Bruce Gordon () (University of North Alabama, Florence, AL 35632) Sean P. Salter () (University of Southern Mississippi, Hattiesburg, MS 39406) Ken H. Johnson () (Florida Atlantic University, Boca Raton, FL 33431)
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This article is the winner of the Real Estate and the Internet manuscript prize (sponsored by PricewaterhouseCoopers) presented at the American Real Estate Society Annual Meeting. Brokers have long believed that difficult to show properties sell at lower prices and take longer to sell. Where difficult to show properties are defined as those properties that present extraordinary difficulties for a broker in arranging or showing the listing to a particular buyer. Buyers’ recent access to online real estate applications may make the cost of avoiding these properties prohibitive to brokers. Employing a hedonic pricing model and duration modeling techniques, this study finds that property price and marketing time are not significantly affected for these properties. The results suggest that brokers possess limited market power.
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Find related papers by JEL classification: L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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