140. See infra Chapter III.C. 141. Although this section reports a variety of statistics that purport to measure "market share," this Report makes no attempt to define a pertinent antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, RESIDENT PROPERTY MARKET COMPETITION: 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 example, within the Washington, DC city, there is little or no competition among buyers, sellers, and realty representatives across the micro-markets of Montgomery County, MD, Fairfax County, VA, and southwest Washington, DC). 143. https://www.benzinga.com/pressreleases/20/02/g15395369/franklin-tenn-based-wesley-financial-group-recognized-as-2020-best-places-to-work-in-u-s Yun, Tr. at 220. 144.
145. Lawrence Yun, Ph. D., Senior Citizen Economist, National Association of Realtors, Discussion at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Real Estate Market, Real Estate Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Presentation], readily available 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 BUSINESS SUMMARY 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 make money in real estate. pdf. 151. NAR, Public Remark 208, at 6 (" In a couple of Take a look at the site here markets, some companies might have a bigger than typical market share, however 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 (sixth Cir. 1999). 153. Mid-America Real Estate Co. v. Iowa Realty 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 calendar year 1991 from the numerous listing service. Id. at 27. 155. James E. Larson & Won J. Park, Non-Uniform Portion Brokerage Commissions and Property Market Efficiency," 17 JOURNAL OF THE AMERICAN PROPERTY 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 new company designs in the property brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's relatively free entry into the profession and into the property brokerage company."). The capability of newbie entrants to bring in customers relative to more skilled agents was not talked about at the Workshop and, also, is not attended to 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 Remark 208, at 5 (" A representative can get a broker's license, usually after having actually stayed in business for numerous years, and passing a broker's license exam. The precise requirements vary by state.").
One author has actually described the service that brokers provide as not simply a completed match of purchaser and seller, but rather "a finished transaction at some level of service provided to the parties involved." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competition and the Housing Market, 24 REALTY ECONOMICS 293, 295 (1996 ).
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Id. The extent to which brokers provide these services "offers the margin for nonprice competitors among brokers." Id. 164. As talked about in Chapter I of this Report, refunds are a meaningful part of rate 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 likewise id. at 55 (" [W] e discovered local markets to regularly have commission modes Home page at either six or seven percent. These are the 'typical' modes for virtually all markets, no matter how they may vary from one another, and nationwide a very high percentage of real estate brokerage deals took place at a commission rate of one or the other.
The degree of rate harmony we found plainly is irregular with a market defined by the particular type of vigorous 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 twenty years back, things actually have not changed that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a research study which was completed and released in 1983.
REAL ESTATE RES. 187, 187 (2001) (" A variety of research studies have argued that the harmony of the commission rate throughout different residential or commercial properties and areas is an indicator of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Property Listing Agreements, 16 J. REALTY FIN. & ECON.
some collusion in between brokers through the [MLS] The primary evidence presented is the near-uniformity of commission rates in an offered market. A common argument is that the effort needed to offer a home is not a linear function of the sales rate and that if there is not collusion among brokers, there must be, at least, variation in commission rates across home rate varieties within a given market.").
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See, e. g., American Bankers Association, Public Comment 10, at 1 (cover letter) (" [b] y any requirement, the property brokerage market is considerably less competitive than it must be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive outcome would surely imply that average charges would be lower than they are today which 'the 6% (or 7%) commission' would be unlikely to remain as the modal cost."); John C.
8, 2005) (noting "a fairly prevalent view that brokerage is not a competitive market" based a number of understandings, including: (1) extreme commission rates that are "sticky downward" even as innovation minimizes brokers' costs; (2) commission rates are higher 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 limiting competition; (4) NAR's effective lobbying of Congress to restrict banks from getting in the property brokerage business; 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: Impact of Changes in the Airline Company Ticket Distribution Industry (July 2003) (discussing how Web circulation reduced transaction expenses in the sale of airline tickets), available at http://www. gao.gov/ new - how long does it take to get real estate license. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Protection Details Needed on Broker's Web Sites (May 2000) (talking about 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 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 study analyzing commission rates in the United States and numerous other nations concluded that U.S.