NAR general counsel Katie Johnson was among a distinguished group of panelists at What’s New in Residential Real Estate Brokerage Competition, a June 5, 2018, workshop on competition in real estate sponsored jointly by the Federal Trade Commission and the Department of Justice. NAR asserts that innovation, competitive forces, and consumer choice have never been stronger.
Johnson's prepared remarks are below. REALTOR® Magazine will recap the entire workshop the following day.
There are three important takeaways for this workshop.
First, over the past decade, technology has positively enhanced the consumer experience, and has added to the cost of doing business.
Search is a great example because property listings are now available on thousands of websites and apps. Technology also helps brokers deliver better service through diverse business models, enhanced digital marketing and CRM tools. And the transaction itself has become almost entirely electronic with the advent of transaction management platforms, electronic signatures and now, electronic notarization.