140. See infra Chapter III.C. 141. Although this section reports a range of statistics that profess to determine "market share," https://web.nashvillechamber.com/Real-Estate-Agents-and-Brokers/Wesley-Financial-Group,-LLC-21149?utm_source=GoogleSearch&gclid=Cj0KCQjw3s_4BRDPARIsAJsyoLMcbna5tFxdH9g--Y2UQliNiFGTrCXy6AAE6S9tZYYYuTspQQTsWakaAptfEALw_wcB this Report makes no attempt to specify an appropriate antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, RESIDENT REALTY MARKET COMPETITION: PROOFS AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), readily available at http://www.
nsf/Pages/Sawyer05? OpenDocument (keeping in mind presence of "micro- markets" within cities. For instance, within the Washington, DC cosmopolitan area, there is little or no competitors among purchasers, sellers, and property 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 Economist, National Association of Realtors, Presentation 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 Remark 208, at 7 (remark). 149. Id. 150. REALOGY, REALOGY COMPANY INTRODUCTION 4 (Dec - how much does real estate agents make. 2006), available at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. what are the requirements to be a real estate appraiser. pdf. 151. NAR, Public Remark 208, at 6 (" In a few markets, some firms might have a bigger than typical 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 Property 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, 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 house 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 Genuine Estate Market Performance," 17 JOURNAL OF THE AMERICAN REALTY 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 models 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 relatively free entry into the profession and into the property brokerage service."). The capability of newbie entrants to bring in customers relative to more skilled representatives was not discussed 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 Remark 92, at 1. 161. NAR, Public Remark 208, at 5 (" A representative can get a broker's license, normally after having actually stayed in business for several years, and passing a broker's license test. The precise requirements differ by state.").
One author has explained the service that brokers supply as not simply a completed match of buyer and seller, however rather "a completed transaction at some level of service supplied to the parties included." Geoffrey K. Turnbull, Realty Brokers, Nonprice Competition and the Real Estate Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ).
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Id. The level to which brokers supply these services "offers the margin for nonprice competitors amongst brokers." Id. 164. As talked about in Chapter I of this Report, refunds are a significant component of rate competition 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 STAFF REPORT, supra note 9, at 64. See also id. at 55 (" [W] e found regional markets to regularly have commission modes at either 6 or seven percent. These are the 'typical' modes for virtually all markets, regardless of how they might vary from one another, and nationwide a very high portion of property brokerage deals happened at a commission rate of one or the other.
The degree of rate uniformity we found clearly is irregular with a market identified by the particular 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 earlier, things really have not altered that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a study which was finished and published in 1983.
GENUINE ESTATE RES. 187, 187 (2001) (" A variety of studies have actually argued that the uniformity of the commission rate throughout different 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 primary evidence presented is the near-uniformity of commission rates in a given market. A common argument is that the effort needed to offer a house is not a direct function of the sales rate and that if there is not collusion among brokers, there need to be, at the extremely least, variation in commission rates throughout home rate ranges within a given market.").
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See, e. g., American Bankers Association, Public Remark 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 artificially high."); White, supra note 47, at 2 (" [A] more competitive outcome would certainly imply that typical charges would be lower than they are today which 'the 6% (or 7%) commission' would be not likely to remain as the modal fee."); John C.
8, 2005) (noting how to get rid of a timeshare dave ramsey "a relatively prevalent view that brokerage is not a competitive market" based numerous perceptions, consisting of: (1) extreme commission rates that are "sticky down" even as innovation lowers brokers' costs; (2) commission rates are higher in the United States than in numerous other industrialized countries; (3) lobbying efforts by NAR and state Real estate agent associations in favor of state laws restricting competitors; (4) NAR's successful lobbying of Congress to forbid banks from getting in the genuine estate brokerage organization; and (5) NAR-imposed restrictions on discount and Web Great site brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Modifications in the Airline Ticket Circulation Market (July 2003) (discussing how Web circulation lowered transaction costs in the sale of airline company tickets), readily available at http://www. gao.gov/ brand-new - how to choose a real estate agent. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Defense Details Needed on Broker's Website (May 2000) (discussing how Web brokerages charge far less commission per trade on securities), 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 Remark 10, at 3 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 research study analyzing commission rates in the United States and numerous other nations concluded that U.S.