Contracts for the Sale of Residential Real Estate
AbstractI propose a model where the terms of a real estate broker's contract influence both the broker's and the "seller's" choices. Given equal contract, higher quality, and thus higher priced on average, houses will sell in less time. Thus, simple conditions suffice to show that a "competitively set" commission rate should fall as the average price rises and, since a seller's cost of waiting are higher for higher quality houses, a "cartel's" commission rate should rise with the average price. Because this model studies the effects of alternate contracts on observable variables such as the sale price of a house and its time-till-sale, its implications are testable. Copyright 1994 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Real Estate Finance & Economics.
Volume (Year): 8 (1994)
Issue (Month): 3 (May)
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- Thomas Miceli & Katherine Pancak & C. Sirmans, 2007.
"Is the Compensation Model for Real Estate Brokers Obsolete?,"
The Journal of Real Estate Finance and Economics,
Springer, vol. 35(1), pages 7-22, July.
- Thomas J. Miceli & Katherine A. Pancak & C. F. Sirmans, 2006. "Is the Compensation Model for Real Estate Brokers Obsolete?," Working papers 2006-23, University of Connecticut, Department of Economics.
- Lynn Fisher & Abdullah Yavas, 2010. "A Case for Percentage Commission Contracts: The Impact of a “Race” Among Agents," The Journal of Real Estate Finance and Economics, Springer, vol. 40(1), pages 1-13, January.
- 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.
- 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.
- 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.
- Jonathan Wiley & Justin Benefield & Marcus Allen, 2014. "Cyclical Determinants of Brokerage Commission Rates," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 196-219, January.
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