HONOLULU — The operator of an Oahu real estate website is facing possible fines if he doesn’t start removing listings that expire or are withdrawn.
The Honolulu Board of Realtors ordered OahuRE.com to stop showing information for properties if the listings expire, are withdrawn or are about to become completed sales, the Honolulu Star-Advertiser reported.
The information can impact property sales. One property recently sold for $27,000 less than its listing in April. The price was reduced, but the listing expired before it was reposted.
Bryn Kaufman is the website’s principal broker and has asked the group’s board of directors to eliminate the rule, calling it anti-competitive.
“Consumers want more information,” Kaufman said in his appeal letter. “They do not want information hidden from them, especially critical information that could mean a lot of money when working on a price for their home or how much to pay for a home.”
Under the rule, brokers can share a restricted number of expired or withdrawn listings only with clients.
Several OahuRE.com users have complained about the board’s rules, saying they hurt the greater market.
“Tools help the market, restrictions hurt the market,” said Joe Lopez, who is trying to sell his house using a Realtor and uses OahuRE to keep tabs on the market “I know it must be a surprise to you, but not all Realtors are created equal and OahuRE helps educated homeowners measure the market.”
Directors of the Honolulu Board of Realtors are expected to consider Kaufman’s appeal at a meeting on Oct. 30.