The Residential Real Estate Brokerage Industry: An Overview of Past Performance and Future Prospects
This study examines the developments in the residential real estate brokerage market over the last decade. In particular, the study focuses on how technological and structural changes in the market have impacted firm revenues, costs and profitability. The analysis is conducted using four national data sets provided by the National Association of Realtors. The results reveal that brokerage performance begins suffering with the recession of 1990, which triggered a period of consolidations and failures that show no sign of letting up. Further, the results suggest that firm size is a significant factor in determining performance. Small firms suffer due to their inability to take advantage of economies of scale, while large firms incurred significant costs attempting to maintain and/or increase market share.
Volume (Year): 19 (2000)
Issue (Month): 2 ()
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References listed on IDEAS
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- Randy I. Anderson & Robert Fok & Leonard V. Zumpano & Harold W. Elder, 1998. "Measuring the Efficiency of Residential Real Estate Brokerage Firms," Journal of Real Estate Research, American Real Estate Society, vol. 16(2), pages 139-158.
- Leonard V. Zumpano & Harold W. Elder, 1994. "Economies of Scope and Density in the Market for Real Estate Brokerage Services," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 22(3), pages 497-513.