structure%20paper%20final%2011-28-05

《structure%20paper%20final%2011-28-05》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、Structure,Conduct,andPerformanceoftheRealEstateBrokerageIndustryTheNationalAssociationofREALTORS®TheResearchDivisionNovember2005ExecutiveSummaryAnumberofpolicymakers,analystsandmediaobservershaveraisedconcernsaboutthepurportedanti-competitivenessoftherealestatebrokerageind

2、ustry.Theysuggestthattherecouldbecollusionamongrealestateagents,realestatefirms,andothersinvolvedintheindustrytocontrolaccesstoinformation,artificiallysetcommissionrates,andblockentryintotherealestatebusiness.Somearguethatinordertoinfusecompetitionintotheindustry,othernon-

3、realestateindustryplayersshouldbeallowedtoconductbrokerageactivities.Inearly2001,theFederalReserveBoardandtheDepartmentoftheTreasurypublishedaproposedrulethatwouldpermitfinancialsubsidiariesofbanksandfinancialholdingcompaniestoengageinrealestatebrokerage.Todate,theCongress

4、hasblockedissuanceofafinalrule.Torefutethoseargumentsandprovideatruepictureofthecompetitivenessandefficiencyoftoday’srealestateindustry,thispaperpresentsanalysisusingawidelyacceptedmethodologyofstructure-conduct-performance.Economistsgenerallybelievethatthestructureofamark

5、etdeterminestheconductofsellersandbuyers.Theconduct,inturn,determinestheperformanceorefficiencyofthemarket.Wealsoanalyzespecialfactorsandindustrypracticesincludingagent-brokerrelationshipsandmultiplelistingservices.Ouranalysisdemonstratesthattherealestateindustryiscompetit

6、iveandefficient,andallowsconsumerstomakeinformedchoiceswhenselectingarealestateprofessional.Amongthefindings:•Theresidentialrealestatebrokerageindustryisfiercelycompetitive.Itallowsforeaseofentryintoandexitfromtheprofession.Itcloselyresemblesaperfectlycompetitiveindustryst

7、ructurewithproductionatthelowestpossiblecostandconsumersbenefitingfromcompetitivelydeterminedprices.•Thereareapproximately2.5millionrealestateprofessionalslicensedbythestates(ofwhichmorethan1.2millionaremembersoftheNationalAssociationof1REALTORS®).NearlyallREALTORS®areself

8、-employedindependentcontractors.Thesenon-salariedentrepreneursmakedecisionsaboutmarketing