Bondi confirmed that antitrust enforcement will be a “priority” for him as Attorney General, suggesting that the real estate industry must be ready for an investigation into its practices in order to fully proceed.
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Pam Bondi was impressed by American officials on Wednesday and Thursday in the confirmation hearings of the Senate who will be the next Attorney General of the US, talking about the various problems of lawyers from renewing the public image of the US Department of Justice (DOJ) to how it will handle the requests that appear. President Trump and others.
Senator Chuck Grassley, R-Iowa, asked Bondi how he would use the antitrust laws to better protect consumers, a topic that has been a constant source of confusion for many real estate professionals over the past few years as the DOJ has come under fire. players like the National Association of Realtors (NAR) and RealPage for practices they feel are inherently anti-competitive.
“Enforcing antitrust laws is very important to ensure that markets are fair and that consumers are protected,” said Sen. Grassley on Wednesday. “I have been working hard to ensure that the Department of Justice and [Federal Trade Commission] carefully scrutinize the association and look for anti-competitive behavior and predatory practices. I am closely monitoring these issues as they affect my home state of Iowa, particularly the agriculture, health care and technology industries, and I am interested in your commitment to making antitrust law a priority.”
Bondi confirmed that he will commit to upholding antitrust laws as Attorney General.
“Enforcement of antitrust laws was a priority when I was state AG and will be a priority when I am confirmed as Attorney General,” said Bondi. “And again, I’m proud to have Gail Slater in charge of that; he is loved by both sides.”
Slater, who previously worked at the FTC, was appointed in December by President Trump to lead the DOJ’s antitrust division.
With the settlement of the commission charges, NAR and other major companies in the industry addressed some of the DOJ’s concerns about industry practices, including increased transparency about how agents are paid for new contracts and ending affiliate compensation, where Real estate agents agree to pay a commission to their seller’s agent, which is then shared with the agent who brings the buyer to the payment.
Nevertheless, the industry continues to remain firmly within the DOJ’s sights. As Slater and Bondi assert their commitment to investigating antitrust practices, real estate should be prepared for further investigation into the industry.
On Monday, the Supreme Court denied the NAR’s appeal of its case with the DOJ, meaning the DOJ can reopen its investigation into the NAR commission and the package listing rules. The DOJ suggested that Sitzer | Burnett’s settlement did not go far enough and that listed sellers and sellers should not be able to offer early compensation to buyers – even outside of the MLS.
Accordingly, the DOJ continued to investigate the cases in which NAR was involved in relation to the Clear Cooperation Policy (including one charged by REX for an ineffective discount), which has sparked a lot of debate in the industry in recent months and which group of NAR leaders. evaluates possible changes.
The renewed commitment to antitrust cases by the DOJ could also have an impact on a landmark lawsuit against rental software maker RealPage and several large landlords, including Greystar Real Estate Partners, Blackstone’s LivCor, and Cushman & Wakefield. The lawsuit accuses the companies of participating in a scheme to reduce competition among landlords by using RealPage’s rental price algorithm, which it says harms renters and results in higher rent prices for buyers.
One of the main themes that came out of the confirmation hearings was the importance of restoring public trust in the DOJ and depoliticizing the department, a point made repeatedly by senators on both sides of the aisle.
“The concern is that the weapons of the Department of Justice can happen in your time,” said Senator Sheldon Whitehouse, DR.I..
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