In a week, NAR received more than 1,000 responses. The survey found deep and consistent support for NAR's opposition to the mixing of banking and commerce as proposed by the Federal Reserve Board and U.S. Treasury Department. Support for NAR's position was strong across firm types and sizes. Ninety-three percent of respondents believe that allowing bank holding companies to own real estate brokerages will have a negative impact on their business. Eighty-nine percent of brokers at firms with more than 250 agents believe such a policy would harm their business.
Respondents see few benefits and much potential harm.
Brokers working for firms that are involved in mortgage finance are slightly more likely than others to believe that they can benefit from the proposal, but most oppose the proposal. Five out of six of those working at these firms believe that they will not have greater access to capital, and will not experience an increase in the value of their firms should the regulation take effect. Most respondents believe that large banks will simply push out traditional real estate brokers through anti-competitive behavior, resulting in a consolidation in the industry Nearly two thirds of respondents believe that allowing bank holding companies to own real estate brokerages will not lead to increased competition.