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Bigger is not Better: Brokerage and Time on the Market

We examine the relationship between the seller's choice of a real estate agent/firm and the time it takes to sell his property (TOM). We find that neither the commission rate of the selling agent nor the size of the listing firm has a significant impact on TOM. Our results also indicate that an increase in the number of listings by the listing agent increases TOM while an increase in the number of house sales by the listing agent decreases TOM. We fail to find empirical support for the argument that brokerage firms and agents expend more effort to sell their own listings.

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File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol10n01/v10p023.pdf
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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 10 (1995)
Issue (Month): 1 ()
Pages: 23-34

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Handle: RePEc:jre:issued:v:10:n:1:1995:p:23-34
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Web: http://pages.jh.edu/jrer/about/get.htm Email:


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  1. Jacob Belkin & Donald J. Hempel & Dennis W. McLeavey, 1976. "An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
  2. Han Bin Kang & Mona J. Gardner, 1989. "Selling Price and Marketing Time in the Residential Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 21-35.
  3. Abdullah Yavas & Shiawee Yang, 1995. "The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(3), pages 347-368.
  4. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
  5. Thomas J. Miceli, 1991. "The Multiple Listing Service, Commission Splits, and Broker Effort," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(4), pages 548-566.
  6. Schroeter, John R., 1987. "Competition and Value-Of-Service Pricing in the Residential Real Estate Brokerage Market," Staff General Research Papers 11116, Iowa State University, Department of Economics.
  7. Donald Haurin, 1988. "The Duration of Marketing Time of Residential Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 396-410.
  8. 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.
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