140. See infra Chapter III.C. 141. Although this section reports a variety of data that purport to determine "market share," this Report makes no attempt to specify a pertinent antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, LOCAL PROPERTY MARKET COMPETITION: PROOFS AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), offered at http://www.
nsf/Pages/Sawyer05? OpenDocument (keeping in mind existence of "micro- markets" within cities. For example, within the Washington, DC city, there is little or no competitors amongst buyers, sellers, and real estate representatives throughout the micro-markets of Montgomery County, MD, Fairfax County, VA, and southwest Washington, DC). 143. Yun, Tr. at 220. 144.
145. Lawrence Yun, Ph. D., Senior Economist, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competitors Policy and the Real Estate Market, Property Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Discussion], offered at http://www. ftc.gov/ opp/workshops/comprealestate/ yun. pdf. 146. Id.
Id. 148. NAR, Public Remark 208, at 7 (comment). 149. Id. 150. REALOGY, REALOGY COMPANY OVERVIEW 4 (Dec - how to become a real estate broker in california. 2006), available at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to be a real estate investor. pdf. 151. NAR, Public Remark 208, at 6 (" In a few markets, some companies may have a larger than usual market share, however market shares are known to change measurably from one year to the next.").
Re/Max Int' l, Inc. v. Real Estate One, Inc., 173 F. 3d 995, 1003 (sixth Cir. 1999). 153. Mid-America Property Co. v. Iowa Real Estate Co., No. 4:04- CV-10175, 2004 WL 1280895, at * 8- * 9 & n. 5 (S.D. Iowa 2004), Click for more info rev 'd on other grounds, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Bigger is Not Much Better: Brokerage and Time on the Market, 10 J.
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23, 27-28 (1995 ). The authors utilized a sample of 388 house sales in calendar year 1991 from the multiple listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Percentage Brokerage Commissions and Property Market Efficiency," 17 JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).
See id. at 427-28. 156. https://www.chronicle-tribune.com/classifieds/community/announcements/notice/services-wesley-financial-group-llc---timeshare-cancellation-experts/ad_cff082dc-f02b-5e02-839b-7ce6195732b5.html 1983 FTC PERSONNEL REPORT, supra note 9, at 102. As described infra, nevertheless, this is not necessarily the case with regard to the entry of brand-new service models in the genuine estate brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's reasonably totally free entry into the profession and into the real estate brokerage organization."). The ability of novice entrants to attract customers relative to more skilled representatives was not talked about at the Workshop and, similarly, is not attended to in this Report. 158. Yun, Tr.
159. Yun Discussion, supra note 145, at 5, 7. 160. Daniels, Public Comment 92, at 1. 161. NAR, Public Comment 208, at 5 (" A representative can obtain a broker's license, usually after having been in service for a number of years, and passing a broker's license test. The specific requirements differ by state.").
One author has described the service that brokers provide as not merely a finished match of buyer and seller, however rather "a completed transaction at some level of service provided to the parties involved." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competitors and the Housing Market, 24 REAL ESTATE ECONOMICS 293, 295 (1996 ).
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Id. The degree to which brokers supply these services "supplies the margin for nonprice competition amongst brokers." Id. 164. As discussed in Chapter I of this Report, refunds are a meaningful part of price competition between brokers in states that do not forbid refunds. Anti-rebate laws are talked about in more detail in Chapter IV of this Report.
1983 FTC STAFF REPORT, supra note 9, at 64. See also id. at 55 (" [W] e found local markets to regularly have commission modes at either six or seven percent. These are the 'typical' modes for essentially all markets, no matter how they may differ from one another, and nationwide a very high portion of realty brokerage deals happened at a commission rate of one or the other.
The degree of rate harmony we discovered plainly is inconsistent with a market defined by the particular type of energetic competitors common in lots of other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you return to the FTC report from more than twenty years earlier, things truly have not altered that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a study which was finished and published in 1983.
REAL ESTATE RES. 187, 187 (2001) (" A number of research studies have actually argued that the harmony of the commission rate throughout different properties and areas is a sign of collusive behavior."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Real Estate Listing Agreements, 16 J. REALTY FIN. & ECON.
some collusion in between brokers through the [MLS] The main proof more info provided is the near-uniformity of commission rates in a given market. A typical argument is that the effort required to sell a home is not a direct function of the sales price which if there is not collusion among brokers, there should be, at the minimum, variation in commission rates across house price ranges within a provided market.").
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See, e. g., American Bankers Association, Public Remark 10, at 1 (cover letter) (" [b] y any requirement, the realty brokerage market is significantly less competitive than it should be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive outcome would certainly mean that typical fees would be lower than they are today which 'the 6% (or 7%) commission' would be unlikely to remain as the modal charge."); John C.
8, 2005) (noting "a relatively widespread view that brokerage is not a competitive market" based several understandings, consisting of: (1) extreme commission rates that are "sticky down" even as innovation minimizes brokers' costs; (2) commission rates are greater in the United States than in lots of other developed countries; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws limiting competitors; (4) NAR's effective lobbying of Congress to restrict banks from entering the property brokerage business; and (5) NAR-imposed limitations on discount and Web brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Modifications in the Airline Company Ticket Circulation Industry (July 2003) (talking about how Web distribution decreased deal costs in the sale of airline tickets), readily available at http://www. gao.gov/ new - how to invest in real estate with little money. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Defense Info Needed on Broker's Website (May 2000) (talking about how Web brokerages charge far less commission per trade on securities), offered at http://www.
items/gg00043. pdf. 169. See Hahn, Tr. at 89; American Bankers Association, Public Remark 10, at 3. 170. American Bankers Association, Public Comment 10, at 3 (remark). 171. Id. at 1. 172. Id. at 4. A 2002 research study evaluating commission rates in the United States and several other countries concluded that U.S.