140. See infra Chapter III.C. 141. Although this area reports a range of statistics that profess to measure "market share," this Report makes no attempt to specify a relevant antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, LOCAL PROPERTY MARKET COMPETITORS: PROOFS AND INSIGHT FROM AN ANALYSIS OF 12 RESIDENT MARKETS 3 (2005 ), offered at http://www.
nsf/Pages/Sawyer05? OpenDocument (noting existence of "micro- markets" within cities. For instance, within the Washington, DC city, there is little or no competition amongst buyers, sellers, and property 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., Elder Economist, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competitors Policy and the Property Industry, 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 Comment 208, at 7 (comment). 149. Id. 150. REALOGY, https://www.ripoffreport.com/report/s/wesley-financial-group-llc-trusted-business-ripoff-report-verified-896644 REALOGY ORGANIZATION INTRODUCTION 4 (Dec - what is escheat in real estate. 2006), available at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to get a real estate license in texas. pdf. 151. NAR, Public Remark 208, at 6 (" In a few markets, some companies might have a bigger than typical market share, however market shares are understood to alter 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 Realty 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 premises, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Bigger is Not Much Better: Brokerage and Time on the marketplace, 10 J.
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23, 27-28 (1995 ). The authors utilized a sample of 388 home sales in calendar year 1991 from the multiple listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Portion Brokerage Commissions and Realty Market Performance," 17 JOURNAL OF THE AMERICAN REALTY AND URBAN ECONOMICS ASSOCIATION 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 brand-new organization models in the real estate brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's reasonably free entry into the profession and into the realty brokerage organization."). The ability of novice entrants to bring in clients relative to more experienced agents was not discussed at the Workshop and, likewise, is not addressed in this Report. 158. Yun, Tr.
159. Yun Discussion, supra note 145, at 5, 7. 160. Daniels, Public Remark 92, at 1. 161. NAR, Public Comment 208, at 5 (" An agent can get a broker's license, typically after having actually stayed in business for several years, and passing a broker's license examination. The exact requirements differ by state.").
One author has actually explained the service that brokers provide as not merely a finished match of purchaser and seller, however rather "a completed transaction at some level of service provided to the parties involved." Geoffrey K. Turnbull, Realty Brokers, Nonprice Competitors and the Real Estate Market, 24 REAL ESTATE ECONOMICS 293, 295 (1996 ).
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Id. The degree to which brokers supply these services "offers the margin for nonprice competitors amongst brokers." Id. 164. As gone over in Chapter I of this Report, rebates are a significant component of price competition in 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 also id. at 55 (" [W] e discovered regional markets to regularly have commission modes at either 6 or 7 percent. These are the 'normal' modes for practically all markets, despite how they might differ from one another, and nationwide a very high percentage of property brokerage deals happened at a commission rate rci timeshare review of one or the other.
The degree of rate harmony we found clearly is inconsistent with a market identified by the particular kind of energetic competition typical in numerous other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you go back to the FTC report from more than 20 years back, things truly have not changed that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a research study which was finished timeshare brokers and published in 1983.
REALTY RES. 187, 187 (2001) (" A variety of studies have argued that the harmony of the commission rate throughout various homes and areas is an indicator of collusive behavior."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Real Estate Listing Agreements, 16 J. REAL ESTATE FIN. & ECON.
some collusion in between brokers through the [MLS] The primary evidence provided is the near-uniformity of commission rates in a provided market. A typical argument is that the effort required to sell a house is not a direct function of the prices which if there is not collusion among brokers, there must be, at the minimum, variation in commission rates across home cost ranges within an offered market.").
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See, e. g., American Bankers Association, Public Comment 10, at 1 (cover letter) (" [b] y any standard, the property brokerage market is substantially less competitive than it ought to be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive result would certainly mean that typical fees would be lower than they are today which 'the 6% (or 7%) commission' would be unlikely to stay as the modal fee."); John C.
8, 2005) (noting "a fairly prevalent view that brokerage is not a competitive market" based numerous perceptions, including: (1) excessive commission rates that are "sticky downward" even as innovation lowers brokers' costs; (2) commission rates are higher in the United States than in many other developed nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws restricting competitors; (4) NAR's successful lobbying of Congress to forbid banks from going into the property brokerage service; and (5) NAR-imposed limitations on discount rate and Web brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Changes in the Airline Ticket Circulation Market (July 2003) (going over how Internet distribution reduced deal costs in the sale of airline tickets), available at http://www. gao.gov/ brand-new - how to become a real estate agent in va. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Protection Info Needed on Broker's Website (May 2000) (discussing 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 Comment 10, at 3. 170. American Bankers Association, Public Comment 10, at 3 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 research study evaluating commission rates in the United States and numerous other countries concluded that U.S.