Request for Comments "Real Estate Workshop"
May 30, 2018 Subject: Request for Comments "Real Estate Workshop" The DoJ's Report on Competition in the Real Estate Brokerage Industry in 2007 had many inaccurate and incomplete statements, resource information and testimony at the time it was prepared. It is important that the DoJ looks at the significant changes in the real estate market since this report was issued. The spectrum of choices for today's real estate consumer including, do it yourself, limited service and full-service options, have significantly increased. The fact is competition in the residential real estate brokerage industry has never has been so robust including the emergence of new mainstream business models serving both buyers and sellers since the original report. The availability of real estate data has never been more accessible to consumers than it is today. The movement initiated by the real estate industry to standardize the data to RESO standards will escalate availability and development of tools to help consumers. One example is the consumers with disabilities and special needs. The Real Estate Brokerage Industry needs to be mindful of these specific standards because these people can qualify for certain loans and grants if homes meet specific criteria. The accuracy and consistency of the data have never been more important to the consumer. At the same time, real estate consumers have never been more susceptible to the risk from Cybercriminals targeting them in rental, purchase and sale transactions. Many consumers today are concerned about how, when and where the data and information on their property are transmitted and displayed. Clients privacy and security concerns require the Real Estate Brokerage Industry to have the flexibility to make individual business decisions about data instead of data agreements being made in blocks. The need for the Real Estate Brokerage Industry to track data being used in an unauthorized manner to protect its clients and the public from scams and criminal use is critical. The Real Estate Brokerage Industry spends an enormous amount of time, money and resources to create the real estate data made available to consumers. It involves the collection of public data in a base form and then becomes an original work of authorship that is independently created by Real Estate Brokerage Industry and possesses a large degree of creativity. The development of the creative aspects of the data includes but is not limited to, consulting the owners for the preparation of the interior and exterior of the properties, photography, staging and literary elements necessary to promote the properties to obtain the highest value for the owners.