From The Wall Street Journal Online

A revised policy approved by the National Association of Realtors this week may make it harder for discount brokers to draw attention to homes they list for sale.

The policy, approved by directors of the trade group at a convention in New Orleans, involves information about homes that real-estate brokers get from their local multiple-listing services, databases that are typically operated by local Realtor associations. Among other things, the policy reaffirms that brokerage firms that put listings from the MLS on their own Web sites can exclude certain homes.

The revised policy states that brokers must use "objective criteria" if they screen out some listings. The criteria could include location, type of property, compensation offered for agents who find a buyer, or the level of service provided by the listing company. Thus, listings from brokers providing limited service for lower fees could be excluded from other brokers’ sites.

By contrast, the policy now states that multiple-listing services must make all types of listings available to the Web sites of participating brokers. It would be up to brokers — not the MLS — to decide which listings are used on individual brokers’ sites.

In recent months, the Federal Trade Commission has cracked down on multiple-listing services that excluded certain kinds of listings from their computer feeds to local brokers’ sites and national sites, such as Realtor.com. Several MLS operators have agreed to end such practices. But the new Realtor policy may encourage more local brokers to leave discounters’ listings off their sites by making clear that the level of service provided is an acceptable reason for exclusion.

Patrick Roach, a deputy assistant director in the FTC’s bureau of competition, said the agency will continue to monitor the Realtors’ policies.

Harley Rouda Jr., chief executive of Real Living Inc., a 15-state brokerage chain based in Columbus, Ohio, said his company already allows its local offices to leave out listings from certain rivals on a case-by-case basis. "We spend a lot of money advertising our Web site to the public, and we have a right to put what we want on our site," Mr. Rouda said. Rivals unhappy with that policy "can spend more money to promote their own Web sites."

One concern is that potential buyers relying on a local broker’s Web site might not be aware of listings from discounters. But Mr. Rouda said that if a buyer signs a representation agreement with a Real Living agent, that agent is required to provide information about all offerings that might appeal to the buyer.

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