This press release was just sent out by MiRealSource, one of the two Michigan MLS’s that were challenging the FTC over minimum service and distribution of data. The largest MLS in Michigan, Realcomp II is still proceeding in its battle against the FTC. They’ve told members that E & O insurance is paying for the legal bills and that it is not a drain on resources. The implications are significant for the industry.
We don’t usually reprint press releases, but since this one is really hot off the press, we are breaking our rule. We beat Inman to the presses on this one.
Troy, Michigan November 28, 2006 – MiRealSource, Inc. has agreed to settle an administrative complaint which the Federal Trade Commission (FTC) filed in September challenging certain MiRealSource rules. In general terms, MiRealSource has agreed to modify its rules to allow all lawful real estate listings of MiRealSource members, including exclusive agency listings, to be posted on MiRealSource’s multiple listing service (MLS) and to not require its members to provide a minimum set of services.
After a great deal of deliberation and thought MiRealSource concluded that resolving its’ dispute with the FTC was in the best interest of its’ members. Without an agreement, MiRealSource would be required to devote a significant amount of its resources, time and energy to litigate with the FTC. In addition, MiRealSource recognized that as an organization, it could never match the almost limitless resources that the FTC can bring to bear to the litigation.
Finally, and perhaps most importantly, MiRealSource recognized that sweeping changes in the real estate industry, fueled in large part by the widespread use of the internet and consumer expectations of access to information that the internet provides, meant that its rules would have to evolve, regardless of the outcome of its dispute with the FTC.
MiRealSource decided to resolve its dispute with the FTC to allow the organization to prepare for the future. MiRealSource believes it is wiser to expend its resources serving the best interests of its members by providing the most accurate and up-to-date information possible and providing exceptional services at the most competitive prices.
The agreement remains subject to the final approval of the FTC. MiRealSource is in the process of revising its rules to comply with its negotiated agreement and expects to have the revised rules in place not more than 45 days after the FTC’s final approval.
Formed in 1966, MiRealSource is Michigan’s largest broker-owned Multiple Listing Service (MLS) and is committed to protecting and safeguarding the integrity and quality of the information contained in the multiple listing service for the benefit of its members. MiRealSource provides MLS software training, and dispute resolution services and access to a host of other real estate products and services. Headquartered in Oakland County with three regional offices in Macomb County, Lapeer County, and St. Clair County, MiRealSource continues to expand its service offerings.
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Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Mariana 12.03.06 at 12:21 pm
We have a spot in our MLS where we can select “entry only†which means that other than putting the property in the MLS, the broker (we are all brokers) may choose not to provide other services.