NORWALK, Conn., March 22, 2021 (GLOBE NEWSWIRE) -- The National Association of REALTORS® (NAR) is lambasting a recent study commissioned by Texas-based Real Estate Exchange (REX) and released through a university law journal, that compares it and its members to a “cartel.”
NAR says the research in the report, which REX says, “describes how NAR and their members use their monopolistic stranglehold over the market,” is “based on false premises and not grounded in facts or reality.”
More highlights from the report:
- NAR is the real estate industry’s largest trade association with more than 1.4 million members
- REX was co-founded in 2015 by CEO Jack Ryan and uses AI and machine-learning technology to replace the conventional real estate model and market homes directly to buyers
- REX hired the author of a 14-year-old study on anti-competitive practices by the real estate industry to update it in order to “share it with think tanks”
- Commissioned study, published in a university law journal, alleges that “traditional agents” are fleecing clients for billions while also stymieing “new and non-traditional entrants.”
- Law journal says it’s not an official study
- NAR president issues statement addressing “misinformation being circulated by certain parties”
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