Client Externality Effects of Agents Selling Their Own Properties

Client Externality Effects of Agents Selling Their Own Properties This study is the first to examine the principal-agent issues surrounding how agents’ efforts to sell their own properties affect their efforts to sell concurrently listed client properties. The principal-agent model shows that listed agent-owned properties induce agents to worker harder over all, but diminish effort dedicated to marketing concurrently listed client properties, leading to reduced liquidity and/or lower selling prices for those properties. The empirical results show that client properties competing with agent-owned properties remain on the market 30 to 46 % longer and sell for 1.8 % less than properties whose agents have no such conflict of interest. The Journal of Real Estate Finance and Economics Springer Journals

Client Externality Effects of Agents Selling Their Own Properties

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Springer US
Copyright © 2015 by Springer Science+Business Media New York
Economics; Regional/Spatial Science; Financial Services
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