140. See infra Chapter III.C. 141. Although this section reports a variety of stats that profess to determine "market share," this Report makes no attempt to define a relevant antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, LOCAL REALTY MARKET COMPETITORS: EVIDENCE AND INSIGHT FROM AN ANALYSIS OF 12 RESIDENT MARKETS 3 (2005 ), readily available 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 competitors amongst buyers, sellers, and genuine estate agents 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., Senior Citizen Financial Expert, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competitors Policy and the Property Market, https://www.yelp.com/biz/wesley-financial-group-nashville-3 Realty Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Presentation], offered at http://www. ftc.gov/ opp/workshops/comprealestate/ yun. pdf. 146. Id.
Id. 148. NAR, Public Remark 208, at 7 (remark). 149. Id. 150. REALOGY, REALOGY SERVICE SUMMARY 4 (Dec - how to become real estate agent. 2006), readily available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to get a real estate license in ohio. pdf. 151. NAR, Public Comment 208, at 6 (" In a couple of markets, some companies may have a bigger than usual market share, however market shares are understood to alter 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 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 premises, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Bigger is Not Much Better: Brokerage and Time on the marketplace, 10 J.
About What Is A Bpo In Real Estate
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 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 described infra, however, this is not necessarily the case with regard to the entry of new service models in the real estate 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 real estate brokerage business."). The capability of novice entrants to attract clients relative to more experienced representatives was not gone over at the Workshop and, similarly, is not addressed 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, generally after having actually stayed in business for several years, and passing a broker's license test. The specific requirements vary by state.").
One author has described the service that brokers supply as not merely a finished match of purchaser and seller, but rather "a completed deal at some level of service offered to the parties involved." Geoffrey K. Turnbull, Property Brokers, Nonprice Competitors and the Housing Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ).
Some Known Incorrect Statements About Crushing It In Apartments And Commercial Real Estate: How A Small Investor Can Make It Big
Id. The level to which brokers provide these services "offers the margin for nonprice competitors amongst brokers." Id. 164. As gone over in Chapter I of this Report, refunds are a meaningful component of cost competition in between brokers in states that do not prohibit rebates. Anti-rebate laws are discussed in more detail in Chapter IV of this Report.
1983 FTC STAFF REPORT, supra note 9, at 64. See also id. at 55 (" [W] e found local markets to consistently have commission modes at either 6 or 7 percent. These are the 'normal' modes for practically all markets, regardless of how they may vary from one another, and nationwide an extremely high percentage of real estate brokerage transactions happened at a commission rate of one or the other.
The degree of rate uniformity we found clearly is irregular with a market defined by the specific type of vigorous 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 https://www.forbes.com/sites/christopherelliott/2020/06/27/how-do-i-get-rid-of-my-timeshare-in-a-pandemic/ than twenty years back, things really have not altered that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a study which was completed and released in 1983.
PROPERTY RES. 187, 187 (2001) (" A variety of research studies have actually argued that the uniformity of the commission rate throughout various properties and areas is a sign of collusive behavior."); 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 proof presented is the near-uniformity of commission rates in an offered market. A typical argument is that the effort needed to offer a house is not a linear function of the prices and that if there is not collusion amongst brokers, there need to be, at the very least, variation in commission rates throughout house price ranges within a provided market.").
Get This Report about How Much Does It Cost To Get A Real Estate License
See, e. g., American Bankers Association, Public Remark 10, at 1 (cover letter) (" [b] y any requirement, the property brokerage market is substantially less competitive than it ought to be and commissions are artificially high."); White, supra note 47, at 2 (" [A] more competitive result would certainly indicate that typical charges would be lower than they are today which 'the 6% (or 7%) commission' would Visit this site be not likely to remain as the modal fee."); John C.
8, 2005) (noting "a relatively extensive view that brokerage is not a competitive industry" based numerous perceptions, including: (1) extreme 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 developed nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws restricting competitors; (4) NAR's successful lobbying of Congress to prohibit banks from going into the property brokerage service; and (5) NAR-imposed limitations on discount rate and Internet brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Ticketing: Impact of Modifications in the Airline Ticket Distribution Industry (July 2003) (talking about how Web circulation lowered transaction costs in the sale of airline company tickets), available at http://www. gao.gov/ new - how much do real estate agents make a year. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Security Information Needed on Broker's Web Sites (May 2000) (discussing how Internet 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 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 research study evaluating commission rates in the United States and a number of other countries concluded that U.S.