140. See infra Chapter III.C. 141. Although this area reports a variety of stats that profess to measure "market share," this Report makes no effort to define a relevant antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, RESIDENT PROPERTY MARKET COMPETITORS: https://www.nashvillepost.com/business/development/commercial-real-estate/article/21080797/williamson-timeshare-exit-business-fights-for-credibility-in-murky-industry EVIDENCE AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), offered at http://www.
nsf/Pages/Sawyer05? OpenDocument (noting presence of "micro- markets" within city areas. For instance, within the Washington, DC city, there is little or no competitors among 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., Senior Citizen Financial Expert, National Association of Realtors, Discussion 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 Comment 208, at 7 (comment). 149. Id. 150. REALOGY, REALOGY ORGANIZATION INTRODUCTION 4 (Dec - what does arv mean in real estate. 2006), readily available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to become a real estate agent in va. pdf. 151. NAR, Public Comment 208, at 6 (" In a couple of markets, some firms may have a bigger than typical market share, but 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 (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 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 fiscal 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 Efficiency," 17 JOURNAL OF THE AMERICAN PROPERTY AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).
See id. at 427-28. 156. 1983 FTC PERSONNEL REPORT, supra note 9, at 102. As explained infra, however, this is not necessarily the case with respect to the entry of brand-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 fairly complimentary entry into the occupation and into the realty brokerage organization."). The capability of novice entrants to bring in clients relative to more knowledgeable agents was not talked about at the Workshop and, similarly, is not resolved in this Report. 158. Yun, Tr.
159. Yun Discussion, supra note 145, at 5, 7. 160. Daniels, Public Comment 92, at 1. 161. NAR, https://www.indeed.com/cmp/Western-Financial-Group/reviews Public Remark 208, at 5 (" A representative can acquire a broker's license, generally after having actually stayed in business for several years, and passing a broker's license test. The precise requirements vary by state.").
One author has actually explained the service that brokers offer as not simply a completed match of buyer and seller, but rather "a completed deal at some level of service supplied to the celebrations included." Geoffrey K. Turnbull, Property Brokers, Nonprice Competition and the Real Estate Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ).
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Id. The level to which brokers provide these services "supplies the margin for nonprice competitors Learn more here amongst brokers." Id. 164. As gone over in Chapter I of this Report, rebates are a significant part of cost competitors in between brokers in states that do not restrict rebates. Anti-rebate laws are gone over in more information in Chapter IV of this Report.
1983 FTC STAFF 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 seven percent. These are the 'typical' modes for essentially all markets, despite how they may vary from one another, and nationwide a very high portion of property brokerage transactions occurred 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 type of vigorous competitors common in many other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you go back to the FTC report from more than 20 years earlier, things truly have not changed that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a study which was finished and published in 1983.
REALTY RES. 187, 187 (2001) (" A number of research studies have argued that the harmony of the commission rate across different homes and regions is a sign 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 primary proof presented 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 rate which if there is not collusion amongst brokers, there need to be, at least, variation in commission rates throughout home rate ranges within a given market.").
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See, e. g., American Bankers Association, Public Comment 10, at 1 (cover letter) (" [b] y any standard, the realty brokerage market is considerably less competitive than it needs to be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive result would definitely suggest that average costs would be lower than they are today and that 'the 6% (or 7%) commission' would be unlikely to stay as the modal charge."); John C.
8, 2005) (noting "a relatively prevalent view that brokerage is not a competitive market" based numerous understandings, consisting of: (1) excessive commission rates that are "sticky down" even as innovation minimizes brokers' expenses; (2) commission rates are greater in the United States than in lots of other industrialized countries; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws restricting competitors; (4) NAR's successful lobbying of Congress to restrict banks from going into 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 Ticketing: Impact of Modifications in the Airline Company Ticket Distribution Industry (July 2003) (talking about how Web circulation lowered deal expenses in the sale of airline company tickets), offered at http://www. gao.gov/ brand-new - how to become real estate agent. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Security Information Needed on Broker's Web Websites (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 Remark 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 evaluating commission rates in the United States and several other nations concluded that U.S.