<HTML> <HEAD> <title>WebForm1</title> <meta name="GENERATOR" content="Microsoft Visual Studio .NET 7.1"> <meta name="CODE_LANGUAGE" content="Visual Basic .NET 7.1"> <meta name="vs_defaultClientScript" content="JavaScript"> <meta name="vs_targetSchema" content="http://schemas.microsoft.com/intellisense/ie5"> <META http-equiv=Content-Type content='text/html; charset=UTF-8'> </HEAD> <body > <TABLE id="Table1" cellSpacing="1" cellPadding="1" width="100%" border="0"> <TR> <TD><b>Comment Number:</b></TD> <TD>518795-00159</TD> </TR> <TR> <TD><b>Received Date:</b></TD> <TD>10/22/2005 12:48:04 AM</TD> </TR> <TR> <TD><b>Organization:</b></TD> <TD>Exit First Choice Realty</TD> </TR> <TR> <TD><b>Commenter:</b></TD> <TD>Farragher, William</TD> </TR> <TR> <TD><b>State:</b></TD> <TD>NJ</TD> </TR> <TR> <TD><b>Agency:</b></TD> <TD>Federal Trade Commission</TD> </TR> <TR> <TD><b>Rule:</b></TD> <TD>Competition Policy and the Real Estate Industry</TD> </TR> <TR> <TD><b>Docket ID:</b></TD> <TD>To Be Added</TD> </TR> <TR> <td colspan='2'>No Attachments</td> </TR> </TABLE> <hr/> <b>Comments:</b><br/><br/> The real estate industry is a model of competition that works. In an economy in which large, national corporations -- such as Wal-Mart and Microsoft -- dominate the marketplace, real estate stands apart. We are an industry made up predominantly of small businesses and independent contractors who represent the entrepreneurial spirit this country was founded on. All of us serve localized markets where we compete for business every day. Fierce competition is fueled largely by the uniquely intense and personalized nature of the service we provide to our clients -- which, in turn, determines our future success through referrals and return business. Barriers to entry are low. If you are willing to take the time to learn the business in your local market, pass the state license examination and adhere to the REALTOR&reg; code of ethics, there is nothing to stand in the way of success in this industry. I had to learn the business and pass the state licensing examination, but it is my own work ethic, commitment to professional standards and dedication to client satisfaction that determine my success. Even through the economic downturns our country has experienced in the past few years, our industry has continued to provide opportunity -- something I would say is confirmed by the thousands of new agents that join our profession every year and the over 2 million Americans who are now licensed to provide professional real estate services in communities across the country. Nothing encourages a competitive business environment more than providing consumers with choice. In the residential real estate marketplace, consumers not only are able to choose from more than 76,000 brokerage firms and more than 1.2 million REALTORS®, but also from a variety of business models. I have just recently opened my office. We have put a lot of money in to my business and if it weren't for the MLS system we have that allows us to share our listings, which I might add is a benefit to the seller, it would take me several years to make up my initial outlay whereas I am looking at recouping in the first 18 months. There is a tremendous amount of pressure to provide additional service without adding to the cost that is charged to the seller. In each marketplace the level of competition is fierce because we are in a service oriented business when you are new to the area you have to work harder to get and establish your business. We as an industry are continually striving to raise the bar of all our associates. We are entrusted with what is most people's biggest investment and we do not take that lightly. The real estate industry is one of the driving engines of this country's economy. The advent of the internet is changing the way we do business. It is helping buyers learn about different areas from their homes. They are able to get an education about the buying process without ever seeing an agent. By the time most buyers meet an agent for the first time they know what they want, where they want it, and how much they can afford. This is different from just 5yrs ago. And it will continue to change and we as an industry must change with it or get left behind. This also adds to the competitiveness of the industry. Thank you for taking the time to read and consider my letter. Sincerely, Bill Farragher Broker/Owner Exit First Choice Realty Woodbridge,NJ 07095&nbsp;&nbsp;<A name=RDACT1></A> </body> </HTML>