PUBLIC WORKSHOP: What’s New in Residential Real Estate Brokerage Competition

Workshop Information

On June 5, 2018, the Department of Justice (DOJ) and Federal Trade Commission (FTC) held a joint public workshop to explore competition issues in the residential real estate brokerage industry. The workshop focused on developments since the publication of the FTC and Department’s Report on Competition in the Real Estate Brokerage Industry in 2007. Topics discussed included:

  • existing and emerging consumer-facing platforms for accessing listings information
  • availability of listings information to consumers
  • regulatory and competitive hurdles facing listings platforms
  • effect of listings platforms on consumers’ use of real estate services
  • changes in traditional real estate broker, brokerage, and Multiple Listing Service practices
  • emergence and growth of nontraditional fee and service models
  • obstacles and catalysts to innovation in real estate fee structures and service models
  • competitive impact of nontraditional real estate fee and service models
  • effect of antitrust enforcement actions and consent decrees on competition in the residential real estate industry, and
  • state licensing regimes relating to residential real estate transactions.

The DOJ and FTC invited comments from the public on competition in the residential real estate brokerage industry and the topics covered by this workshop. For further information on the workshop, including a list of suggested questions open for comment, public comments submitted, and other workshop materials, please visit the FTC workshop event page.

For more information, please send e-mail to RealEstateworkshop@ftc.gov or contact:

Matthew Mandelberg
Attorney
202-598-2413

Date and Location

Date:

Tuesday, June 5, 2018
9:00 a.m.

Location:

Federal Trade Commission
(Ground Floor) Conference Center
Constitution Center
400 Seventh Street SW
Washington, DC 20024

Agenda

9:00 a.m.

Opening Remarks
The Honorable Joseph J. Simons – Chairman, Federal Trade Commission

9:15 a.m.

The Real Estate Innovation Road:  How Far Have We Traveled?
Brad Inman – Chairman of the Board, Inman, a Real Estate News Service

9:30 a.m.

Listings Data, Emerging Technology, and the Structure of the Real Estate Market

Panelists:

  • Art Carter – CEO, California Regional Multiple Listing Service; Chairman, Board of Directors, Real Estate Standards Organization
  • Luke Glass – EVP of Industry Platforms, Realtor.com
  • Glenn Kelman – CEO, Redfin
  • Kathleen Philips – Chief Financial Officer and Chief Legal Officer, Zillow Group

Moderators:

  • Jessica Drake – Attorney, Mergers III Division, Bureau of Competition, Federal Trade Commission
  • Matthew Siegel – Trial Attorney, Media, Entertainment, and Professional Services Section, Antitrust Division, U.S. Department of Justice 
11:00 a.m. Break
11:15 a.m.

Developments in Real Estate Fee and Service Models

Panelists:

  • Simon Chen – President and CEO, ERA Franchise Systems, LLC, Realogy Holdings Corp.
  • Eric Eckardt – U.S. CEO, Purplebricks
  • Khalil Alexander El-Ghoul - Principal Broker, Glass House Real Estate
  • Joshua Hunt –CEO, TRELORA
     

Moderators:

  • Karen A. Mills – Attorney, Anticompetitive Practices Division, Bureau of Competition, Federal Trade Commission
  • Erica S. Mintzer – Senior Counsel for Competition and Technology, Competition Policy and Advocacy Section, Antitrust Division, U.S. Department of Justice
12:45 p.m. Lunch Break
2:00 p.m.

Regulatory and Industry Factors Affecting Residential Real Estate Competition

Panelists:

  • Dr. Panle Jia Barwick – Associate Professor of Economics, Cornell University
  • Stephen Brobeck – Executive Director, Consumer Federation of America
  • Katie Johnson – General Counsel and Senior Vice President, National Association of Realtors
  • Brian Larson – Associate Professor of Law, Texas A&M University School of Law; Of Counsel, Larson Skinner PLLC
     

Moderators: 

  • Matthew C. Mandelberg – Attorney, Competition Policy and Advocacy Section, Antitrust Division, U.S. Department of Justice
  • William F. Adkinson, Jr. – Attorney Advisor, Office of Policy Planning, Federal Trade Commission
3:30 p.m.

Closing Remarks
Robert A. Potter – Chief, Competition Policy and Advocacy Section, Antitrust Division, U.S. Department of Justice

Updated December 19, 2018

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