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What Do Real Estate Brokers Do: An Examination of Excess Returns in the Housing Market.

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Daniel T. Winkler, Professor (Creator)
Gustav D. Jud, Retired (Contributor)
Institution
The University of North Carolina at Greensboro (UNCG )
Web Site: http://library.uncg.edu/

Abstract: This paper explores the effect of real estate brokerage-firm and agent characteristics on the prices received by home sellers. It develops a model for assessing the impact of firm and agent characteristics on the prices received by sellers in a multiple listing service (MLS). Empirical estimates of the model reveal no evidence that some brokers are able to obtain higher prices for the homes they sell than are others. This finding is consistent with the idea of an efficient information flow in the MLS market, where firms and individuals do not possess special advantages because information is shared within the MLS among agents, firms, sellers, and buyers.

Additional Information

Publication
Journal of Housing Economics, vol. 3, no. 4, 1994, pp. 283-295
Language: English
Date: 1994
Keywords
Real estate brokerage-firm and agent characteristics, Housing market, Prices