NZ: Real estate companies fined

“Four major real estate agencies have been ordered to pay almost $10 million in total, for price fixing and anti-competitive behaviour.

The Commerce Commission took action against the firms after they reached a deal on how to respond to changes to TradeMe’s property listing fees. The companies agreed to pass the cost of listing on the online auction site to vendors.

‘If the traditional industry actually takes notice of it and changes the way they work, it’s great for newer entrants into the industry because it says to the old boys network that the way of doing business in the past is not going to be allowed into the future‘.”

Texts from: http://www.radionz.co.nz/news/national/320591/real-estate-companies-fined-$10m-for-price-fixing

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