eRealty.com: Judge's Ruling On MLS Access Means Business As Usual; New Ruling a Victory for Home Buyers and Sellers

Business Wire, Sept 14, 2000

Business Editors/Technology Writers

AUSTIN, Texas--(BUSINESS WIRE)--Sept. 14, 2000

eRealty.com, the nation's leading full-service online real estate brokerage, announced today that it is gratified with Federal District Court Judge James Nowlin's ruling that allows eRealty to continue providing its clients with local Multiple Listing Service (MLS) listings. Due to a July mandate from the National Association of Realtors that protects online access to local listings, officials at eRealty said they expected Judge Nowlin's decision to drop the preliminary injunction because it is no longer relevant.

"This is not only a victory for eRealty, but a victory for home buyers and sellers as well," said Russell Capper, eRealty's president and CEO. "It's back to business as usual, and we are looking forward to continuing our service in Austin by providing consumers with a better and smarter way to buy or sell a home."

The injunction, granted in March, stemmed from a January ruling by the Austin Board of Realtors (ABOR) to remove eRealty's access to the MLS. In July, the National Association of Realtors issued a mandate, which was subsequently adopted by ABOR in August, thus eliminating the need for the injunction and protecting eRealty's rights to distribute MLS listings to their registered clients through the Internet.

eRealty has been operating in Austin since January. Since its establishment, eRealty has been a real estate broker member of ABOR.

Unlike other online brokerages, eRealty opens fully staffed local offices with experienced and market-savvy locally licensed Realtors in each market. eRealty has established successful operations in Atlanta, Austin, Baltimore, Boston, Dallas, Fort Worth, Houston and Washington, D.C., with plans to launch soon in Chicago, Los Angeles, San Diego and other U.S. markets.

eRealty is a full-service, online residential real estate brokerage that combines the power of the Internet with the personal touch of professional on-staff Realtors to make buying or selling a home faster, easier and more cost effective. eRealty has more than 48,000 registered users. Buyer services include: numerous home search capabilities; online portfolio for managing prospective homes; New Listing Alerts via e-mail notifying users when a listed home matching their criteria is available; a "one stop shopping" area for Diamond Service Partners and New Home Necessities; and a cash bonus equal to 1% of the sales price paid at closing. Seller benefits include: 4 1/2% real estate commission; exposure to thousands of registered users attracted to eRealty by extensive advertising spending; guidance on pricing and marketing through the use of comparable home sales data; listing in local Multiple Listing Services; photo montages and panoramic virtual tours for visually displaying the home on the Internet; and home viewing reports and progress updates via e-mail. The eRealty team is available online 24 hours a day.

SOURCE: eRealty.com