140. See infra Chapter III.C. 141. Although this area reports a range of data that profess to measure "market share," this Report makes no attempt to specify a relevant antitrust market for this, or any other, analysis. 142. See, e. g., STEVE SAWYER, LOCAL REALTY MARKET COMPETITION: PROOFS AND INSIGHT FROM AN ANALYSIS OF 12 LOCAL MARKETS 3 (2005 ), available at http://www.
nsf/Pages/Sawyer05? OpenDocument (noting existence of "micro- markets" within urbane areas. 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 Citizen Economic Expert, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Real Estate Industry, Realty Brokerage Industry: Structure-Conduct-Performance, at 9 (Oct. 25, 2005) [hereinafter Yun Presentation], 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 SERVICE OVERVIEW 4 (Dec - how much does real estate agents make. 2006), readily available at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. how to become a real estate appraiser. pdf. 151. NAR, Public Comment 208, at 6 (" In a couple of markets, some companies might have a larger than usual market share, but market shares are known to change 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 Realty 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 marketplace, 10 J.
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23, 27-28 (1995 ). The authors used a sample of 388 home sales in calendar year 1991 from the several 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 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 explained infra, however, this is not necessarily the case with respect to the entry of brand-new company models in the realty brokerage industry. See infra Chapter IV. 157. Perriello, Tr. at 146. See likewise Lewis, Tr.
"); Hsieh, Tr. at 235 (" there's fairly complimentary entry into the occupation and into the realty brokerage company."). The capability of novice entrants to draw in customers relative to more experienced agents was not talked about at the Workshop and, also, is not attended to 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 obtain a broker's license, typically after having actually been in service for several years, and passing a broker's license test. The specific requirements vary 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 provided to the parties included." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competitors and the Real Estate Market, 24 PROPERTY ECONOMICS 293, 295 (1996 ).
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Id. The extent to which brokers supply these services "offers the margin for nonprice competitors amongst brokers." Id. 164. As discussed in Chapter I of this Report, refunds are a significant part of rate competition between brokers in states that do not restrict 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 discovered 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 one another, and nationwide an extremely high percentage of property brokerage transactions 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 sort of vigorous competition typical in numerous 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 actually have actually not altered that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a research study which was completed and released in 1983.
PROPERTY RES. 187, 187 (2001) (" A number of studies have argued that the uniformity of the commission rate throughout various properties and areas is an indicator of collusive habits."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Property Listing Agreements, 16 J. REAL ESTATE FIN. & ECON.
some collusion between brokers through the [MLS] The primary evidence presented is the near-uniformity of commission rates in a provided market. A common argument is that the effort needed to offer a house is not a direct function of the list prices which if there is not collusion among brokers, there ought to be, at the minimum, variation in commission rates throughout home price 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 property brokerage market is considerably less competitive than it should be and commissions are synthetically high."); White, supra note 47, at 2 (" [A] more competitive outcome would undoubtedly suggest that average 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) (keeping in mind "a relatively extensive view that brokerage is not a competitive market" based a number of understandings, consisting of: (1) excessive commission rates that are "sticky down" even as innovation reduces brokers' costs; (2) commission rates are greater in the United States than in lots of other developed 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 prohibit banks from entering the realty brokerage business; and (5) NAR-imposed restrictions on discount rate and Internet brokers' access to the MLS).
See, e. g., GAO REPORT, GAO-03-749, Airline Ticketing: Effect of Changes in the Airline Ticket Distribution Industry (July 2003) (discussing how Web circulation decreased deal costs in the sale of airline tickets), readily available at http://www.timesharetales.com/meettheceo/ http://www. gao.gov/ new - how long does it take to get your real estate license. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Security Info Needed on Broker's Website (May 2000) (discussing how Web brokerages http://www.wesleytimesharegroup.com/wesley-financial-group-reviews/ 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 Comment 10, at 3 (remark). 171. Id. at 1. 172. Id. at 4. A 2002 research study examining commission rates in the United States and numerous other nations concluded that U.S.