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A Model of Real Estate Sales as a Career Choice

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Author Info
Donald Jud () (University of North Carolina-Greensboro Greensboro, NC 27412)
Daniel T. Winkler () (University of North Carolina-Greensboro Greensboro, NC 27412)
Abstract

This article develops a model of the probability that individuals choose careers in real estate sales. The model is estimated using Census data. Females are found to be significantly more likely than males to enter the field. For males, the probability of entering the field grows with schooling up through four years of college, and declines thereafter. For females, the probability falls with increased schooling beyond high school. Real estate sales is a career that is more appealing to both males and females with more labor market experience. For females, the probability of choosing a real estate career rises at a decreasing rate with experience. For males, the probability grows at an increasing rate. Both females and males are very responsive in their career choice decisions to changes in real earnings. The supply price elasticity, evaluated at the mean, is estimated to be +3.18 for males and +2.76 for females.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol18n03/v18p481.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 18 (1999)
Issue (Month): 3 ()
Pages: 481-490
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Handle: RePEc:jre:issued:v:18:n:3:1999:p:481-490

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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Find related papers by JEL classification:
L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
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  1. G. Stacy Sirmans & Philip G. Swicegood, 1997. "Determinants of Real Estate Licensee Income," Journal of Real Estate Research, American Real Estate Society, vol. 14(2), pages 137-154. [Downloadable!]
  2. Michael Glower & Patric H. Hendershott, 1988. "The Determinants of REALTOR Income," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 53-68. [Downloadable!]
  3. 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. [Downloadable!]
  4. Schmidt, Peter & Strauss, Robert P, 1975. "The Prediction of Occupation Using Multiple Logit Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 471-86, June. [Downloadable!] (restricted)
  5. Orazem, Peter F & Mattila, J Peter, 1991. "Human Capital, Uncertain Wage Distributions, and Occupational and Educational Choices," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(1), pages 103-22, February. [Downloadable!] (restricted)
  6. Boskin, Michael J, 1974. "A Conditional Logit Model of Occupational Choice," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 389-98, Part I, M. [Downloadable!] (restricted)
  7. Jud, G Donald & Winkler, Daniel T, 1998. "The Earnings of Real Estate Salespersons and Others in the Financial Services Industry," The Journal of Real Estate Finance and Economics, Springer, vol. 17(3), pages 279-91, November. [Downloadable!] (restricted)
  8. James R. Follain & Terry Lutes & David A. Meier, 1987. "Why Do Some Real Estate Salespeople Earn More Than Others?," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 73-81. [Downloadable!]
  9. Glenn E. Crellin & James R. Frew & G. Donald Jud, 1988. "The Earnings of REALTORS: Some Empirical Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 69-78. [Downloadable!]
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