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Time on the Market: The Impact of Residential Brokerage

IThis paper examines the impact of brokers, brokerage firms and marketing strategy on time on the market (TOM) in the residential housing market. Using a duration model methodology, the study finds duration dependence to be positive, suggesting that the probability of sale increases with TOM. Pricing-related marketing strategies are found to strongly influence TOM, but individual agent and firm characteristics are not statistically significant. These results are consistent with an efficient market within a multiple listing serviceÃÃno group of agents or firms appears to possess special advantages enabling them to sell homes more quickly than their rivals.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 12 (1996)
Issue (Month): 3 ()
Pages: 447-458

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Handle: RePEc:jre:issued:v:12:n:3:1996:p:447-458
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. Frew, James R., 1987. "Multiple listing service participation in the real estate brokerage industry: Cooperation or competition?," Journal of Urban Economics, Elsevier, vol. 21(3), pages 272-286, May.
  2. Gourieroux Christian & Monfort Alain & Trognon A, 1981. "Pseudo maximum likelihood methods : theory," CEPREMAP Working Papers (Couverture Orange) 8129, CEPREMAP.
  3. Horowitz, Joel L, 1992. "The Role of the List Price in Housing Markets: Theory and an Econometric Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 7(2), pages 115-29, April-Jun.
  4. Jay N. Ball & Hugh O. Nourse, 1988. "Testing the Conventional Representation Model for Residential Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 119-131.
  5. Norman G. Miller, 1978. "Time on the Market and Selling Price," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(2), pages 164-174.
  6. Jud G., Donald & Winkler, Daniel T., 1994. "What Do Real Estate Brokers Do: An Examination of Excess Returns in the Housing Market," Journal of Housing Economics, Elsevier, vol. 3(4), pages 283-295, December.
  7. Michael Carney, 1982. "Costs and Pricing of Home Brokerage Services," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(3), pages 331-354.
  8. Bandopadhyaya, Arindam, 1994. "An Estimation of the Hazard Rate of Firms under Chapter 11 Protection," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 346-50, May.
  9. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
  10. 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.
  11. James E. Larsen & Won J. Park, 1989. "Non-Uniform Percentage Brokerage Commissions and Real Estate Market Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(4), pages 422-438.
  12. Gene A. Marsh & Leonard V. Zumpano, 1988. "Agency Theory and the Changing Role of the Real Estate Broker: Conflicts and Possible Solutions," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 151-164.
  13. Paul K. Asabere & Forrest E. Huffman & Seyed Mehdian, 1993. "Mispricing and Optimal Time on the Market," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 149-155.
  14. 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.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. Zuehlke, Thomas W, 1987. "Duration Dependence in the Housing Market," The Review of Economics and Statistics, MIT Press, vol. 69(4), pages 701-04, November.
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