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The Optimal Duration of Real Estate Listing Contracts

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  • Thomas J. Miceli

Abstract

The length of the real estate listing contract is examined as a means of providing an incentive for brokers to act in the best interest of home sellers. A limitation on the duration of the contract accomplishes this objective by imposing a cost (namely, the foregone commission) on brokers who fail to complete a sale before the contract expires. The seller's optimal contract duration balances the benefits of improved incentives against the expected cost of renegotiating a new contract in the event of a failure bv the broker. Copyright American Real Estate and Urban Economics Association.

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Bibliographic Info

Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 17 (1989)
Issue (Month): 3 ()
Pages: 267-277

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Handle: RePEc:bla:reesec:v:17:y:1989:i:3:p:267-277

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Cited by:
  1. Kenneth Soyeh & Jonathan Wiley & Ken Johnson, 2014. "Do Buyer Incentives Work for Houses during a Real Estate Downturn?," The Journal of Real Estate Finance and Economics, Springer, vol. 48(2), pages 380-396, February.
  2. Ping Cheng & Zhenguo Lin & Yingchun Liu, 2010. "Home Price, Time-on-Market, and Seller Heterogeneity Under Changing Market Conditions," The Journal of Real Estate Finance and Economics, Springer, vol. 41(3), pages 272-293, October.
  3. Anglin, Paul M., 1997. "The Contribution of Buyer Brokers," Journal of Housing Economics, Elsevier, vol. 6(3), pages 277-292, September.
  4. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "Real Estate Brokerage and the Hosting Market: An Annotated Bibliography," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 217-278.
  5. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "What Do We Know About Real Estate Brokerage?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 5-30.
  6. Arnott, R. & Anglin, P., 1995. "Are Brokers' Commission Rates on Home Sales Too High? A Conceptual Analysis," G.R.E.Q.A.M. 95a21, Universite Aix-Marseille III.
  7. David Ling & Milena Petrova, 2008. "Avoiding Taxes at Any Cost: The Economics of Tax-Deferred Real Estate Exchanges," The Journal of Real Estate Finance and Economics, Springer, vol. 36(4), pages 367-404, May.
  8. Robert P. Culp, 2008. "Predicting Days on Market: The Influence of Environmental and Home Attributes," New York Economic Review, New York State Economics Association (NYSEA), vol. 39(1), pages 70-84.
  9. Justin Benefield & Christopher Cain & Ken Johnson, 2011. "On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple Listing Service," The Journal of Real Estate Finance and Economics, Springer, vol. 43(3), pages 401-422, October.
  10. Cheng, Ping & Lin, Zhenguo & Liu, Yingchun, 2011. "Property delisting, housing cycle and pricing bias," Journal of Housing Economics, Elsevier, vol. 20(2), pages 152-157, June.
  11. Paul K. Asabere & Forrest E. Huffman & Seyed Mehdian, 1993. "Mispricing and Optimal Time on the Market," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 149-155.
  12. Raymond Brastow & Thomas Springer & Bennie Waller, 2012. "Efficiency and Incentives in Residential Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 45(4), pages 1041-1061, November.
  13. Edward Rosenthal, 2011. "A Pricing Model for Residential Homes with Poisson Arrivals and a Sales Deadline," The Journal of Real Estate Finance and Economics, Springer, vol. 42(2), pages 143-161, February.
  14. Timothy E. Jares & James E. Larsen & Thomas S. Zorn, 2000. "An Optimal Incentive System For Real Estate Agents," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 49-59.
  15. Hilde Patron & Kenneth Roskelley, 2008. "The Effect of Reputation and Competition on the Advice of Real Estate Agents," The Journal of Real Estate Finance and Economics, Springer, vol. 37(4), pages 387-399, November.

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