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Real Estate Brokerage and the Hosting Market: An Annotated Bibliography

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    Abstract

    A number of facets of real estate brokerage have been examined over time in theoretical and empirical articles appearing in the literature. This article summarizes brokerage research and suggests avenues for future inquiry. In attempting to organize brokerage research, the research is classified into eight broad topical areas: (1) brokerage firm characteristics; (2) broker commissions; (3) time on the market; (4) broker compensation; (5) the effects of brokerage on house prices; (6) regulation of the brokerage industry; (7) legal liability; and (8) international comparisons. In each area, we point out the major focus of the research by summarizing important findings.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol20n0102/14-217_278.pdf
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    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 20 (2000)
    Issue (Month): 1 ()
    Pages: 217-278

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    Handle: RePEc:jre:issued:v:20:n:1:2000:p:217-278

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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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    Web page: http://www.aresnet.org/

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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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    1. Jud, G Donald & Rogers, Ronald C & Crellin, Glenn E, 1994. "Franchising and Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 8(1), pages 87-93, January.
    2. John D. Benjamin & Peter T. Chinloy, 1995. "Technological Innovation in Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 35-44.
    3. Hossein Samiei & Garry J. Schinasi, 1994. "Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan," IMF Working Papers 94/12, International Monetary Fund.
    4. Anglin, Paul M, 1994. "Contracts for the Sale of Residential Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 8(3), pages 195-211, May.
    5. Peter Chinloy, 1988. "The Real Estate Brokerage: Commissioned Sales and Market Values," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 37-51.
    6. James R. Frew & G. Donald Jud & Willard McIntosh, 1993. "A Note on Agency Size and Brokerage Commission Splits," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 287-291.
    7. Thomas S. Zorn & James E. Larsen, 1986. "The Incentive Effects of Flat-Fee and Percentage Commissions for Real Estate Brokers," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(1), pages 24-47.
    8. Abdullah Yavas, 1996. "Matching of Buyers and Sellers by Brokers: A Comparison of Alternative Commission Structures," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(1), pages 97-112.
    9. John R. Knight & C.F. Sirmans & Geoffrey K. Turnbull, 1994. "List price signaling and buyer behavior in the housing market," Proceedings, Federal Reserve Bank of Philadelphia, pages 177-195.
    10. G. Donald Jud, 1983. "Real Estate Brokers and the Market for Residential Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(1), pages 69-82.
    11. Shiawee X. Yang & Abdullah Yavas, 1995. "Bigger is not Better: Brokerage and Time on the Market," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 23-34.
    12. Edward A. Baryla & Leonard V. Zumpano, 1995. "Buyer Search Duration in the Residential Real Estate Market: The Role of the Real Estate Agent," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 1-14.
    13. Joyce M. Johnson & Hugh O. Nourse & Ellen Day, 1988. "Factors Related to the Selection of a Real Estate Agency or Agent," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 109-118.
    14. James R. Frew & G. Donald Jud, 1986. "The Value of a Real Estate Franchise," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 374-383.
    15. Thomas J. Miceli, 1991. "The Multiple Listing Service, Commission Splits, and Broker Effort," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(4), pages 548-566.
    16. Jud, G Donald & Winkler, Daniel T & Kissling, Grace E, 1995. "Price Spreads and Residential Housing Market Liquidity," The Journal of Real Estate Finance and Economics, Springer, vol. 11(3), pages 251-60, November.
    17. Gene A. Marsh & Leonard V. Zumpano, 1988. "Agency Theory and the Changing Role of the Real Estate Broker: Conflicts and Possible Solutions," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 151-164.
    18. Abdullah Yavas & Peter F. Colwell, 1995. "A Comparison of Real Estate Marketing Systems: Theory and Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 10(5), pages 583-600.
