Proposed Deal for MLS PIN Elicits Apprehension from the Antitrust Enforcer
- The Department of Justice (DOJ)’s Antitrust Division raised its brows at a proposed deal between homesellers and broker-owned Multiple Listing Service (MLS) PIN (Read: they’re not feeling it).
- The deal would mean that homesellers would agree to include the properties they are selling on the MLS PIN portal only (In actual language: exclusivity deal).
- The DOJ states it “continally has concerns” over the potential impact on competition (Or simply put: they’re not sold just yet on the idea).
- According to lawmakers, the deal may ‘reduce competition and stifle innovation.’ In non-political wording: It could potentially be a party-pooper for small businesses and new ideas.
- A lot of opposing views from realtors, real estate brokers, and industry leaders are echoing around this topic; some say it will ‘dramatically alter the real estate game’ – and they don’t mean that in a playful way.
- The final decision on the proposed deal is yet to be declared by the DOJ.
Hot Take
In an over-complicated world of real estate mingling, deals, and broken hearts, the proposed wed-lock between home sellers and MLS PIN has managed to raise a few (governmental) eyebrows. We’re talking about an exclusivity deal where only one platform gets the roses (read: property listings), a situation akin to a real estate reality show. The DOJ, playing a mix of concerned parent and strict school principal, is anxiously sitting on the edge, worried for its children (the competition and innovation).
While some folks in fancy suits and realtor name badges foresee an apocalyptic chalkboard of stifled innovation and shrinking competition, others on the bleachers are simply waiting for the referee’s call. So what’s the final verdict? Will we witness a drastic plot twist in the grand theatre of real estate, or will this simply be another episode of “As the Real Estate World Turns?” We’ll just have to wait for the DOJ’s cliffhanger decision. So get your popcorn (or gavel), sit tightly, and stay tuned.
Conclusion
All in all, this kiss-cam moment between home-sellers and MLS PIN has polarized the crowd into two extreme factions: those who predict a dull and grey dystopian real estate future, and those who simply can’t wait to see the drama unfold. But either way, it’s safe to say that when the DOJ does pip up with their decision; the entire sector will be all ears. For now, though, I’ll leave you with this reminiscent aura of suspense.
Original article: https://www.inman.com/2023/12/19/doj-objects-to-2nd-settlement-bid-in-mls-pin-commission-case/
