Brokerage Firms' Characteristics and the Sale of Residential Property
Brokerage firms are continually searching for opportunities to improve their business and position in the market. Given a resistance to price competition, firms typically compete by offering different services to their customers. These services range from media access to new search technology to reputation. Firms offering new services may enhance the experience of home transition for individuals and attract business when past customers describe their comfort with the firm. This paper empirically examines the firms' impact on a more tangible feature of the home sale process: the sale price. There is a generally accepted trade-off when individuals sell their homes. Speed of sale and price obtained are balanced against each other. Holding days on the marketing constant, as well as property amenities, evidence is presented suggesting that some firms consistently achieve higher sale prices than other firms. Specifically, in the given market, when homes are listed with one of the largest firms, the owner can anticipate a significantly higher sale price. This size effect is very limited as some large firms consistently sell at prices below the small firm comparison group.
Volume (Year): 10 (1995)
Issue (Month): 1 ()
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References listed on IDEAS
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- Michael Glower & Patric H. Hendershott, 1988. "The Determinants of REALTOR Income," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 53-68.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Glenn E. Crellin & James R. Frew & G. Donald Jud, 1988. "The Earnings of REALTORS: Some Empirical Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 69-78.
- Yinger, John, 1981. "A Search Model of Real Estate Broker Behavior," American Economic Review, American Economic Association, vol. 71(4), pages 591-605, September.
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