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Homeowners? Repeat-Sale Gains, Dual Agency and Repeated Use of the Same Agent

Author

Listed:
  • Richard D. Evans

    () (Fogelman College of Business and Economics, University of Memphis, Memphis TN 38152)

  • Phillip T. Kolbe

    () (Fogelman College of Business and Economics, University of Memphis, Memphis TN 38152)

Abstract

Previous studies of dual agency, where one agent serves both buyer and seller in a transaction, use hedonic models. Repeat-sale methods can test for the price effect of accepting dual agency. Dual agency does not show convincing effects on expected gain, which would occur if there was a systematic bias, or on heteroscedasticity, which would occur if there are large effects that are rare. Earlier researchers could not test for the effect of an owner picking a listing agent who was the earlier selling agent. Consistently positive mean abnormal price gains come from this choice, as well as signi?cant heteroscedasticity.

Suggested Citation

  • Richard D. Evans & Phillip T. Kolbe, 2005. "Homeowners? Repeat-Sale Gains, Dual Agency and Repeated Use of the Same Agent," Journal of Real Estate Research, American Real Estate Society, vol. 27(3), pages 267-292.
  • Handle: RePEc:jre:issued:v:27:n:3:2005:p:267-292
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    Citations

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    Cited by:

    1. Ken H. Johnson & Zhenguo Lin & Jia Xie, 2015. "Dual Agent Distortions in Real Estate Transactions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(2), pages 507-536, June.
    2. repec:dau:papers:123456789/515 is not listed on IDEAS
    3. Anupam Nanda & Stephen Ross, 2012. "The Impact of Property Condition Disclosure Laws on Housing Prices: Evidence from an Event Study Using Propensity Scores," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 88-109, June.
    4. Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, Elsevier.
    5. Vrinda Kadiyali & Jeffrey Prince & Daniel Simon, 2014. "Is Dual Agency in Real Estate a Cause for Concern?," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 164-195, January.

    More about this item

    JEL classification:

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

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