Listing Specialization and Pricing Precision |
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Authors: | Sean P Salter Ken H Johnson Ernest W King |
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Institution: | (1) Middle Tennessee State University, MTSU Box 27, Murfreesboro, TN 37132, USA;(2) Florida International University, 11200 SW 8th Street, MARC 230, Miami, FL 33199, USA;(3) University of Southern Mississippi, 118 College Drive, #5072, Hattiesburg, MS 39406, USA |
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Abstract: | This paper investigates the relationship between property pricing precision (deviation from an expected property value) and
specialization in the listing process by agents. It is hypothesized that financially constrained, risk-averse sellers prefer
finer gradations of pricing precision, i.e., less deviation from expected property value, and that a set of agents will rise
to meet this preference. The findings in this work indicate that agents specializing in listing properties increase pricing
precision. The contributions of this work are twofold: (a) it provides a unique and heretofore uninvestigated metric as its
dependent variable, thus allowing for further investigation into the brokerage intermediation process beyond the scope of
price and marketing time, and (b) it provides an identifiable agent trait that can allow for a better matching of sellers’
preferences with agents’ abilities. |
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Keywords: | |
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