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IF YOU NEED REAL ESTATE REPRESENATION, PLEASE CONTACT ONE OF OUR ATTORNEYS AT OUR MAIN OFFICE.
For Immediate Release
March 23, 2008
Is It Really a Buyers Market?
With less than one year in business in the greater Des Moines area Learned Realty loses its battle with the states largest real estate firm, Iowa Realty. In January of 2007, Learned Realty received a notice from R. Michael Knapp, President & CEO of Iowa Realty, stating that the real estate agents employed with Learned Realty would no longer receive commissions from selling any Iowa Realty listings. The notice came as a shock since Learned Realty had cooperated in the sale of many Iowa Realty listings in the past.
Learned Realty began in August of 2006 with a single employee and a different approach to buying & selling real estate. The real estate agent gave half of his commission back to the buyers also known as a “buyer’s rebate”. The rebate program was the first in the state and allowed buyers the opportunity for cash back when buying their new dream home.
Currently, Iowa Realty and their affiliates maintain a monopoly on the real estate market in Central Iowa. They have been successful in eliminating competition by blacklisting (not splitting commissions) local independent real estate companies in their markets such as, Burnett Realty, Re/Max, Next Generation, and Learned Realty. Many of these businesses have taken different approaches to resolving this anti-competitive behavior. Burnett Realty filed suit against Iowa Realty in 2002 and settled out of court. Next Generation lost their battle with Iowa Realty in the courts but remains in business. Learned Realty their most recent target, lost their battle with the real estate giant in January of this year. The single employee real estate firm could not compete with over 1,100 Iowa Realty employees who list the majority of homes across the state and as a result had to resign.
State and federal regulations are in place to protect the consumer from unfair real estate practices but these regulations do not protect them from unfair practices between companies. Blacklisting from Iowa Realty is a disservice to their own clients because they are unaware of the practice, which may deter competing agents from showing their homes to perspective buyers. Every buyer is losing because of Iowa Realty’s protocol. The opportunity to receive a “buyer’s rebate” and choose to use a competing agency is taken away. Ultimately, it is the consumer who loses when the opportunity to decide is taken away.
Over the past year, Learned Realty has taken many steps to communicate with Mr. Knapp about the blacklisting of its real estate agency. Mr. Knapp has repeatedly avoided any communication and has not given any explanation regarding his decision. For more information, please contact Chad Learned 515-225-8488.
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Welcome to Learned Realty, Inc.! With over 20+ years of experience in the real estate industry, we stand by our motto: "Guaranteed to save YOU money"! Also, as Realtors, we stand by a strict Code of Ethics; giving you peace of mind.
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Sellers, we offer a proven method of selling your home, and save you hard earned equity in the process. After all, why should we get the benefit of your efforts to build a future. Take a moment to see how we can benefit YOU by going to our "Sellers Program" page of this website.
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Buyers, check out the helpful steps on purchasing a home; the 'what to do list' if you will on our "Buying Process" page. Also, don't forget about our Learned Realty Rebate Program of HALF of our agent's commission! (Conditions apply); see details on the "Buyer Rebate" page of this website.
LEARNED REALTY, INC. 8830 Swanson Blvd., Suite K, Clive, IA. 50325
Office #515-225-8488 / Fax #515-225-8495
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