Individual Agents,Firms, and the Real Estate Brokerage Process |
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| Authors: | Geoffrey K Turnbull Jonathan Dombrow |
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| Institution: | (1) Fiscal Research Center, Georgia State University, PO Box 3992, Atlanta, GA 30302-3992, USA;(2) Department of Finance, DePaul University, 1 East Jackson Boulevard, Chicago, IL 60604-2287, USA |
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| Abstract: | This study examines how individual agents affect house selling prices and time on the market while controlling for brokerage
firm-specific effects as well as supply and demand conditions that vary by neighborhood. Firm size effects disappear once
firm specialization and agent characteristics are taken into account but geographic concentration by firms leads to higher
selling prices. For individual agents, neither sex nor selling own listings affects price or selling time, but there are gains
from partnering transactions across firms. Agents who specialize in listing properties obtain higher prices for their sellers
while those who specialize in selling obtain lower prices for their buyers. Houses nearer to other transactions of an agent
sell for higher prices. Finally, greater scale of listing and selling activity by an agent tends to lower selling price or
lengthen the time on the market.
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| Keywords: | Real estate agents Brokers Brokerage Housing |
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