On the relationship between the number of a broker’s real estate listings and transaction outcomes
This paper documents that sellers who employ brokerage offices that list a large number of properties (“active brokerages”) obtain higher selling prices, smaller negotiated discounts from the corresponding list prices, and shorter times on the market for their listed properties. Sellers who employ a...
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Veröffentlicht in: | Review of quantitative finance and accounting 2017-07, Vol.49 (1), p.65-89 |
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description | This paper documents that sellers who employ brokerage offices that list a large number of properties (“active brokerages”) obtain higher selling prices, smaller negotiated discounts from the corresponding list prices, and shorter times on the market for their listed properties. Sellers who employ active brokerages list their properties at prices that are closer to our hedonic model’s predicted prices. Interestingly, properties that are listed at discounts relative to their predicted prices are snapped up more quickly only if they are associated with brokerages that list a relatively small number of properties. In addition, properties listed by active brokerages are less likely to be listed “as is” and are more likely to have their defects repaired prior to being listed. Moreover, because the efficacy of brokerage services varies across brokerage offices, the results also suggest that the use of an indicator variable for the use of brokerage services is not sufficient to capture the complete impact of the use of a real estate broker on transaction outcomes. In addition, the Appendix discusses the concern for potential endogeneities between the number of brokerage listings and transaction outcomes. It documents that the Durban–Wu–Hausman test indicates that exogeneity cannot be rejected. |
doi_str_mv | 10.1007/s11156-016-0583-z |
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Sellers who employ active brokerages list their properties at prices that are closer to our hedonic model’s predicted prices. Interestingly, properties that are listed at discounts relative to their predicted prices are snapped up more quickly only if they are associated with brokerages that list a relatively small number of properties. In addition, properties listed by active brokerages are less likely to be listed “as is” and are more likely to have their defects repaired prior to being listed. Moreover, because the efficacy of brokerage services varies across brokerage offices, the results also suggest that the use of an indicator variable for the use of brokerage services is not sufficient to capture the complete impact of the use of a real estate broker on transaction outcomes. In addition, the Appendix discusses the concern for potential endogeneities between the number of brokerage listings and transaction outcomes. 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It documents that the Durban–Wu–Hausman test indicates that exogeneity cannot be rejected.</description><subject>Accounting/Auditing</subject><subject>Brokerage</subject><subject>Corporate Finance</subject><subject>Discounts</subject><subject>Econometrics</subject><subject>Economics and Finance</subject><subject>Efficacy</subject><subject>Finance</subject><subject>Operations Research/Decision Theory</subject><subject>Original Research</subject><subject>Prices</subject><subject>Real estate</subject><subject>Real estate agents & brokers</subject><subject>Real estate sales</subject><subject>Studies</subject><issn>0924-865X</issn><issn>1573-7179</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2017</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNp1kL1OwzAURi0EEqXwAGyWmAO-dhzHI6r4kyp1AYnNcpLrNqVNiu0IwcRr8Ho8Ca7CwMJg3cHnfPfqI-Qc2CUwpq4CAMgiY5CeLEX2cUAmIJXIFCh9SCZM8zwrC_l8TE5CWDOWLCknpFl0NK6QetzY2PZdWLU7WmF8Qxw_umFboae9o5ZWvn9B__35FRJvNxRDtBHppg2x7ZaB2q6h0dsu2HqfRfsh1v0Wwyk5cnYT8Ox3TsnT7c3j7D6bL-4eZtfzrBYlxEzWnHPHtYW6kkLVQjoHqgBnq8JJBKdc7qwFq6HQqDAXHPOqxEbJRqiciym5GHN3vn8d0nVm3Q--SysNaJYrwXWuEwUjVfs-BI_O7Hy7tf7dADP7Ms1Ypkllmn2Z5iM5fHRCYrsl-j_J_0o_8jR6WA</recordid><startdate>20170701</startdate><enddate>20170701</enddate><creator>Palmon, Oded</creator><creator>Sopranzetti, Ben J.</creator><general>Springer US</general><general>Springer Nature B.V</general><scope>AAYXX</scope><scope>CITATION</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7X1</scope><scope>7XB</scope><scope>87Z</scope><scope>885</scope><scope>8A9</scope><scope>8AO</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>M0C</scope><scope>M1F</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>Q9U</scope></search><sort><creationdate>20170701</creationdate><title>On the relationship between the number of a broker’s real estate listings and transaction outcomes</title><author>Palmon, Oded ; Sopranzetti, Ben J.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c381t-5c222f29a1cb537c35ff1761fab6f5e1f7f4faa1a9169e7e432e4b8ed75d37423</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2017</creationdate><topic>Accounting/Auditing</topic><topic>Brokerage</topic><topic>Corporate Finance</topic><topic>Discounts</topic><topic>Econometrics</topic><topic>Economics and Finance</topic><topic>Efficacy</topic><topic>Finance</topic><topic>Operations Research/Decision Theory</topic><topic>Original Research</topic><topic>Prices</topic><topic>Real estate</topic><topic>Real estate agents & brokers</topic><topic>Real estate sales</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Palmon, Oded</creatorcontrib><creatorcontrib>Sopranzetti, Ben J.</creatorcontrib><collection>CrossRef</collection><collection>ProQuest Central (Corporate)</collection><collection>Access via ABI/INFORM (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Accounting & Tax Database</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Banking Information Database (Alumni Edition)</collection><collection>Accounting & Tax Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Global</collection><collection>Banking Information Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ProQuest Central Basic</collection><jtitle>Review of quantitative finance and accounting</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Palmon, Oded</au><au>Sopranzetti, Ben J.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>On the relationship between the number of a broker’s real estate listings and transaction outcomes</atitle><jtitle>Review of quantitative finance and accounting</jtitle><stitle>Rev Quant Finan Acc</stitle><date>2017-07-01</date><risdate>2017</risdate><volume>49</volume><issue>1</issue><spage>65</spage><epage>89</epage><pages>65-89</pages><issn>0924-865X</issn><eissn>1573-7179</eissn><abstract>This paper documents that sellers who employ brokerage offices that list a large number of properties (“active brokerages”) obtain higher selling prices, smaller negotiated discounts from the corresponding list prices, and shorter times on the market for their listed properties. Sellers who employ active brokerages list their properties at prices that are closer to our hedonic model’s predicted prices. Interestingly, properties that are listed at discounts relative to their predicted prices are snapped up more quickly only if they are associated with brokerages that list a relatively small number of properties. In addition, properties listed by active brokerages are less likely to be listed “as is” and are more likely to have their defects repaired prior to being listed. Moreover, because the efficacy of brokerage services varies across brokerage offices, the results also suggest that the use of an indicator variable for the use of brokerage services is not sufficient to capture the complete impact of the use of a real estate broker on transaction outcomes. In addition, the Appendix discusses the concern for potential endogeneities between the number of brokerage listings and transaction outcomes. It documents that the Durban–Wu–Hausman test indicates that exogeneity cannot be rejected.</abstract><cop>New York</cop><pub>Springer US</pub><doi>10.1007/s11156-016-0583-z</doi><tpages>25</tpages></addata></record> |
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subjects | Accounting/Auditing Brokerage Corporate Finance Discounts Econometrics Economics and Finance Efficacy Finance Operations Research/Decision Theory Original Research Prices Real estate Real estate agents & brokers Real estate sales Studies |
title | On the relationship between the number of a broker’s real estate listings and transaction outcomes |
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