140. See infra Chapter III.C. 141. Although this area reports a variety of data 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, RESIDENT REALTY MARKET COMPETITORS: EVIDENCE AND INSIGHT FROM AN ANALYSIS OF 12 RESIDENT MARKETS 3 (2005 ), readily available at http://www.
nsf/Pages/Sawyer05? OpenDocument (keeping in mind existence of "micro- markets" within urban areas. For instance, within the Washington, DC city, there is little or no competitors among buyers, sellers, and real estate 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 Economist, National Association of Realtors, Discussion at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Realty Market, Realty 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 Remark 208, at 7 (comment). 149. Id. 150. REALOGY, REALOGY ORGANIZATION OVERVIEW 4 (Dec - what is reo in real estate. 2006), available at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to buy real estate with no money. pdf. 151. NAR, Public Comment 208, at 6 (" In a few markets, some firms might have a bigger than normal market share, but market shares are known to change measurably from one year to the next.").
Re/Max Int' l, Inc. v. Realty 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 Much Better: Brokerage and Time on the Market, 10 J.
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23, 27-28 (1995 ). The authors used 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 Percentage Brokerage Commissions and Realty 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 STAFF REPORT, supra note 9, at 102. As explained infra, however, this is not always the case with regard to the entry of brand-new company designs in the realty brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.
"); Hsieh, Tr. at 235 (" https://picante.today/business-wire/2019/10/08/95065/wesley-financial-group-relieves-375-consumers-of-more-than-6-7-million-in-timeshare-debt-in-september/ there's relatively totally free entry into the https://www.djournal.com/wesley-financial-group-diversifies-with-launch-of-wesley-mutual/article_f80e7b65-28ad-5601-8d06-acee72fc3b77.html occupation and into the property brokerage company."). The ability of amateur entrants to draw in clients relative to more experienced representatives 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 get a broker's license, normally after having actually been in business for a number of years, and passing a broker's license examination. The exact requirements vary by state.").
One author has described the service that brokers provide as not merely a finished match of buyer and seller, but rather "a finished deal at some level of service supplied to the parties included." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competition and the Real Estate Market, Visit this page 24 PROPERTY ECONOMICS 293, 295 (1996 ).
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Id. The degree to which brokers supply these services "supplies the margin for nonprice competitors amongst brokers." Id. 164. As talked about in Chapter I of this Report, refunds are a meaningful part of price competitors in between brokers in states that do not prohibit rebates. Anti-rebate laws are talked about 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 local markets to regularly have commission modes at either 6 or 7 percent. These are the 'regular' modes for virtually all markets, no matter how they may vary from one another, and nationwide an extremely high portion of real estate brokerage transactions happened at a commission rate of one or the other.
The degree of rate harmony we found clearly is irregular with a market identified by the specific sort of vigorous competition common in lots of other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you go back to the FTC report from more than twenty years back, things actually have actually not altered that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a research study which was finished and published in 1983.
REALTY RES. 187, 187 (2001) (" A variety of research studies have argued that the harmony of the commission rate across various properties and areas is an indicator of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Property Listing Agreements, 16 J. PROPERTY FIN. & ECON.
some collusion between brokers through the [MLS] The main proof presented is the near-uniformity of commission rates in an offered market. A common argument is that the effort needed to offer a house is not a linear function of the sales cost and that if there is not collusion among brokers, there must be, at the very least, variation in commission rates across house price 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 real estate brokerage market is substantially less competitive than it should be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive outcome would undoubtedly indicate that average costs would be lower than they are today which 'the 6% (or 7%) commission' would be unlikely to stay as the modal cost."); John C.
8, 2005) (keeping in mind "a fairly prevalent view that brokerage is not a competitive market" based several understandings, consisting of: (1) extreme commission rates that are "sticky down" even as innovation decreases brokers' costs; (2) commission rates are greater in the United States than in lots of other developed countries; (3) lobbying efforts by NAR and state Real estate agent associations in favor of state laws restricting competitors; (4) NAR's effective lobbying of Congress to forbid banks from getting in the realty brokerage service; and (5) NAR-imposed constraints on discount rate and Internet brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Impact of Changes in the Airline Ticket Distribution Market (July 2003) (talking about how Internet distribution decreased transaction expenses in the sale of airline company tickets), offered at http://www. gao.gov/ new - what are cc&rs in real estate. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Defense Info Needed on Broker's Web Websites (May 2000) (going over 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 Remark 10, at 3. 170. American Bankers Association, Public Comment 10, at 3 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 study analyzing commission rates in the United States and a number of other countries concluded that U.S.