REALTORS® – competition is key and it is legally required of all independently operated competing real estate brokerage companies under both federal and state statutes.
If you have been in the real estate business for any length of time, you already know this. You hear antitrust avoidance warning statements read and/or provided to you before your many association meetings. However, in response to news of recent acquisitions in the real estate industry, now is a good time to really tune in and review these messages!
Take a few moments to update yourself on some of the most important concepts surrounding fair competition and antitrust avoidance. The potential for very large monetary fines and criminal convictions are consequences to be avoided at all costs.
In addition, every licensed real estate brokerage company must comply with applicable licensing laws. In Illinois, the proper place to complain about suspected non-compliance is the Illinois Department of Financial and Professional Regulation. It is highly inappropriate to complain to other competitors.
Check out these resources for more on this extremely important topic:
Illinois REALTORS® resources
- https://staging.illinoisrealtors.org/legal/legal-a-z/antitrust/
- https://staging.illinoisrealtors.org/wp-content/uploads/2017/12/Agency-Compliance-Manual.pdf (the current manual is undergoing updates, but the concepts are accurate. The potential monetary fines are higher now)
NAR resources
