Redfin Appearing Before Congressional Panel
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As the alternatives to the traditional realtor model gain traction in the marketplace, the politicians recognize the sea change and are trying to get ahead of it in this election year. Earlier we discussed the Maine lawmakers who have started a petition to allow a new MLS alternative, now we are seeing Redfin being brought before the U.S. House of Representatives’ Subcommittee on Housing and Community Opportunity to discuss anti-trust manuevers by the MLS of California and Washington.
“I don’t even know what to wear,” said Kelman, the Seattle online real estate entrepreneur who heads out on a red-eye flight tonight to D.C. “So I guess I am going to wear a suit.” But Kelman does know what he is going to tell Congress, which is investigating how the Internet could affect real estate commissions.
“I am going to say how much friction there is in the business,” said Kelman, adding that as one of the first online brokers Redfin has been “kicked and spat on” by the Multiple Listing Services in California and Washington.
Tuesday’s subcommittee meeting follows up on this 32-page report (PDF) from the Government Accountability Office last year. The report says that real estate commissions in the U.S. are almost double what they are in other developed countries.
House Financial Services Committee Chairman Michael Oxley — best known as a co-author of the landmark Sarbanes-Oxley Act — looks like he may be on Kelman’s side in this debate.via John Cook’s Venture Blog
If I was a broker, instead of trying to protect the buggy whip, I would be working my behind off to determine where the marketplace is and be there before my competitors do. How many full service travel agencies shut down in the 1990’s? Real Estate Agents, get ready for the sea change, because it is coming faster than you can think.
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