Glenn Kelman claims on Twitter

Glenn Kelman claims on Twitter that “there is a conspiracy between iBuyers, but it’s to pay lower commissions to the brokers representing the buyers of the homes we sell, by about 60 basis points so far.”

Fact Check: False. A conspiracy requires an explicit or a tacit agreement between multiple parties to restrain free trade, meaning, parties agree not to compete in one form or another.

For example, there is a conspiracy is between Redfin and thousands of Redfin Partner Agents to allocate consumers and to price-fix services of competitors.

There is a conspiracy between Redfin and Opendoor to allocate consumers between these two competitors.

There is a conspiracy between Opendoor Brokerage and Opendoor Partner Agents to allocate consumers and to price-fix services for thousands of competitors.

The best way to get all these conspiracies straight is to name the exact conspirators involved and how their actions violate the federal antitrust laws.

Vague and veiled assumptions rarely accomplish anything, but they do make an ass out of U and ME on Twitter.

#realestate #antitrust #kickbacks #partneragents #collusion #pricefixing #consumerprotection #realtors #socialmedia #influencerecosystem

Author: Litesand

Antitrust, real estate, e-commerce, fintech, proptech, bigtech

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