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The Effects of Multicultural Diversity in Real Estate Brokerage

Author

Listed:
  • Michael T. Bond

    () (Cleveland State University, Cleveland, OH 44115)

  • Vicky L. Seiler

    () (Hawaii Pacific University, Honolulu, HI 96813)

  • Michael J. Seiler

    () (Hawaii Pacific University, Honolulu, HI 96813)

Abstract

This study examines the changing diversity of home buyers and the steps brokerage firms are taking to adapt to these changes. The results reveal that larger firms are experiencing a greater increase in customer diversity. This can be partly explained by their efforts to target diverse groups through sponsored seminars and hiring minority sales professionals. A survey of minority home buyers reveals that minorities have owned fewer homes, earn less and are younger than their non-minority counterparts. Race and income were found to significantly explain reports of greater difficulty on the road to home ownership.

Suggested Citation

  • Michael T. Bond & Vicky L. Seiler & Michael J. Seiler, 2003. "The Effects of Multicultural Diversity in Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 25(4), pages 529-542.
  • Handle: RePEc:jre:issued:v:25:n:4:2003:p:529-542
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    More about this item

    JEL classification:

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

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