Real Estate Brokers and the Market for Residential Housing

Gustav Donald Jud

82 citations0/0 files storedReal Estate Economics

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Abstract

This study explores the role of the real estate broker in the housing market. A model of the demand for broker services by both sellers and buyers is developed and conditional logit estimates are presented. Evidence relating to the effects of the brokerage industry on housing market transactions also is presented. Brokers do not seem to affect the prices of the houses they sell. But they do influence the level of housing consumption by buyers.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1996Production, Information Costs and Economic Organization 1990Econometric Models and Economic Forecasts 1973The Economic Theory of Agency: The Principal's Problem.1975Advertising and market power 1981A Search Model of Real Estate Broker Behavior

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1986The Incentive Effects of Flat‐Fee and Percentage Commissions for Real Estate Brokers 1989The Optimal Duration of Real Estate Listing Contracts 1994Economics of Brokerage: An Overview 2005The effects of the internet on marketing residential real estate

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