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How Much Value Do Real Estate Brokers Add? A Case Study

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Author Info
B. Douglas Bernheim
Jonathan Meer

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Abstract

Sales commissions for residential real estate brokers historically average nearly six percent of a home's closing price. Do brokers add sufficient value to justify those commissions? We address this question using a unique data set pertaining to sales of faculty and staff homes on the Stanford University campus. We find no evidence that the use of a broker leads to higher average selling prices, or that it significantly alters average initial asking prices. However, those who use brokers sell their houses more quickly.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13796.

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Date of creation: Feb 2008
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Handle: RePEc:nbr:nberwo:13796

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Find related papers by JEL classification:
D14 - Microeconomics - - Household Behavior - - - Personal Finance
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand
R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets

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  1. Igal Hendel & Aviv Nevo & François Ortalo-Magné, 2007. "The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com," NBER Working Papers 13360, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2008-7-24.

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