""Zillow paid millions of dollars to eliminate Redfin as an independent competitor in an already concentrated advertising market - one that's critical for renters, property managers, and the health of the overall U.S. housing market,""
""listing syndication with Redfin benefits both renters and property managers""
""pro-competitive and pro-consumer.""
The Federal Trade Commission filed a lawsuit accusing Zillow and Redfin of an illegal agreement to suppress competition in online rental advertising. The complaint says Zillow paid Redfin $100 million starting in February and that Redfin agreed to end contracts with advertising partners, stop competing ads for multifamily properties for up to nine years, and syndicate Zillow listings on Redfin sites. The complaint also notes that Redfin fired hundreds of employees and allegedly helped Zillow hire "its pick" of those workers. The FTC warns the agreement could reduce competition, raise prices, and limit choices for multifamily advertising customers. Zillow calls the syndication pro-competitive and says it expanded renters' access; Redfin disagrees with the allegations and is confident it will prevail.
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