The DOJ pulling out of its antitrust settlement with NAR seems like bad news for the industry.
But what if it could be an opportunity?
Michael Wurzer is the CEO of FBS, the leading innovator of MLS technology. Prior to FBS, Michael spent seven years practicing law in California and Minnesota, working in corporate law, litigation, and serving as Assistant General Counsel for Aveda.
On this episode of Industry Relations, Michael shares his unique perspective on the DOJ withdrawal, discussing the Biden administration’s intent to refocus on antitrust principles and the need for smaller, independent businesses to ensure competition in any sector.
Michael explains how organized real estate might engage with regulators, describing how MLSs could serve as labs of experimentation to promote transparency and competition in the industry.
Listen in to understand the challenge of overcoming what Rob calls the regulatory mindset and find out how real estate can take an offensive posture with the FTC, working together to innovate around Brandeis and Patman’s antitrust ideals.
What’s Discussed:
The intent of the Biden administration to refocus on antitrust principles
Why industries need smaller, independent businesses to ensure competition
How the competitive nature of the MLS benefits NAR in negotiating with the DOJ
Why Michael sees an opportunity for the industry to engage with regulators
How MLSs might serve as labs of experimentation to promote transparency and competition
The concerns around Ben Harris’ advocacy for delinking of commissions
How a willingness to experiment would be a good defense for government intervention
Rob’s concern that the regulatory mindset won’t allow for such a nuanced approach
Why Michael doesn’t see NAR or large MLSs as Goliaths to be broken up
Connect with Michael:
Connect with Rob and Greg:
Resources:
Justice Department Withdraws from Settlement with the National Association of Realtors
Goliath: The 100-Year War Between Monopoly Power and Democracy by Matt Stoller
‘Amazon’s Antitrust Paradox’ by Lina M. Khan
Biden’s Executive Order on Promoting Competition in the American Economy
REX on Industry Relations EP055
‘Anticompetition in Buying and Selling Homes’ by Roger P. Alford and Benjamin H. Harris
Michael’s Presentation on the Expanding MLS
British Columbia’s Shadow Flipping Controversy
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Greg, thanks to you and Rob for having me on the IR podcast, it was fun! One small correction in the blog post is that I was Assistant General Counsel at Aveda, rather than the GC. Thanks again!
@Michael – I made the correction.