There is a congressional hearing that will
discuss the competition and technology or the real estate industry. Glenn Roberts
Jr. of Inman News released the July 21st article,
“Congressional hearing probes real estate,” which
divulges the topics that will be discussed in the
congressional hearing.
The U.S. House
Subcommittee on Housing and Community Opportunity will
meet on Tuesday, July 25, with real estate industry
representatives. A couple of the notable representatives
include Pat Vredevoogd, president-elect of the National
Association of Realtors trade group, and Aaron Farmer,
the owner of Texas Discount Realty, “who battled with
state officials over controversial real estate
policies.”
One of the main issues being
discussed is a federal antitrust lawsuit filed by the
U.S. Department of Justice against the Realtors
association over online property-listing policies, and a
June report by a consumer group “charging that the
industry lacks sufficient competition.”
The
hearing is titled, “The Changing Real Estate Market,”
which “will focus on the changing real estate market and
the growing role of the Internet in real
estate transactions and its impact on home ownership
and consumers,” said subcommittee chairman and U.S. Rep.
Bob Ney, R-Ohio.
Last month the consumer
federation issued a report stating that a range of
factor may smother the real estate
industry.
“Subcommittee members hope to hear
testimony on how consumers have benefited from the
integration of the Internet and real
estate services, whether state licensing laws are
supportive of brokers with ‘innovative business models
and pricing,’ and the impacts that state-imposed laws
that set minimum-service requirements for real estate
professionals have on consumers and the real estate
market, according to a statement by Ney.”
The
subcommittee is also expecting testimony on the
instruments brokers and agents are using to “modernize”
a consumer’s real
estate experience.
Technology is
revolutionizing the real estate industry. The hearing
will determine how much technology should be used to
benefit the consumer, with breaking any government
regulations. |
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