Real Estate Agents, House Prices, and Liquidity

Real Estate Agents, House Prices, and Liquidity Comparing agent-owner with agent-represented home sales illustrates that commission contracts lead to external agent moral hazard. Real estate developers are sophisticated sellers who can either use external agents or hire internal agents. The theory shows that neither scheme eliminates agent moral hazard. The empirical study of how the seller-agent relationship affects both price and liquidity in a simultaneous system concludes that external agents enjoy superior selling ability that offset moral hazard effects. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Real Estate Agents, House Prices, and Liquidity

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Publisher
Springer US
Copyright
Copyright © 2014 by Springer Science+Business Media New York
Subject
Economics / Management Science; Regional/Spatial Science; Finance/Investment/Banking
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-013-9452-x
Publisher site
See Article on Publisher Site

Abstract

Comparing agent-owner with agent-represented home sales illustrates that commission contracts lead to external agent moral hazard. Real estate developers are sophisticated sellers who can either use external agents or hire internal agents. The theory shows that neither scheme eliminates agent moral hazard. The empirical study of how the seller-agent relationship affects both price and liquidity in a simultaneous system concludes that external agents enjoy superior selling ability that offset moral hazard effects.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Jan 7, 2014

References

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