realestate

Realtor sues industry association over alleged anti-competitive practices

Celebrity clients at center of lawsuit over private real estate listings

M
auricio Umansky, a real estate broker and star of The Real Housewives of Beverly Hills, has refiled an anti-trust lawsuit against the National Association of Realtors (NAR) trade body. The suit, filed by his now-defunct platform The Pocket Listing Service, claims that NAR's policies on private real estate listings are anti-competitive and have damaged Umansky's off-market listing database in Los Angeles.

    The dispute centers around "pocket listings," which allow properties to be sold privately without being publicly advertised. Umansky's platform catered to high-profile clients who preferred this type of listing, but NAR's Clear Cooperation Policy allegedly forced him out of the market by requiring listings to be submitted to affiliated multiple listing services within one business day.

    Umansky's lawsuit follows a recent landmark anti-trust suit that resulted in a $418 million settlement for the association. The initial suit was filed in 2020, but it was paused last year and has now been refiled. A spokesperson for Pocket Listing Service claims that NAR is trying to preserve its dominance over the real estate market.

    NAR responded by stating that they were in discussions with Pocket Listing Service until the platform "ceased to engage." They also defended their Clear Cooperation Policy, which promotes transparency and competition while allowing home sellers to list properties as office exclusives.

Realtor sues industry association in court over anti-competitive business practices allegations.