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Individual Agents, Firms, and the Real Estate Brokerage Process

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Author Info
Geoffrey Turnbull ()
Jonathan Dombrow
Abstract

This study examines how individual agents affect house selling prices and time on the market while controlling for brokerage firm-specific effects as well as supply and demand conditions that vary by neighborhood. Firm size effects disappear once firm specialization and agent characteristics are taken into account but geographic concentration by firms leads to higher selling prices. For individual agents, neither sex nor selling own listings affects price or selling time, but there are gains from partnering transactions across firms. Agents who specialize in listing properties obtain higher prices for their sellers while those who specialize in selling obtain lower prices for their buyers. Houses nearer to other transactions of an agent sell for higher prices. Finally, greater scale of listing and selling activity by an agent tends to lower selling price or lengthen the time on the market. Copyright Springer Science+Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s11146-007-9025-y
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Publisher Info
Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

Volume (Year): 35 (2007)
Issue (Month): 1 (July)
Pages: 57-76
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Handle: RePEc:kap:jrefec:v:35:y:2007:i:1:p:57-76

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Web page: http://www.springerlink.com/link.asp?id=102945

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Related research
Keywords: Real estate agents; Brokers; Brokerage; Housing; G24; R21; R31;

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References listed on IDEAS
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  1. Munneke, Henry J & Yavas, Abdullah, 2001. "Incentives and Performance in Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 5-21, January. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. 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. [Downloadable!]
  4. Geoffrey Turnbull & Jonathan Dombrow, 2006. "Spatial Competition and Shopping Externalities: Evidence from the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 391-408, June. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. John P. Harding & Stuart S. Rosenthal & C. F. Sirmans, 2003. "Estimating Bargaining Power in the Market for Existing Homes," The Review of Economics and Statistics, MIT Press, vol. 85(1), pages 178-188, 01. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
  8. 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!]
  9. 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. [Downloadable!]
  10. 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. [Downloadable!] (restricted)
  11. Shilling, James D. & Sirmans, C. F. & Turnbull, Geoffrey K. & Benjamin, John D., 1992. "Hedonic prices and contractual contingencies," Journal of Urban Economics, Elsevier, vol. 32(1), pages 108-118, July. [Downloadable!] (restricted)
  12. 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. [Downloadable!]
  13. 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. [Downloadable!]
  14. Yinger, John, 1981. "A Search Model of Real Estate Broker Behavior," American Economic Review, American Economic Association, vol. 71(4), pages 591-605, September. [Downloadable!] (restricted)
  15. 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. [Downloadable!]
  16. Rutherford, R.C. & Springer, T.M. & Yavas, A., 2005. "Conflicts between principals and agents: evidence from residential brokerage," Journal of Financial Economics, Elsevier, vol. 76(3), pages 627-665, June. [Downloadable!] (restricted)
  17. 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.
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