140. See infra Chapter III.C. 141. Although this section reports a variety of statistics that claim to measure "market share," this Report makes no effort to specify a relevant antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, RESIDENT REALTY MARKET COMPETITORS: PROOFS AND INSIGHT FROM AN ANALYSIS OF 12 RESIDENT MARKETS 3 (2005 ), available at http://www. nsf/Pages/Sawyer05? OpenDocument (keeping in mind existence of "micro- markets" within cities. For example, within the Washington, DC cosmopolitan location, there is little or no competition amongst buyers, sellers, and real estate representatives across the micro-markets of Montgomery County, MD, Fairfax Learn here County, VA, and southwest Washington, DC). 143. Yun, Tr. at 220. 144. 145. Lawrence Yun, Ph. D., Senior Economist, National Association of Realtors, Discussion 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 Presentation], 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 become a real estate agent in va. 2006), offered at http://library. corporate- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to become a real estate developer. pdf. 151. NAR, Public Remark 208, at 6 (" In a couple of markets, some firms might have a bigger than usual market share, but market shares are known to alter measurably from one year to the next."). Re/Max Int' l, Inc. v. Realty One, Inc., 173 F. 3d 995, 1003 (sixth 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 grounds, Click for more info 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. The smart more info Trick of What Is Equity In Real Estate That Nobody is Discussing
23, 27-28 (1995 ). The authors utilized 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 Portion Brokerage Commissions and Realty Market Performance," 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 described infra, nevertheless, 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 likewise Lewis, Tr. "); Hsieh, Tr. at 235 (" there's reasonably free entry into the profession and into the property brokerage service."). The ability of beginner entrants to attract customers relative to more knowledgeable agents was not talked about at the Workshop and, likewise, is not resolved 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 get a broker's license, generally after having actually stayed in business for numerous years, and passing a broker's license exam. The exact requirements differ by state."). One author has actually explained the service that brokers provide as not merely a finished match of buyer and seller, however rather "a completed deal at some level of service offered to the celebrations involved." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competitors and the Real Estate Market, 24 REAL ESTATE ECONOMICS 293, 295 (1996 ). The What Does Pending Mean In Real Estate Diaries
Id. The extent to which brokers provide these services "supplies the margin for nonprice competition among brokers." Id. 164. As gone over in Chapter I of this Report, refunds are a meaningful element of price competition between brokers in states that do not restrict rebates. Anti-rebate laws are gone over in more information in Chapter IV of this Report. 1983 FTC PERSONNEL REPORT, supra note 9, at 64. See also id. at 55 (" [W] e discovered regional markets to regularly have commission modes at either six or 7 percent. These are the 'regular' modes for essentially all markets, no matter how they might vary from one another, and nationwide a very high portion of property brokerage deals occurred at a commission rate of one or the other. The degree of rate harmony we discovered plainly is irregular with a market defined by the specific kind of energetic competition typical 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 actually not changed that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a research study which was finished and published in 1983. PROPERTY RES. 187, 187 (2001) (" A variety of research studies have actually argued that the harmony of the commission rate across various homes and regions is an indication of collusive behavior."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty Listing Agreements, 16 J. REALTY FIN. & ECON. some collusion in between brokers through the [MLS] The primary evidence presented is the near-uniformity of commission rates in a given market. A typical argument is that the effort required to offer a house is not a direct function of the list prices and that if there is not collusion among brokers, there must be, at the extremely least, variation in commission rates throughout home price varieties within a given market."). Top Guidelines Of How Long Does It Take To Get 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 significantly less competitive than it must be and commissions are synthetically high."); White, supra note 47, at 2 (" [A] more competitive outcome would undoubtedly mean that average fees would be lower than they are today and that 'the 6% (or 7%) commission' would be not likely to remain as the modal charge."); John C. 8, 2005) (keeping in mind "a relatively extensive view that brokerage is not a competitive market" based several perceptions, including: (1) excessive commission rates that are "sticky down" even as technology reduces brokers' expenses; (2) commission rates are higher in the United States than in lots of other industrialized nations; (3) lobbying efforts by NAR and state Real estate agent associations in favor of state laws limiting competition; (4) NAR's successful lobbying of Congress to restrict banks from getting in the property brokerage company; and (5) NAR-imposed limitations on discount and Web brokers' access to the MLS). See, e. g., GAO REPORT, GAO-03-749, Airline Ticketing: Impact of Changes in the Airline Ticket Distribution Market (July 2003) (going over how Web circulation reduced transaction costs in the sale of airline company tickets), readily available at http://www. gao.gov/ brand-new - what is a real estate appraiser. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Protection Information Needed on Broker's Website (May 2000) (going over how Web brokerages charge far less commission per trade on securities), offered 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 numerous other nations concluded that U.S.
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