Today law keeps it under control." 247 Another broker forecasted:" This [lifting the refund restriction] would develop into a bidding war, decrease our profits and cheapen our 'so-called.
' profession." 248 Another broker observed:" If inducements were enabled, they could result in competitive habits, which would make us look unprofessional in the eyes of the general public. "249 DOJ also examined refund restrictions by the South Dakota Realty Commission, the West Virginia Real Estate Commission, and the Tennessee Realty Commission. They must likewise prevent enacting such laws, rules, and guidelines in the future. The Agencies and market regulators should promote consumer understanding of marketplace choices. Some customers may not know the variety of alternatives available to them when hiring a realty broker, including the kinds of organization models readily available and the negotiability of fees, for both house buyers and sellers, and/or may not comprehend the duties owed by their broker.
The Agencies and industry regulators need to assess the feasibility of an empirical study of the realty brokerage industry. Transaction-level data on commission rates and fees are not publicly available, however broad nationwide aggregate data suggest that commission rates and fees relocate tandem with housing costs - how much do real estate agents make per sale. Simply as the 1983 FTC research study supplied important information about how property brokers contended in the late 1970s and early 1980s, a brand-new research study taking a look at how transaction-level commission rates and charges differ based on such factors as market conditions, real estate rates, and guideline would supply a better understanding of the present state of competitors in the property brokerage industry.
In 2005 realty broker commissions went beyond $60 billion. See The Changing Property Market: Hearing Before the House Financial Services Subcommittee on Real Estate and Community Chance, 109th Cong. 1 (2006) [hereinafter Hearing] (testimony of David G. Wood, Director, Financial Markets and Community Investment, Federal Government Accounting Office), offered at http://financialservices.
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pdf. 2. Between 1998 and 2005, the real average realty broker commission per deal 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: What Will Make It Occur? 5 (American Business Institute-Brookings Joint Center for Regulatory Studies, Working Paper 05-11, 2005) [hereinafter AEI-Brookings Paper]; GAO, REALTY BROKERAGE: FACTORS THAT MAY AFFECT PRICE COMPETITORS (GAO-05-947) 15 n.
4. According to one study, 80 percent of home purchasers used the Web during their home search in 2006, and cancel xm without calling 24 percent of recent home purchasers first situated the home they bought 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 pointed out by 63%). 6 - how much does real estate agents make. The agenda, records, and other info relating to the Workshop are readily available at the Agencies' sites at http://www. usdoj.gov/ atr/public/workshops/ reworkshop. htm and http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 7. The following people affirmed at the Workshop: Cathy Whatley, realty broker and Past President of NAR; Robert Hahn, economist and Executive Director, American Enterprise Institute-Brookings Joint Center for Regulatory Studies; Aaron Farmer, Owner of Texas Discount Realty; Thomas Kunz, President and Ceo of Century 21 Property LLC; Colby Sambrotto, Chief Operating Officer of ForSaleByOwner.
In addition, the Agencies received nearly 400 submissions in response to their request for public comment in connection with the Workshop. 8. how to generate real estate leads. This Report, nevertheless, does not make use of any non-public information collected during investigations conducted by the FTC or DOJ or obtained through litigation brought by the Agencies - what is a real estate appraiser. The FTC and DOJ do not always back, support, confirm, or agree with the comments, opinions or statements of Workshop individuals or of others who have published posts regarding the industry 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 PERSONNEL REPORT], offered at http://www. ftc.gov/ bc/realestate/workshop/ index. htm. 0. Kunz, Tr. at 103. Throughout this Report citations to "Tr." refer to the records of the Workshop.
The full records 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 Use of Internet, Reliance on Agents (Jan. 17, 2006), http://www. realtor.org/press_room/news_releases/2006/hmbuyersellersurvey06. html. 13. NAR 2006 SURVEY, supra timeshare regulators note 4, at 34.
See PATRICK WOODALL & STEPHEN BROBECK, CONSUMER FEDERATION OF AMERICA, STATE REAL ESTATE REGULATION: INDUSTRY DOMINANCE AND ITS CUSTOMER COSTS 3 (July 2006), readily 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, except when a distinction in between the two is necessary to the significance or when quoting a panelist or author.