140. See infra Chapter III.C. 141. Although this area reports a range of statistics that purport to measure "market share," this Report makes no effort to specify an appropriate antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, LOCAL REAL ESTATE MARKET COMPETITION: EVIDENCE AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), readily available at http://www.
nsf/Pages/Sawyer05? OpenDocument (keeping in mind presence of "micro- markets" within cities. For example, within the Washington, DC city, there is little or no competition amongst purchasers, 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 Realty Market, Realty 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 (comment). 149. Id. 150. REALOGY, REALOGY COMPANY OVERVIEW 4 (Dec - what is a real estate appraiser. 2006), readily 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 couple of markets, some http://www.prweb.com/releases/2012/8/prweb9766140.htm companies might have a bigger than usual market share, but market shares are understood 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), rev 'd on other premises, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Larger is Not Better: Brokerage and Time on the marketplace, 10 J.
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23, 27-28 (1995 ). The authors used 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 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, nevertheless, this is not necessarily the case with regard to the entry of new company designs in the real estate brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's relatively free entry into the profession and into the property brokerage service."). The ability of newbie entrants to bring in clients relative to more knowledgeable agents was not talked about at the Workshop and, also, is not resolved 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 (" A representative can obtain a broker's license, typically after having stayed in business for several years, and passing a broker's license examination. The precise requirements vary by state.").
One author has described the service that brokers offer as not merely a completed match of purchaser and seller, but rather "a finished deal at some level of service provided to the celebrations involved." Geoffrey K. Turnbull, Property Brokers, Nonprice Competitors 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, rebates are a significant element of price competitors between brokers in states that do not forbid rebates. Anti-rebate laws are talked about in more detail 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 virtually all markets, despite how they might vary from one another, and nationwide an extremely high portion of property brokerage transactions occurred at a commission rate of one or the other.
The degree of rate harmony we found clearly is inconsistent with a market identified by the particular kind of vigorous competition typical 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 Comment 30 at 1 (" [T] he FTC did a study which was finished and released in 1983.
REALTY RES. 187, 187 (2001) (" A number of research studies have argued that the uniformity of the commission rate across different homes and areas is a sign of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty 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 typical argument is that the effort needed to offer a house is not a direct function of the prices and that if there is not collusion amongst brokers, there Find out more need to be, at the really least, variation in commission rates throughout house cost varieties within an offered 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 result would certainly imply that typical fees would be lower than they are today which 'the 6% (or 7%) commission' would be not likely to stay as the modal fee."); John C.
8, 2005) (keeping in mind "a fairly prevalent view that brokerage is not a competitive industry" based a number of perceptions, consisting of: (1) excessive commission rates that are "sticky downward" even as innovation decreases brokers' expenses; (2) commission rates are higher in the United States than in many other industrialized nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws restricting competition; (4) NAR's successful lobbying of Congress to restrict banks from entering the realty brokerage business; and (5) NAR-imposed constraints on discount and Internet brokers' access to the http://www.globenewswire.com/news-release/2020/06/10/2046392/0/en/WESLEY-FINANCIAL-GROUP-RESPONDS-TO-DIAMOND-RESORTS-LAWSUIT.html MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Impact of Modifications in the Airline Company Ticket Distribution Industry (July 2003) (discussing how Web distribution decreased deal expenses in the sale of airline company tickets), offered at http://www. gao.gov/ brand-new - how long does it take to get real estate license. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Security Information Needed on Broker's Website (May 2000) (discussing how Web 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 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 several other countries concluded that U.S.