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Factors Affecting Real Estate Broker Selection: What Really Counts?

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  • Elizabeth Hemphill

    () (School of Marketing, University of South Australia, Australia)

Abstract

This paper explores agent sales presentations in the real estate property listing process using structural equation modeling. Data were collected from both vendors and agents to identify important agent attributes in both successful and unsuccessful presentation attempts. The research found that agents consider really hearing the vendor, getting along with the vendor and getting to know the vendor as key elements of a listing attempt, whilst vendors suggest the path to listing is through negotiation, that some level of negotiation must take place. Research should now examine the influence of time in this critical listing process step with reference to both agent and vendor perspectives using metrics other than perceptions of vendor satisfaction.

Suggested Citation

  • Elizabeth Hemphill, 2007. "Factors Affecting Real Estate Broker Selection: What Really Counts?," International Real Estate Review, Asian Real Estate Society, vol. 10(1), pages 1-25.
  • Handle: RePEc:ire:issued:v:10:n:01:2007:p:1-25
    as

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    File URL: http://www.umac.mo/fba/irer/papers/past/vol10n1_pdf/Hemphill%20(1-25).pdf
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    References listed on IDEAS

    as
    1. J. E. Stiglitz, 1999. "Introduction," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 28(3), pages 249-254, November.
    2. Gary S. Moore & Gerald E. Smolen & Lawrence V. Conway, 1992. "The Effects of an Informational Disclosure Form on the Real Estate Agency Representational Model," Journal of Real Estate Research, American Real Estate Society, vol. 7(2), pages 217-226.
    3. 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.
    4. Spekman, Robert E., 1988. "Strategic supplier selection: Understanding long-term buyer relationships," Business Horizons, Elsevier, vol. 31(4), pages 75-81.
    5. 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.
    6. John Kennan, 2001. "Repeated Bargaining with Persistent Private Information," Review of Economic Studies, Oxford University Press, vol. 68(4), pages 719-755.
    7. N. Sheth, Jagdish & Parvatiyar, Atul, 1995. "Relationship marketing," International Business Review, Elsevier, vol. 4(4), pages 391-396.
    8. 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.
    9. Dahlstrom, Robert & Ingram, Rhea, 2003. "Social networks and the adverse selection problem in agency relationships," Journal of Business Research, Elsevier, vol. 56(9), pages 767-775, September.
    10. Daniel McFadden, 1976. "A Comment on Discriminant Analysis "Versus" Logit Analysis," NBER Chapters,in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 511-523 National Bureau of Economic Research, Inc.
    11. John D. Benjamin & Peter T. Chinloy, 2000. "Pricing, Exposure and Residential Listing Strategies," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 62-74.
    12. 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.
    13. 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.
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    Cited by:

    1. Thanakon Ratchatakulpat & Peter Miller & Teresa Marchant, 2009. "Residential Real Estate Purchase Decisions in Australia: Is it More Than Location?," International Real Estate Review, Asian Real Estate Society, vol. 12(3), pages 273-294.
    2. Cathrine Filstad & Petter Gottschalk, 2009. "How Knowledge Organizations Work: The Case of Real Estate Agencies," International Real Estate Review, Asian Real Estate Society, vol. 12(1), pages 88-97.

    More about this item

    Keywords

    relationship establishment; sales exchange; buyer-seller interactions; structural equation modelling;

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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