140. See infra Chapter III.C. 141. Although this section reports a range of stats that purport to determine "market share," this Report makes no effort to specify a pertinent antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, LOCAL PROPERTY MARKET COMPETITION: 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 metropolitan locations. For instance, within the Washington, DC city, there is little or no competitors among buyers, sellers, and real estate representatives 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 Financial Expert, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competitors Policy and the Realty Market, Realty Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Discussion], 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 BUSINESS OVERVIEW 4 (Dec - how to invest in real estate with little money. 2006), offered at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to invest in commercial real estate. pdf. 151. NAR, Public Comment 208, at 6 (" In a few markets, some companies might have a bigger than normal 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 (6th Cir. 1999). 153. Mid-America Realty 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 numerous 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 REALTY AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).
See id. at 427-28. 156. 1983 FTC PERSONNEL REPORT, supra note 9, at 102. As described infra, nevertheless, this is not necessarily the case with respect to the entry of brand-new service models in the property brokerage market. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's fairly complimentary entry into the occupation and into the property brokerage service."). The capability of newbie entrants to attract clients relative to more experienced agents was not discussed at the Workshop and, likewise, is not dealt with in this Report. 158. Yun, Tr.
159. Yun Presentation, 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, normally after having stayed in business for a number of years, and passing a broker's license examination. The specific requirements differ by state.").
One author has actually described the service that brokers supply as not simply a finished match of purchaser and seller, but rather "a finished transaction at some level of service provided to the parties involved." Geoffrey K. Turnbull, Realty Brokers, Nonprice Competition and the Housing Market, 24 REALTY ECONOMICS 293, 295 (1996 ).
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Id. The level to which brokers provide these services "offers the margin for nonprice competition among brokers." Id. 164. As gone over in Chapter I of this Report, refunds are a significant element of price competitors in between brokers in states that do not forbid rebates. Anti-rebate laws are talked about in more detail in Chapter IV of this Report.
1983 FTC PERSONNEL REPORT, supra note 9, at 64. See also id. at 55 (" [W] e found local markets to regularly have commission modes at either six or seven percent. These are the 'typical' modes for virtually all markets, despite how they may vary from https://christianforums.net/Fellowship/index.php?threads/bailing-on-a-timeshare.71048/ one another, and nationwide an extremely high portion of realty 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 characterized by the particular kind 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 twenty years ago, things truly have not changed that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a study which was completed and timeshare foreclosure published in 1983.
REALTY RES. 187, 187 (2001) (" A variety of studies have actually argued that the uniformity of the commission rate across different residential or commercial properties and areas is an indicator of collusive behavior."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty Listing Agreements, 16 J. REAL ESTATE FIN. & ECON.
some collusion in between brokers through the [MLS] The main evidence presented is the near-uniformity of commission rates in a provided market. A typical argument is that the effort required to offer a house is not a linear function of the prices and that if there is not collusion amongst brokers, there ought to be, at least, variation in commission rates throughout house price varieties within an offered market.").
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See, e. g., American Bankers Association, Public Remark 10, at 1 (cover letter) (" [b] y any requirement, the genuine estate 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 undoubtedly 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 fee."); John C.
8, 2005) (keeping in mind "a relatively extensive view that brokerage is not a competitive industry" based numerous understandings, consisting of: (1) excessive commission rates that are "sticky downward" even as innovation reduces brokers' costs; (2) commission rates are higher 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 limiting competition; (4) NAR's effective lobbying of Congress to restrict banks from entering the realty brokerage company; and (5) NAR-imposed constraints on discount rate and Internet brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Company Ticketing: Effect of Changes in the Airline Ticket Circulation Market (July 2003) (talking about how Web circulation decreased deal expenses in the sale of airline company tickets), available at http://www. gao.gov/ timeshare promotions with free airfare brand-new - how to choose a real estate agent. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Financier Security Details Needed on Broker's Web Websites (May 2000) (talking about 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 Remark 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.