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Technological Innovation in Real Estate Brokerage

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Abstract

This paper estimates the return to adopting a technological innovation when a house is put on the market. The innovation is the installation of a lockbox on the front door, to enhance security and facilitate increased showings with reduced communications time. The seller has a choice on whether or not to adopt the technology and makes this decision prior to knowing the selling outcomes. Estimates of the impact of the innovation on selling price and time to sell are presented for Washington, DC. For those sellers adopting, the innovation results in a higher sales price.

Suggested Citation

  • John D. Benjamin & Peter T. Chinloy, 1995. "Technological Innovation in Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 35-44.
  • Handle: RePEc:jre:issued:v:10:n:1:1995:p:35-44
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol10n01/v10p035.pdf
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    References listed on IDEAS

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    1. Sidney B. Rosenberg & John B. Corgel, 1990. "Agency Costs in Apartment Property Management Contracts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(2), pages 184-201.
    2. Witte, Ann D & Sumka, Howard J & Erekson, Homer, 1979. "An Estimate of a Structural Hedonic Price Model of the Housing Market: An Application of Rosen's Theory of Implicit Markets," Econometrica, Econometric Society, vol. 47(5), pages 1151-1173, September.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    4. 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.
    5. Williams, Joseph T, 1993. "Agency and Ownership of Housing," The Journal of Real Estate Finance and Economics, Springer, vol. 7(2), pages 83-97, September.
    6. John D. Benjamin & J. Sa-Aadu & James D. Shilling, 1992. "Influence of Rent Differentials on the Choice between Office Rent Contracts with and without Relocation Provisions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 289-302.
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    Cited by:

    1. 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.
    2. James R. Webb, 2000. "An Inquiry into the Professional Self Image of Real Estate Agents," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 153-177.
    3. 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.

    More about this item

    JEL classification:

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

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