Victory for online real-estate brokers opens door for consumers

If people actually behaved like the actors in the commercials, you might soon hear some of your friends and neighbors saying "I saved a bunch on my real estate commissions." And after that it could be "I saved a bundle on my financial planning."

(Market Watch) -- The good news for consumers is that if you like saving a bundle on a lot of services, the time is just about right. The proof may have come last week, when the Justice Department reached a tentative settlement with the National Association of Realtors that essentially forced traditional real estate brokers to give Internet-based agents access to home-listing information that they had previously been denied.   Online real estate agents often charge discounted commission fees and let buyers review listings at their own pace, but for years those Internet-based brokers in many parts of the country could not access more than 800 Multiple Listing Services nationwide affiliated with the national Realtors group. An MLS is a database of regional properties for sale. The traditional argument against opening the MLS system to online brokers was that it would result in a significant cut in commissions for traditional real estate agents. Indeed, that's precisely what government officials wanted.