August 17, 2024

Dear reader,

Today is an important day. Not only is it launch day for meerkets.com but it's also the day the Sitzer-Burnett trial goes into effect. The trial is a landmark antitrust lawsuit against the National Association of Realtors (NAR) and some of the largest real estate brokerages. It is contested on several fronts- $5 billion in antitrust settlements, inflated seller costs, buyer/seller commission structures, realtors roles and responsibilities, MLS data, processes and more. However, the motive is straightforward- to challenge traditional systems in a multi-trillion dollar housing market and promote competition and fair pricing through systemic changes. New changes set forth by the trial will have far reaching impacts on the housing industry.

No change is easy. Meerkets.com wants to be positioned as an enabler in transitioning to post Sitzer-Burnett. It will have a shared vision of the trial while preempting inadvertent consequences for first-time and minority homebuyers. Unlike before, homebuyers will need to directly compensate their agents. Fair and free access to realtors and their commissions will therefore be crucial in setting the trial up for success. As a homebuyer-centric digital solution, meerkets.com will roll out a public search engine to find, compare realtors and negotiate compensations. There is quite a lot of uncertainty about the trial. Meerkets.com will undoubtedly evolve over time but a few things are clear- 1/ any offerings will not disproportionally favor realtor/s or broker/s 2/ all offerings will honor buyer leads equally. period.

Lastly, I will address the elephant in the letter- why name it meerkets? Mostly because meerkats are cute and curious but also because they are untamed, social creatures that forage the wild for burrows together- much like what I'd like to happen in housing markets across the country.

Omkar Pathak