Supervisor ACM discontinues investigation into ‘monopolist’ Funda

Photo: ANP

The Netherlands Authority for Consumers & Markets (ACM) has stopped investigating the home sales site Funda. A site that helps home sellers prepare ads had filed a complaint against the platform for allegedly acting as a monopolist by not allowing competitors’ ads for real estate agents. During a preliminary investigation, ACM did not find any “convincing indications” for this. subsequently withdrew the so-called enforcement request. This site helps homeowners determine the asking price for their home without the intervention of a real estate agent and automatically creates advertisements. Previously they also appeared on Funda, but since the end of 2020 these advertisements have been banned by the housing site because they did not meet new conditions.

Funda, which is for the most part owned by real estate association NVM, requires intermediaries who place an advertisement, among other things, that they have physically viewed and assessed the house themselves. ‘Untied intermediaries’ must also be actively involved in the negotiation of the sale of a house in order to be allowed on Funda.

Gmak complained that these criteria make its own revenue model impossible. Funda is said to protect traditional brokers from competition from new entrants. And because Funda controls the vast majority of the Dutch market for housing advertisements, according to gmak, the site had to be forced to be opened up to all parties.

The company therefore filed a complaint with the regulator. “The market was different then than it is now,” says Chris van der Voorn, director of gmak. “Even sales rumors often lead to a sale. There is no need to be on Funda at the moment.”

Supervisor ACM discontinues investigation into ‘monopolist’ Funda
Source link Supervisor ACM discontinues investigation into ‘monopolist’ Funda

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