    19. William T. Hughes, Jr., 1995. "Brokerage Firms' Characteristics and the Sale of Residential Property," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 45-56.
    20. Bagnoli, Mark & Khanna, Naveen, 1991. "Buyers' and Sellers' Agents in the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 147-56, June.
    21. James D. Shilling & C. F. Sirmans, 1988. "The Effects of Occupational Licensing on Complaints Against Real Estate Agents," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 1-9.
    22. James E. Larsen, 1991. "Leading Residential Real Estate Sales Agents and Market Performance," Journal of Real Estate Research, American Real Estate Society, vol. 6(2), pages 241-249.
    23. Randy I. Anderson & Robert Fok & Leonard V. Zumpano & Harold W. Elder, 1998. "Measuring the Efficiency of Residential Real Estate Brokerage Firms," Journal of Real Estate Research, American Real Estate Society, vol. 16(2), pages 139-158.
    24. Abdullah Yavaş, 1992. "A Simple Search and Bargaining Model of Real Estate Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(4), pages 533-548.
    25. Buttimer, Richard J, Jr, 1998. "A Contingent Claims Analysis of Real Estate Listing Agreements," The Journal of Real Estate Finance and Economics, Springer, vol. 16(3), pages 257-67, May.
    26. 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.
    27. Linda L. Johnson & Christine Loucks, 1986. "The Effect of State Licensing Regulations on the Real Estate Brokerage Industry," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(4), pages 567-582.
    28. William C. Goolsby & Barbara J. Childs, 1988. "Brokerage Firm Competition in Real Estate Commission Rates," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 79-85.
    29. Theron R. Nelson & Joseph Rabianski, 1988. "Consumer Preferences in Housing Market Analysis: An Application of Multidimensional Scaling Techniques," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(2), pages 138-159.
    30. James E. Larsen & Won J. Park, 1989. "Non-Uniform Percentage Brokerage Commissions and Real Estate Market Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(4), pages 422-438.
    31. Carroll, Wayne, 1989. "Fixed-Percentage Commissions and Moral Hazard in Residential Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 2(4), pages 349-65, December.
    32. Asabere, Paul K & Huffman, Forrest E, 1993. "Price Concessions, Time on the Market, and the Actual Sale Price of Homes," The Journal of Real Estate Finance and Economics, Springer, vol. 6(2), pages 167-74, March.
    33. Stephen E. Roulac, 1993. "Environmental Due Diligence Information Requirements and Decision Criteria," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 139-148.
    34. 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.
    35. Geltner, David M. & Kluger, Brian D. & Miller, Norman G., 1992. "Incentive commissions in residential real estate brokerage," Journal of Housing Economics, Elsevier, vol. 2(2), pages 139-158, June.
    36. T.L. Tyler Yang & Joseph W. Trefzger & Lawrence F. Sherman, 1997. "A Microeconomic Study of Commercial Real Estate Brokerage Firms," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 177-194.
    37. Donald R. Levi & Curtis D. Terflinger, 1988. "A Legal-Economic Analysis of Changing Liability Rules Affecting Real Estate Brokers and Appraisers," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 133-149.
    38. Mark G. Dotzour & Everard Moorhead & Daniel T. Winkler, 1998. "The Impact of Auctions on Residential Sales Prices in New Zealand," Journal of Real Estate Research, American Real Estate Society, vol. 16(1), pages 57-72.
    39. Linda L. Johnson & Michael J. Dotson & B.J. Dunlap, 1988. "Service Quality Determinants and Effectiveness in the Real Estate Brokerage Industry," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 21-36.
    40. Sirmans, C. F. & Turnbull, Geoffrey K., 1997. "Brokerage Pricing under Competition," Journal of Urban Economics, Elsevier, vol. 41(1), pages 102-117, January.
    41. John H. Crockett, 1982. "Competition and Efficiency in Transacting: The Case of Residential Real Estate Brokerage," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(2), pages 209-227.
    42. Thomas J. Miceli, 1992. "The Welfare Effects of Non-Price Competition Among Real Estate Brokers," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(4), pages 519-532.
    43. Susan Logan Nelson & Theron R. Nelson, 1995. "RESERV: An Instrument for Measuring Real Estate Brokerage Service Quality," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 99-114.
    44. Marsha L. Richins & William C. Black & C.F. Sirmans, 1987. "Strategic Orientation and Marketing Strategy: An Analysis of Residential Real Estate Brokerage Firms," Journal of Real Estate Research, American Real Estate Society, vol. 2(2), pages 41-54.
