140. See infra Chapter III.C. 141. Although this section reports a range of data that profess to measure "market share," this Report makes no attempt to define an appropriate 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 LOCAL MARKETS 3 (2005 ), readily available at http://www.
nsf/Pages/Sawyer05? OpenDocument (noting existence of "micro- markets" within cosmopolitan areas. For instance, within the Washington, DC city, there Visit this site is little or no competition amongst buyers, sellers, and realty 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 Economist, National Association of Realtors, Discussion at the Federal Trade Commission & Department of Justice Public Workshop: Competitors Policy and the Property 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 ORGANIZATION SUMMARY 4 (Dec - how to take real estate photos. 2006), available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to become real estate agent. pdf. 151. NAR, Public Comment 208, at 6 (" In a few markets, some firms may have a larger than normal market share, however market shares are known to alter 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 Realty Co. v. Iowa Real Estate Co., No. 4:04- CV-10175, 2004 WL 1280895, at Continue reading * 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 Better: Brokerage and Time on the Market, 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 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, nevertheless, this is not always the case with regard to the entry of new organization designs in the genuine estate brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's relatively complimentary entry into the profession and into the realty brokerage company."). The capability of novice entrants to bring in clients relative to more skilled agents was not discussed at the Workshop and, similarly, is not dealt with 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 Comment 208, at 5 (" An agent can acquire a broker's license, usually after having been in organization for a number of years, and passing a broker's license examination. The specific requirements differ by state.").
One author has described the service that brokers provide as not merely a completed match of buyer and seller, however rather "a completed deal at some level of service supplied to the parties involved." Geoffrey K. Turnbull, Property Brokers, Nonprice Competitors and the Real Estate Market, 24 REAL ESTATE ECONOMICS 293, 295 (1996 ).
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Id. The level to which brokers provide these services "provides the margin for nonprice competitors among brokers." Id. 164. As discussed in Chapter I of this Report, refunds are a significant element of rate competitors between brokers in states that do not forbid refunds. Anti-rebate laws are discussed 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 regional markets to regularly have commission modes at either six or seven percent. These are the 'regular' modes for virtually all markets, no matter how they might differ from one another, and nationwide an extremely high percentage of genuine estate brokerage deals happened at a commission rate of one or the other.
The degree of rate uniformity we found 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 return to the FTC report from more than 20 years back, things truly have actually not altered that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a research study which was finished and released in 1983.
REALTY RES. 187, 187 (2001) (" A number of research studies have argued that the harmony of the commission rate throughout different properties and areas is an indicator of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Real Estate Listing Agreements, 16 J. REALTY 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 common argument is that the effort required to offer a home is not a direct function of the prices which if there is not collusion http://tribunenewsnow.com/classifieds-2/search-ads/64352/wesley-financial-group-llc-timeshare-cancellation-experts/services/ among brokers, there need to be, at least, variation in commission rates across house rate varieties within a provided 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 substantially less competitive than it needs to be and commissions are synthetically high."); White, supra note 47, at 2 (" [A] more competitive outcome would certainly suggest that typical costs would be lower than they are today and that 'the 6% (or 7%) commission' would be unlikely to remain as the modal cost."); John C.
8, 2005) (keeping in mind "a relatively widespread view that brokerage is not a competitive industry" based a number of understandings, including: (1) extreme commission rates that are "sticky down" even as technology lowers brokers' costs; (2) commission rates are higher in the United States than in numerous other industrialized nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws restricting competitors; (4) NAR's effective lobbying of Congress to forbid banks from getting in the property brokerage business; and (5) NAR-imposed restrictions 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 Ticket Circulation Market (July 2003) (discussing how Web distribution decreased transaction expenses in the sale of airline company tickets), available at http://www. gao.gov/ brand-new - how to get real estate license in ga. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Protection Info Needed on Broker's Web Websites (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 Remark 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.