140. See infra Chapter III.C. 141. Although this area reports a range of data that claim to measure "market share," this Report makes no attempt to specify a pertinent 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 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 area, there is little or no legal way to get rid of timeshare competition among buyers, 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., Elder Economic Expert, National Association of Realtors, Presentation at the Federal Trade Commission & Department of Justice Public Workshop: Competition Policy and the Property Market, Real Estate 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 (remark). 149. Id. 150. REALOGY, REALOGY BUSINESS SUMMARY 4 (Dec - how long to get real estate license. 2006), offered at http://library. business- ir. net/library/19/ 198/198414/items/ 223251/RealogyDecember06% 20Final. what is rvm in real estate. pdf. 151. NAR, Public Remark 208, at 6 (" In a couple of markets, some firms might have a larger than normal market share, but market shares are known to change measurably from one year to the next.").
Re/Max Int' l, Inc. v. Real Estate 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 premises, 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 used 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 PROPERTY AND URBAN ECONOMICS ASSOCIATION 422, 428-29 (1989 ).
See id. at 427-28. 156. 1983 FTC STAFF REPORT, supra note 9, at 102. As described infra, nevertheless, this is not necessarily the case with regard to the entry of brand-new service models in the realty 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 profession and into the property brokerage service."). The capability of amateur entrants to draw in customers relative to more knowledgeable 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 Comment 208, at 5 (" A representative can acquire a broker's license, usually after having stayed in business for several years, and passing a broker's license exam. The precise requirements vary by state.").
One author has explained the service that brokers offer as not merely a finished match of purchaser and seller, however rather "a completed transaction at some level of service offered to the celebrations involved." Geoffrey K. Turnbull, Real Estate Brokers, Nonprice Competitors and the Housing Market, 24 REAL ESTATE ECONOMICS 293, 295 (1996 ).
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Id. The extent to which brokers provide these services "supplies the margin for nonprice competition amongst brokers." Id. 164. As talked about in Chapter I of this Report, refunds are a significant element of price competitors between brokers in states that do not prohibit refunds. Anti-rebate laws selling timeshare 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 consistently have commission modes at either six or 7 percent. These are the 'normal' modes for practically all markets, despite how they may differ from one another, and nationwide a really high portion of realty brokerage deals took place at a commission rate of one or the other.
The degree of rate harmony we found plainly is irregular with a market defined by the particular kind of energetic competitors typical in numerous other markets."). 166. See, e. g., Hsieh, Tr. at 261 (" [I] f you return to the FTC report from more than 20 years back, things really have not altered that much."); Bourgoin, Public Remark 30 at 1 (" [T] he FTC did a research study which was finished and released in 1983.
GENUINE ESTATE RES. 187, 187 (2001) (" A variety of research studies have argued that the harmony of the commission rate across different properties and regions is an indication of collusive behavior."); Richard J. Buttimer, Jr., A Contingent Claims Analysis of Realty Listing Agreements, 16 J. PROPERTY FIN. & ECON.
some collusion between brokers through the [MLS] The main proof provided is the near-uniformity of commission rates in a provided market. A common argument is that the effort needed to offer a home is not a direct function of the sales cost and that if there is not collusion among brokers, there must be, at the minimum, variation in commission rates throughout home rate ranges within a provided market.").
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See, e. g., American Bankers Association, Public Comment 10, at 1 (cover letter) (" [b] y any standard, the property 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 result would definitely suggest that average charges would be lower than they are today and that 'the 6% (or 7%) commission' would be unlikely to stay as the modal cost."); John C.
8, 2005) (noting "a relatively extensive view that brokerage is not a competitive industry" based a number of understandings, including: (1) extreme commission rates that are "sticky down" even as technology decreases brokers' costs; (2) commission rates are higher in the United States than in numerous other industrialized nations; (3) lobbying efforts by NAR and state Realtor associations in favor of state laws restricting competition; (4) NAR's successful lobbying of Congress to restrict banks from going into the realty brokerage business; 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 Modifications in the Airline Company Ticket Distribution Industry (July 2003) (going over how Internet distribution reduced transaction costs in the sale of airline tickets), offered at http://www. gao.gov/ new - how to invest in real estate with little money. items/d03749. pdf; GAO REPORT, GAO/GGD -00- 43, Online Trading: Better Investor Defense Details Needed on Broker's Web Websites (May 2000) (discussing 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 Comment 10, at 3 (comment). 171. Id. at 1. 172. Id. at 4. A 2002 study evaluating commission rates in the United States and numerous other nations concluded that U.S.