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April 7, 2018

Panel Discussion by ITIF

John Reilly and I listened to the entire ITIF Panel Discussion on the NAR/DOJ Consent Decree of November 2008, and we followed and participated on Twitter.

(My tweets during the panel discussion: (https://twitter.com/SaulKlein)

To summarize the Panel Discussion by ITIF:

The panel was made up of representatives from the FTC, DOJ, NAR, MLS Industry, and a pioneer eBroker.

This was the first of what will probably be many discussions be between now and the sun setting of the ten-year-old DOJ/NAR Consent Decree in November of this year. The attention gained by the Sun setting of the Decree will bring attention and scrutiny to the data handling and management of the MLS industry.

The level of explanation by the panel was authoritative, concise, and accurate.

The NAR/DOJ Consent Decree of 2008 centered on Virtual Office Websites (VOWS).

VOWs never received the attention John Reilly, and I believed they should have received at the time of the Decree in 2008.

A company that took the direction that John and I advocated ten years ago to the entire industry (we explain the entire consent decree over a few hours here: https://vimeo.com/250909388), and that company is Redfin. If you want to compete with Redfin, more than competing on price, you are competing on the access to information and Redfin's use of VOW tools gives the company an advantage going into the next five years.

A big point in the Decree, mentioned in the discussion, was the "Parity Rule." Whatever you can do in bricks and mortar office, you are allowed to do online in a "VOW."

John Reilly and I will be constructing a context to make all of this information about this very important period, understandable for as many as possible because if your career in real estate sales, this affects you, in some ways, whether you know or not. Better to know it so you can make decisions appropriately.

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