about the services that are offered by any real estate broker you are considering. Selling a home is a very important process involving a lot of money. You need the expertise of a full service REALTOR, not just a company with a web site who will not provide any guidance or support.
Patterson-Schwartz Sales Associates receive extensive, ongoing training and education. They are backed by the strength of the local real estate leader. They have access to advanced technology tools to analyze the market in order to offer expert guidance. They can provide an array of proven marketing tools to make sure your home is seen by the largest possible number of active home buyers. They will be