Principal–Agent Conflict and Broker Effort Near Listing Contract Expiration: The Case of Residential Properties

Principal–Agent Conflict and Broker Effort Near Listing Contract Expiration: The Case of... In the real estate market the seller/agent relationship changes over the course of the listing contract. As the contract expiration nears, brokers may increase efforts generating more potential buyers and, perhaps, a higher offered price. Brokers may also persuade the seller to reduce the reservation price. These two aspects have different implications for the selling price of the property. Employing a sample of 24,100 properties sold in Clark County, Nevada, we investigate the relationship between the selling price and the time-to-expiration of the listing contract. We find that prices are lower if the property is sold near the expiration of the listing contract, indicating that the price-reduction effect dominates the broker-effort effect. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Principal–Agent Conflict and Broker Effort Near Listing Contract Expiration: The Case of Residential Properties

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Publisher
Springer US
Copyright
Copyright © 2007 by Springer Science+Business Media, LLC
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-007-9045-7
Publisher site
See Article on Publisher Site

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