Realtors rethink online listing rule

It’s back to the drawing board for the National Assn. of Realtors, which decided on Thursday not to implement a restrictive online property listings rule that has been under review by federal antitrust regulators since it was proposed 15 months ago.

The change, which was to take effect in July, would have allowed the trade group’s 1.2 million members to control whether their listings can be displayed on the websites of other agents.

Now, other agents can display listings on their sites from regional Multiple Listing Services and urge users of the sites to contact them, rather than the listing agent.

The trade group decided to consider developing a new online listing policy that would clear regulatory and competitive concerns, after talks in Washington last week with lawyers for the Justice Department.

The department’s investigation, part of a government push to increase competition in real estate sales, comes as Internet listings of homes for sale are exploding and Web-based discount brokerages are competing with traditional brokerages.

The issue boils down to whether a listing agent can effectively claim ownership rights to a home listing, deciding where and when it can be displayed on the Internet.