Lawmakers urge FTC scrutiny of real estate marketplaces
Two U.S. lawmakers are urging the Federal Trade Commission to examine the practices of online real estate marketplaces. Democratic Reps. Jennifer McClellan and Don Beyer wrote in a letter to FTC chairman Andrew Ferguson that platforms that steer prospective homebuyers toward buyer agents in exchange for a referral fee may be contributing to the unaffordability issues plaguing the housing market. The congresspeople did not specify any platform by name, but claimed that features like “contact agent” or “request tour” buttons, which are found on listings of platforms like Zillow, can mislead buyers, resulting in higher transaction costs or less favorable […]
This article originally appeared on The Real Deal. Click here to read the full story.
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