140. See infra Chapter III.C. 141. Although this area reports a range of stats that claim 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 SAWYER, LOCAL REALTY MARKET COMPETITORS: PROOFS AND INSIGHT FROM AN ANALYSIS OF 12 RESIDENT MARKETS 3 (2005 ), available at http://www.
nsf/Pages/Sawyer05? OpenDocument (keeping in mind existence of "micro- markets" within cities. For instance, within the Washington, DC urbane location, there is little or no competition among purchasers, sellers, and realty agents 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 Economic Expert, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Real Estate Industry, Property Brokerage Industry: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Presentation], available 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 BUSINESS SUMMARY 4 (Dec - how to make money in real estate with no money. 2006), available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to get leads in real estate. pdf. 151. NAR, Public Comment 208, at 6 (" In a few markets, some companies might have a bigger than normal market share, but market shares are understood to change measurably from one year to the next.").
Re/Max Int' l, Inc. v. Realty One, Inc., 173 F. 3d 995, 1003 (6th Cir. 1999). 153. Mid-America Property Co. v. Iowa Realty 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, Bigger is Not 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 fiscal year 1991 from the several listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Portion Brokerage Commissions and Property Market Performance," 17 JOURNAL OF THE AMERICAN PROPERTY AND URBAN ECONOMICS ASSOCIATION https://www.trustpilot.com/review/timesharecancellations.com 422, 428-29 (1989 ).
See id. at 427-28. 156. 1983 FTC STAFF REPORT, supra note 9, at 102. As explained infra, however, this is not necessarily the case with respect to the entry of new organization models in the property brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's reasonably totally free entry into the occupation and into the realty brokerage organization."). The capability of amateur entrants to attract customers relative to more experienced agents was not talked about at the Workshop and, likewise, is not attended to in this Report. 158. Yun, Tr.
159. Yun Presentation, supra note 145, at 5, 7. 160. Daniels, Public Comment 92, at 1. 161. NAR, Public Comment 208, at 5 (" A representative can get a broker's license, typically after having actually been in organization for numerous years, and passing a broker's license test. The exact requirements differ by state.").
One author has actually explained the service that brokers offer as not merely a finished match of buyer and seller, but rather "a completed deal at some level of service provided to the parties included." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competition and the Housing Market, 24 REALTY ECONOMICS 293, 295 (1996 ).
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Id. The extent to which brokers provide these services "offers the margin for nonprice competition amongst brokers." Id. 164. As gone over in Chapter I of this Report, refunds are a meaningful component of price competitors between brokers in states that do not restrict rebates. Anti-rebate laws are discussed 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 discovered local markets to regularly have commission modes at either six or seven percent. These are the 'typical' modes for essentially all markets, regardless of how they may vary from one another, and nationwide a very high percentage of realty brokerage deals occurred at a commission rate of one or the other.
The degree of rate uniformity we found clearly is irregular with a market identified by the particular kind of energetic competitors common in numerous other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you return to the FTC report from more than 20 years earlier, things actually have not changed that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a research study which was completed and released in 1983.
REALTY RES. 187, 187 (2001) (" A number of studies have actually argued that the harmony of the commission rate across different homes and regions is an indication of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Real Estate Listing Agreements, 16 J. PROPERTY FIN. & ECON.
some collusion between brokers through the [MLS] The primary proof provided is the near-uniformity of commission rates in a given market. A common argument is that the effort needed to sell a home is not a linear function of the sales price which if there is not collusion amongst brokers, there must be, at the minimum, variation in commission rates across house rate 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 genuine estate brokerage market is considerably 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 not likely to remain as the modal cost."); John C.
8, 2005) (noting "a fairly prevalent view that brokerage is not a competitive market" based several perceptions, including: (1) extreme commission rates that are "sticky downward" even as technology decreases brokers' costs; (2) commission rates are greater in the United States than in numerous other developed nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws limiting competition; (4) NAR's effective lobbying of Congress to forbid banks from getting in the property brokerage service; and (5) NAR-imposed constraints on discount and Internet brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Changes in the Airline Company Ticket Distribution Market (July 2003) (discussing how Internet distribution reduced deal expenses in the sale of airline tickets), readily available at http://www. gao.gov/ brand-new - how to buy real estate with no money. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Protection Info Needed on Broker's Website (May 2000) (talking about how Internet brokerages charge far less commission per trade on securities), readily available at http://www.
items/gg00043. pdf. 169. See Hahn, Tr. at 89; American Bankers Association, Public Comment 10, at 3. 170. American https://www.inhersight.com/company/wesley-financial-group-llc?_n=131664138 Bankers Association, Public Comment 10, at 3 (remark). 171. Id. at 1. 172. Id. at 4. A 2002 study analyzing commission rates in the United States and numerous other countries concluded that U.S.