Virtual Competition Roundtable: Competition in Real Estate – Taking Stock of the “American Dream”

Introduction and Overview

Diana Moss, President, American Antitrust Institute

State of the Industry Remarks

Jack Ryan, Chief Executive Officer, REX

Panel 1 - The American Dream Revisited: Trends and Challenges in Residential Real Estate

Panel 1 will set the table for a robust discussion of major developments and headwinds that affect competition in residential real estate markets. Industry experts will address the evolution and direction of business models, market developments, the role of technology, and housing policy. For example, what are the biggest challenges for aspiring homebuyers, in what ways are the lines between ownership and renting beginning to blur, and how do both relate to affordability? How have real estate transactions changed over time, including U.S. versus international norms on commission structures? What are the prevailing business models in the industry and what role has technology and the internet played in how transactions are consummated? Panelists will synthesize their observations and analysis to suggest what policies can promote innovation and competition in real estate.

Moderator:
Jenny Schuetz, Senior Fellow – Metropolitan Policy Program, Future of the Middle Class Initiative, The Brookings Institution

Panelists:
James Dwiggins, Chief Executive Officer, NextHome, Inc.

John Hatfield, Professor, University of Texas McCombs School of Business

Joe Rand, Executive Director, Broker Public Portal

Panel 2 - Unpacking Competition Problems in Real Estate: Issues for Antitrust Enforcement and Remedies

Panel 2 will leverage the takeaways from Panel 1 to frame antitrust approaches for addressing competition issues in residential real estate. Enforcement experts will address major features that bear on market entry, concerns over market power, efficiencies arguments, and remedies. For example, what do the roles of data, data ownership, and access to data on pricing and commissions play in real estate markets? What do the new technology platforms mean for consumers and competition and what do their successes and challenges tell us about the U.S. real estate market? How should enforcement remedy violations of the antitrust laws, and to what extent would legislation be helpful, or necessary in addressing competition concerns? Panelists will synthesize their observations on antitrust enforcement to help us understand whether the current model serves the interests of competition and consumers.

Moderator:
Sarah Oxenham Allen, Senior Assistant Attorney General and Antitrust Unit Manager at Office of the Virginia Attorney General; Chair, NAAG Antitrust Taskforce

Panelists:
Melanie L. Aitken, Managing Principal, Bennett Jones (US) LLP

Scott Hemphill, Moses H. Grossman Professor of Law, New York University Law School

Samar M. Musallam, Partner, Ropes & Gray LLP

Wrap-Up