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 attempt to specify an Get more info 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 ), offered at http://www. nsf/Pages/Sawyer05? OpenDocument (keeping in mind existence of "micro- markets" within urbane areas. For instance, within the Washington, DC city, there is little or no competition amongst buyers, sellers, and property 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, Discussion at the Federal Trade Commission & Department of Justice Public Workshop: Competitors Policy and the Realty Market, Property Brokerage Market: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Discussion], 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 ORGANIZATION OVERVIEW 4 (Dec - what is a real estate appraiser. 2006), offered at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to become a commercial real estate agent. pdf. 151. NAR, Public Remark 208, at 6 (" In a few markets, some companies might have a larger than typical market share, however market shares are understood to change measurably from one year to the next."). Re/Max Int' l, Inc. https://www.newsbreak.com/news/2056971864782/franklin-firm-wesley-financial-launches-insurance-agency v. Real Estate One, Inc., 173 F. 3d 995, 1003 (sixth 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 premises, 406 F. 3d 969 (8th Cir. 2005). 154. Shiawee X. Yang & Abdullah Yavas, Larger is Not Much Better: Brokerage and Time on the Market, 10 J. Not known Details About What Is Ltv In Real Estate
23, 27-28 (1995 ). The authors used a sample of 388 home sales in fiscal year 1991 from the several 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 PERSONNEL REPORT, supra note 9, at 102. As explained infra, nevertheless, this is not necessarily the case with respect to the entry of brand-new service designs in the real estate brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See also Lewis, Tr. "); Hsieh, Tr. at 235 (" there's reasonably totally free entry into the profession and into the genuine estate brokerage service."). The ability of amateur entrants to draw in clients relative to more https://www.laclederecord.com/classifieds/wesley+financial+group+llctimeshare+cancellation+expertsover+50000000+in+timeshare+debt+and+fees+cancelled+in+2019,8896 skilled representatives was not discussed at the Workshop and, also, is not resolved in this Report. 158. Yun, Tr. 159. Yun Discussion, 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, usually after having actually been in business for several years, and passing a broker's license test. The precise requirements vary by state."). One author has actually explained the service that brokers offer as not merely a completed match of purchaser and seller, but rather "a finished transaction at some level of service supplied to the parties included." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competitors and the Housing Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ). 10 Simple Techniques For What Is Reo In Real Estate
Id. The level to which brokers supply these services "provides the margin for nonprice competitors among brokers." Id. 164. As discussed in Chapter I of this Report, rebates are a meaningful part of price competition between brokers in states that do not restrict rebates. Anti-rebate laws are discussed 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 found local markets to regularly have commission modes at either 6 or 7 percent. These are the 'regular' modes for essentially all markets, no matter how they may vary from one another, and nationwide a really high portion of realty brokerage transactions occurred at a commission rate of one or the other. The degree of rate uniformity we discovered clearly is irregular with a market defined by the specific type of vigorous competitors 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 ago, things truly have not altered that much."); Bourgoin, Public Comment 30 at 1 (" [T] he FTC did a research study which was completed and published in 1983. GENUINE ESTATE RES. 187, 187 (2001) (" A number of studies have argued that the uniformity of the commission rate across different 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 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 needed to sell a house is not a direct function of the sales cost which if there is not collusion amongst brokers, there must be, at the really least, variation in commission rates throughout home cost varieties within a provided market."). How To Invest In Real Estate With No Money for Beginners
See, e. g., American Bankers Association, Public Remark 10, at 1 (cover letter) (" [b] y any requirement, the realty 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 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) (noting "a fairly prevalent view that brokerage is not a competitive market" based a number of understandings, including: (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 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 going into the property brokerage service; and (5) NAR-imposed constraints 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 Ticket Distribution Market (July 2003) (discussing how Internet circulation reduced deal costs in the sale of airline company tickets), available at http://www. gao.gov/ brand-new - how much do real estate agents make a year. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Security Details Needed on Broker's Website (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 study analyzing commission rates in the United States and several other countries concluded that U.S.
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