The Council of Multiple Listing Services (CMLS) has submitted a comment letter to the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission in response to a call for public feedback on guidance for collaboration between competitors.
The letter highlights the importance of multiple listing services (MLSs) as a collaborative resource for sharing accurate information, with Nicole Jensen — chair of CMLS and CEO of realMLS — stating that MLSs are one of the most important examples of how collaboration can strengthen competition and benefit consumers.
CMLS argued that, by collecting and verifying listing data, MLSs help ensure that parties across the real estate transaction — consumers, agents, tech providers and more — can access reliable information about listings and recent sales.
The trade association highlighted five key ways in which MLSs benefit consumers and the market, including through providing greater transparency on property information, lowering search costs by rounding up information into one place, allowing smaller brokerages access to the same market information as larger ones, supporting real estate portals and other tech tools to enable the transaction, and serving as an independent source for buyers, sellers and real estate professionals alike.
Benefits of MLSs
CMLS stressed that MLSs are essential to creating an open, transparent, and efficient housing market, and that they are proud to lead this effort on behalf of the MLS industry.
They also encouraged the DOJ and FTC to recognize that reasonable MLS rules, including requirements for accurate, complete, and timely data, are essential to making the MLS system work.
CMLS reaffirmed its role as the national voice for the MLS industry and emphasized its commitment to educating policymakers on the benefits MLSs provide consumers and the industry, which can help buyers buy a house with more confidence.
Advocacy Efforts
CMLS added that it could not adequately advocate for MLSs without the help of advocacy efforts, such as those provided by Champions of the MLS, an organization that raises money to promote the value of MLSs through advocacy at local, state and national levels.
Several MLSs have donated to the organization in the last year, according to its page on CMLS‘s website, and they will continue to support MLS advocacy to advance the industry, including home improvement through technology.
Regulatory Interest
Federal regulators continue to show interest in the real estate industry, with the DOJ and FTC launching high-profile investigations into real estate industry practices and players.
The CMLS letter is a response to this interest, and an attempt to educate policymakers on the benefits of MLSs and their role in the real estate industry, as reported by the outlet.
Leave a Reply