(The Department of Justice's headquarters is named after Attorney General Robert F. Kennedy.)
INMAN NEWS FLASH: Thursday, April 21, 2005
Justice Dept., FTC warn against limited-service real estate rule
Dear Alternative Real Estate Professional,
The news flash above, plus Monday's article in Banker & Tradesman entitled, "Minimum Service Issue Being Monitored," begs the question whether it's time to develop a formal or informal association of listing entry only services and alternative real estate professionals in Massachusetts or New England?
As some of you may recall, this question was first raised two months ago when the State of Texas drafted new regulations requiring minimum levels of service in that state (see News Flash above). Similar legislation has since been introduced or enacted in other states, and this controversial issue is sure to be a hot topic at the National Association of Realtors meeting in Washington, DC in less than three weeks.
So what should we do locally? Does it make sense to explore that at an informal meeting the evening of:
May 5, 2005
DoubleTree Guest Suites
550 Winter Street (click for directions)
The proposed location, less than a mile from the Massachusetts Association of Realtors (MAR), should make it easy for some of their staff to attend and share their perspective on alternative business models and explain why and how we are being monitored. Our intent is not to be confrontational, but to begin a dialogue to insure that the residential brokerage industry remains open and competitive in Massachusetts.
To make the proposed meeting even more worthwhile, perhaps we should ask someone from MAR to make a brief presentation on how the state's new agency law will impact non-agents, limited service, and fee-for-service business models.
Working as a group, we can continue to help real estate consumers in Massachusetts save millions of dollars annually in commissions. Beyond that, we have the opportunity to extend our missions from saving money to saving lives. To learn how your clients can use some of their savings to provide a shelter subsidy for AIDS orphans, drop by the Unite Against AIDS Summit this Saturday, April 23rd at Harvard's Science Center to learn how you can participate in the 1st Annual Million $ March. Alternatively, we'd be glad to follow-up with a presentation at your office or at the proposed gathering on May 5th.
Bill Wendel, Founder
The Real Estate Cafe
Cambridge, MA 02138
617-661-4046 office / msgs
PS. Pat Rioux, the founder of ListForLess.com, who is quoted extensively in the Banker & Tradesman article and is knowledgeable about attempts to limit listing entry only business models around the country is willing to attend the proposed meeting on the 5th.