The present law keeps it under control." 247 Another broker predicted:" This [lifting the refund restriction] would develop into a bidding war, decrease our earnings and undervalue our 'so-called.
' occupation." 248 Another broker observed:" If incentives were allowed, they could cause competitive behavior, which would make us look unprofessional in the eyes of the public. "249 DOJ likewise examined rebate bans by the South Dakota Realty Commission, the West Virginia Real Estate Commission, and the Tennessee Real Estate Commission. They should likewise avoid enacting such laws, rules, and regulations in the future. The Agencies and industry regulators must promote consumer understanding of marketplace choices. Some customers might not understand the series of options available to them when hiring a realty broker, including the types of company designs readily available and the negotiability of fees, for both home purchasers and sellers, and/or might not understand the tasks owed by their broker.
The Agencies and industry regulators should evaluate the expediency of an empirical research study of the property brokerage market. Transaction-level information on commission rates and fees are not openly readily available, but broad nationwide aggregate information suggest that commission rates and charges move in tandem stop paying timeshare maintenance fees with housing prices - how much do real estate agents make per sale. Simply as the 1983 FTC research study supplied important details about how property brokers competed in the late 1970s and early 1980s, a new research study analyzing how transaction-level commission rates and costs differ based upon such factors as market conditions, real estate prices, and policy would provide a much better understanding of the existing state of competition in the real estate brokerage industry.
In 2005 genuine estate broker commissions went beyond $60 billion. See The Changing Realty Market: Hearing Prior To your house Financial Solutions Subcommittee on Real Estate and Community Chance, 109th Cong. 1 (2006) [hereinafter Hearing] (statement of David G. Wood, Director, Financial Markets and Neighborhood Financial Investment, Federal Government Accounting Workplace), offered at http://financialservices.
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pdf. 2. Between 1998 and 2005, the genuine median genuine estate broker commission per transaction grew by 25. 5% to $11,549. See Table 1 in Chapter III of this Report. 3. See Robert W. Hahn et al., Paying Less for Real Estate Brokerage: time share vacation What Will Make It Happen? 5 (American Enterprise Institute-Brookings Joint Center for Regulatory Researches, Working Paper 05-11, 2005) [hereinafter AEI-Brookings Paper]; GAO, REAL ESTATE BROKERAGE: ASPECTS THAT MIGHT AFFECT COST COMPETITION (GAO-05-947) 15 n.
4. According to one study, 80 percent of house purchasers used the Web throughout their home search in 2006, and 24 percent of recent house purchasers first located the house they purchased on the Internet. NAR, 2006 NATIONAL ASSOCIATION OF REALTORS PROFILE OF HOME BUYERS AND SELLERS 34, 38 (2006) [hereinafter NAR 2006 SURVEY] (covering 12-month period ending June 2006).
Id. at 38. 5. Id. at 34 (Internet mentioned by 80% of house purchaser participants, while lawn indication cited by 63%). 6 - how do real estate agents get paid. The program, records, and other info connecting to the Workshop are offered at the Agencies' websites at http://www. usdoj.gov/ atr/public/workshops/ reworkshop. htm and http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 7. The following individuals affirmed at the Workshop: Cathy Whatley, real estate broker and Past President of NAR; Robert Hahn, economic expert and Executive Director, American Business Institute-Brookings Joint Center for Regulatory Researches; Aaron Farmer, Owner of Texas Discount Real Estate; Thomas Kunz, President and Ceo of Century 21 Real Estate LLC; Colby Sambrotto, Chief Operating Officer of ForSaleByOwner.
In addition, the Agencies got almost 400 submissions in reaction to their ask for public comment in connection with the Workshop. 8. how to invest in real estate with little money. This Report, however, does not make use of any non-public info gathered throughout investigations carried out by the FTC or DOJ or acquired through litigation brought by the Agencies - what is the difference between a real estate agent and a broker. The FTC and DOJ do not always endorse, support, confirm, or concur with the remarks, opinions or statements of Workshop participants or of others who have actually released posts regarding the market that are included in this Report.
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See FEDERAL TRADE COMMISSION, THE RESIDENTIAL REALTY AND BROKERAGE MARKET: LOS ANGELES REGIONAL WORKPLACE STAFF REPORT VOLUMES I AND II AND THE BUTTERS REPORT 9 (1983) [hereinafter 1983 FTC STAFF REPORT], available at http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 0. Kunz, Tr. at 103. Throughout this Report citations to "Tr." describe the records of the Workshop.
The complete transcript is readily available at http://www. ftc.gov/ opp/workshops/comprealestate/ 051209transcript. pdf and http://www. usdoj.gov/ atr/public/workshops/ rewagenda. htm. 11. NAR 2006 STUDY, supra note 4, at 67, 68. 12. NAR, Home Purchaser & Seller Study Shows Rising Usage of Web, Reliance on Agents (Jan. 17, 2006), http://www. realtor.org/press_room/news_releases/2006/hmbuyersellersurvey06. html. 13. NAR 2006 SURVEY, supra note 4, at 34.
See PATRICK WOODALL & STEPHEN BROBECK, CONSUMER FEDERATION OF AMERICA, STATE REALTY GUIDELINE: MARKET SUPREMACIES AND ITS CUSTOMER COSTS 3 (July 2006), available at http://www. consumerfed.org/pdfs/CFA_Real_Estate_Commissioner_Report. pdf. 15. We refer to brokers and agents collectively as "brokers" throughout this Report, other than when a difference between the 2 is needed to the significance or when pricing estimate a panelist or author.