CFA commends the U.S. Department of Justice and the Federal Trade Commission for organizing the workshop and also, over many years, for addressing issues of competition related to residential real estate brokerage as they affect consumers.
CFA believes it important for these issues to be examined and resolved, most importantly, in terms of the ultimate impact on home sellers and buyers. Of key importance to us are properties being sold at market prices on a timely basis with the efficient assistance by third parties, including traditional real estate agents and brokers. While in general this marketplace has served consumers well, we also believe that it currently lacks sufficient price competition among those third parties and are concerned that emerging trends might inhibit this competition. We also think that more attention should be given to transactional brokerage, where agents act as facilitators rather than fiduciary agents, as one solution to the problems of insufficient price competition as well as those related to agency.