"The policy, which went into effect on June 30, bans listings from its site that have been publicly marketed for more than one business day prior to the listing being available for display on Zillow. Compass filed its lawsuit against Zillow in mid-June, just prior to the enforcement deadline, claiming that the policy stifles competition and causes irreparable harm to Compass."
"Samuelson was the first witness on the stand on Wednesday. During his testimony, he explained why Zillow created its policy, as well as the impact of private listing networks. Samuelson says that the growing number of private listing networks would undermine listing accuracy, timeliness and consumer trust and that Zillow created its policy due to the need for consistent rules to avoid widespread missing listings and degradation of consumer trust."
U.S. District Court Judge Jeanette Vargas presided over a preliminary injunction hearing in New York to decide Compass's motion to block Zillow's listing access standards policy. Zillow's policy, effective June 30, bans listings publicly marketed for more than one business day before display on Zillow. Compass filed suit in mid-June, alleging the policy stifles competition and causes irreparable harm. Witnesses included Zillow executives Errol Samuelson, Jeremy Wacksman, and Jeremy Hofmann, and Compass's Elizabeth Ashton Alexander. Samuelson testified that private listing networks threaten listing accuracy, timeliness, and consumer trust, and cited documents showing Compass agents accounted for the most alleged violations.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]