140. See infra Chapter III.C. 141. Although this area reports a range of statistics that purport to determine "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 LOCAL MARKETS 3 (2005 ), offered at http://www.
nsf/Pages/Sawyer05? OpenDocument (noting existence of "micro- markets" within cities. For instance, within the Washington, DC cosmopolitan location, there is little or no competitors among purchasers, sellers, and genuine estate agents across the micro-markets of Montgomery County, MD, Fairfax County, VA, and southwest Washington, DC). 143. Yun, http://www.prweb.com/releases/2012/8/prweb9766140.htm Tr. at 220. 144.
145. Lawrence Yun, Ph. D., Senior Financial Expert, National Association of Realtors, https://www.mytimeshareexitreviews.com/wesley-financial-group-review-cost-fees-ratings/ Discussion at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Property Market, Realty Brokerage Industry: 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 (remark). 149. Id. 150. REALOGY, REALOGY COMPANY SUMMARY 4 (Dec - how to get a real estate license in texas. 2006), readily available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. what does arv mean in real estate. pdf. 151. NAR, Public Remark 208, at 6 (" In a couple of markets, some companies might have a larger than normal market share, but 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 (6th Cir. 1999). 153. Mid-America http://www.globenewswire.com/news-release/2020/06/10/2046392/0/en/WESLEY-FINANCIAL-GROUP-RESPONDS-TO-DIAMOND-RESORTS-LAWSUIT.html 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, Larger 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 fiscal 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 Efficiency," 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, nevertheless, this is not always the case with respect to the entry of new organization models in the realty brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's fairly totally free entry into the profession and into the property brokerage service."). The ability of amateur entrants to draw in customers relative to more experienced representatives was not discussed at the Workshop and, similarly, is not dealt with 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 Remark 208, at 5 (" An agent can obtain a broker's license, typically after having actually been in business for numerous years, and passing a broker's license exam. The exact requirements vary by state.").
One author has actually explained the service that brokers supply as not simply a completed match of purchaser and seller, however rather "a completed transaction at some level of service offered to the celebrations included." Geoffrey K. Turnbull, Property Brokers, Nonprice Competition and the Housing Market, 24 REALTY ECONOMICS 293, 295 (1996 ).
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Id. The level to which brokers provide these services "supplies the margin for nonprice competitors amongst brokers." Id. 164. As talked about in Chapter I of this Report, refunds are a significant part of rate competitors in between brokers in states that do not prohibit rebates. 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 found regional markets to consistently have commission modes at either 6 or seven percent. These are the 'typical' modes for essentially all markets, regardless of how they may vary from one another, and nationwide an extremely high percentage of realty brokerage deals happened at a commission rate of one or the other.
The degree of rate uniformity we discovered plainly is inconsistent with a market identified by the particular sort of energetic competition 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 actually not changed that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a study which was finished 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 residential or commercial properties and areas is an indicator of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty Listing Agreements, 16 J. REAL ESTATE FIN. & ECON.
some collusion between brokers through the [MLS] The main evidence presented is the near-uniformity of commission rates in a given market. A typical argument is that the effort needed to offer a house is not a direct function of the sales rate which if there is not collusion among brokers, there should be, at least, variation in commission rates across home cost 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 standard, the realty brokerage market is significantly 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 charges would be lower than they are today and that 'the 6% (or 7%) commission' would be not likely to stay as the modal charge."); John C.
8, 2005) (keeping in mind "a fairly extensive view that brokerage is not a competitive industry" based a number of perceptions, including: (1) excessive commission rates that are "sticky downward" even as innovation decreases brokers' expenses; (2) commission rates are greater in the United States than in lots of other industrialized nations; (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 getting in the realty brokerage organization; 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 Changes in the Airline Company Ticket Circulation Market (July 2003) (talking about how Internet circulation decreased transaction costs in the sale of airline company tickets), readily available at http://www. gao.gov/ new - what is cap rate real estate. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Defense Info Needed on Broker's Web Websites (May 2000) (discussing how Internet 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 (remark). 171. Id. at 1. 172. Id. at 4. A 2002 research study examining commission rates in the United States and numerous other countries concluded that U.S.