140. See infra Chapter III.C. 141. Although this section reports a variety of stats that profess to determine "market share," this Report makes no effort to specify a pertinent antitrust market for this, or any other, analysis. 142. See, e. g., STEVE Additional resources SAWYER, LOCAL PROPERTY MARKET COMPETITORS: PROOFS AND INSIGHT FROM AN ANALYSIS OF 12 RESIDENT MARKETS 3 (2005 ), available at http://www.
nsf/Pages/Sawyer05? OpenDocument (noting presence of "micro- markets" within cities. For example, within the Washington, DC city, there is little or no competitors amongst buyers, sellers, and property representatives across 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., Elder Economic Expert, National Association of Realtors, Discussion at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Property Market, Real Estate Brokerage Industry: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Discussion], readily available at http://www. ftc.gov/ opp/workshops/comprealestate/ yun. pdf. 146. Id.
Id. 148. NAR, Public Remark 208, at 7 (remark). 149. Id. 150. REALOGY, REALOGY SERVICE INTRODUCTION 4 (Dec - how to become a real estate agent in pa. 2006), readily available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to take real estate photos. pdf. 151. NAR, Public Comment 208, at 6 (" In a couple of markets, some firms might have a larger than typical market share, however market shares are known to alter 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 Real Estate Co. v. Iowa Real Estate Co., No. 4:04- CV-10175, 2004 WL 1280895, at * 8- * 9 & n. 5 (S.D. Iowa 2004), rev 'd on other grounds, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Larger is Not Better: Brokerage and Time on the Market, 10 timeshare dominican republic J.
Not known Factual Statements About How To Find A Real Estate Agent
23, 27-28 (1995 ). The authors utilized a sample of 388 house sales in fiscal year 1991 from the multiple listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Portion Brokerage Commissions and Genuine Estate Market Performance," 17 JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).
See id. at 427-28. 156. 1983 FTC PERSONNEL REPORT, supra note 9, at 102. As described infra, however, this is not necessarily the case with respect to the entry of new service designs in the genuine estate brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's fairly complimentary entry into the profession and into the real estate brokerage service."). The ability of novice entrants to bring in clients relative to more knowledgeable agents was not gone over at the Workshop and, similarly, is not addressed in this Report. 158. Yun, Tr.
159. Yun Presentation, supra note 145, at 5, 7. 160. Daniels, Public Remark 92, at 1. 161. NAR, Public Remark 208, at 5 (" A representative can get a broker's license, normally after having stayed in business for several years, and passing a broker's license test. The specific requirements vary by state.").
One author has actually described the service that brokers provide as not merely a finished match of buyer and seller, however rather "a finished transaction at some level of service provided to the celebrations involved." Geoffrey K. Turnbull, Property Brokers, Nonprice Competition and the Housing Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ).
Some Known Incorrect Statements About How Long Does It Take To Get A Real Estate License
Id. The level to which brokers supply these services "offers the margin for nonprice competition amongst brokers." Id. 164. As gone over in Chapter I of this Report, rebates are a meaningful component of cost competition between brokers in states that do not restrict refunds. Anti-rebate laws are gone over in more information in Chapter IV of this Report.
1983 FTC PERSONNEL REPORT, supra note 9, at 64. See likewise id. at 55 (" [W] e found regional markets to consistently have commission modes at either 6 or seven percent. These are the 'typical' modes for practically all markets, no matter how they might vary from one another, and nationwide a really high percentage of realty brokerage transactions happened at a commission rate of one or the other.
The degree of rate uniformity we found clearly is inconsistent with a market defined by the particular kind of energetic competitors typical in numerous other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you return to the FTC report from more than twenty years ago, things really have actually not altered that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a study which was finished and published in 1983.
PROPERTY RES. 187, 187 (2001) (" A number of research studies have actually argued that the harmony of the commission rate across different residential or commercial properties and areas is a sign of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis bluegreen timeshare cancellation policy of Property Listing Agreements, 16 J. REALTY FIN. & ECON.
some collusion in between brokers through the [MLS] The main evidence presented is the near-uniformity of commission rates in a given market. A common argument is that the effort needed to offer a home is not a direct function of the sales rate which if there is not collusion amongst brokers, there ought to be, at least, variation in commission rates across home price ranges within a provided market.").
4 Easy Facts About How To Get Leads In Real Estate Shown
See, e. g., American Bankers Association, Public Comment 10, at 1 (cover letter) (" [b] y any requirement, the genuine estate brokerage market is substantially less competitive than it must be and commissions are synthetically high."); White, supra note 47, at 2 (" [A] more competitive outcome would certainly indicate that average fees would be lower than they are today and that 'the 6% (or 7%) commission' would be not likely to stay as the modal fee."); John C.
8, 2005) (noting "a relatively widespread view that brokerage is not a competitive industry" based several perceptions, consisting of: (1) extreme commission rates that are "sticky down" even as technology minimizes brokers' expenses; (2) commission rates are higher in the United States than in numerous other industrialized countries; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws limiting competitors; (4) NAR's successful lobbying of Congress to forbid banks from entering the realty brokerage company; and (5) NAR-imposed limitations on discount and Internet brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Ticketing: Effect of Changes in the Airline Ticket Distribution Industry (July 2003) (talking about how Web distribution lowered deal costs in the sale of airline company tickets), readily available at http://www. gao.gov/ new - how to buy commercial real estate. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Protection Information Needed on Broker's Website (May 2000) (discussing how Internet brokerages charge far less commission per trade on securities), available 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 Remark 10, at 3 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 study examining commission rates in the United States and a number of other nations concluded that U.S.