    45. Peter F. Colwell & David W. Marshall, 1986. "Market Share in the Real Estate Brokerage Industry," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(4), pages 583-599.
    46. Han Bin Kang & Mona J. Gardner, 1989. "Selling Price and Marketing Time in the Residential Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 21-35.
    47. Michael A. Abelson & K. Michele Kacmar & Ellen F. Jackofsky, 1990. "Factors Influencing Real Estate Brokerage Sales Staff Performance," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 265-276.
    48. Tirtiroglu, Dogan, 1996. "Capitalization of Brokerage Commissions: The Case of Nonlocal Buyers and Sellers," Journal of Housing Economics, Elsevier, vol. 5(2), pages 193-206, June.
    49. Sirmans, C. F. & Turnbull, Geoffrey K. & Dombrow, Jonathan, 1995. "Quick House Sales: Seller Mistake or Luck?," Journal of Housing Economics, Elsevier, vol. 4(3), pages 230-243, September.
    50. Salant, Stephen W, 1991. "For Sale by Owner: When to Use a Broker and How to Price the House," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 157-73, June.
    51. Thomas Potter & Theron R. Nelson & Susan Logan Nelson, 1991. "Product Liability Issues in Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 6(1), pages 87-98.
    52. 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.
    53. Chunchi Wu & Peter F. Colwell, 1986. "Equilibrium of Housing and Real Estate Brokerage Markets Under Uncertainty," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(1), pages 1-23.
    54. G. Donald Jud & Terry G. Seaks & Daniel T. Winkler, 1996. "Time on the Market: The Impact of Residential Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 447-458.
    55. Jud G., Donald & Winkler, Daniel T., 1994. "What Do Real Estate Brokers Do: An Examination of Excess Returns in the Housing Market," Journal of Housing Economics, Elsevier, vol. 3(4), pages 283-295, December.
    56. Thomas J. Miceli, 1988. "Information Costs and the Organization of the Real Estate Brokerage Industry in the U.S. and Great Britain," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(2), pages 173-188.
    57. Schroeter, John R., 1987. "Competition and Value-Of-Service Pricing in the Residential Real Estate Brokerage Market," Staff General Research Papers 11116, Iowa State University, Department of Economics.
    58. Leonard V. Zumpano & Harold W. Elder, 1994. "Economies of Scope and Density in the Market for Real Estate Brokerage Services," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 22(3), pages 497-513.
    59. Michael A. Arnold, 1992. "The Principal-Agent Relationship in Real Estate Brokerage Services," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(1), pages 89-106.
    60. 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.
    61. Kevin E. Villani & John Simonson, 1982. "Real Estate Settlement Pricing: A Theoretical Framework," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(3), pages 249-275.
    62. Karl L. Guntermann & Richard L. Smith, 1988. "Licensing Requirements, Enforcement Effort and Complaints Against Real Estate Agents," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 11-20.
    63. Frew, James R., 1987. "Multiple listing service participation in the real estate brokerage industry: Cooperation or competition?," Journal of Urban Economics, Elsevier, vol. 21(3), pages 272-286, May.
    64. Ferreira, Eurico J & Sirmans, G Stacy, 1989. "Selling Price, Financing Premiums, and Days on the Market," The Journal of Real Estate Finance and Economics, Springer, vol. 2(3), pages 209-22, September.
    65. 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.
    66. Rajiv Kalra & Kam C. Chan, 1994. "Censored Sample Bias, Macroeconomic Factors, and Time on Market of Residential Housing," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 253-262.
    67. Anglin, Paul M & Arnott, Richard, 1991. "Residential Real Estate Brokerage as a Principal-Agent Problem," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 99-125, June.
    68. Roy T. Black & Hugh O. Nourse, 1995. "The Effect of Different Brokerage Modes on Closing Costs and House Prices," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 87-98.
    69. Thomas J. Miceli, 1989. "The Optimal Duration of Real Estate Listing Contracts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(3), pages 267-277.
    70. David Geltner & Brian D. Kluger & Norman G. Miller, 1991. "Optimal Price and Selling Effort from the Perspectives of the Broker and Seller," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(1), pages 1-24.
    71. Abdullah Yavas & Shiawee Yang, 1995. "The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(3), pages 347-368.
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