A Microeconomic Study of Commercial Real Estate Brokerage Firms

T.L. Tyler Yang, Joseph W. Trefzger () and Lawrence F. Sherman
Additional contact information
T.L. Tyler Yang: Price Waterhouse 1616 N. Fort Myer Drive Arlington, Virginia 22209, http://www.pwcglobal.com/
Joseph W. Trefzger: Department of Finance, Insurance and Law Illinois State University 328 Williams Hall Normal, Illinois 61761, http://gilbreth.cob.ilstu.edu/depts/fil/
Lawrence F. Sherman: L.F. Sherman & Associates 23521 Paseo de Valencia, Suite 203-B Laguna Hills, California 92653, http://www.collegeofbusiness.fau.edu/

Journal of Real Estate Research, 1997, vol. 13, issue 2, pages 177-194

Abstract: While residential brokerage has been widely studied, the operating characteristics on income property brokerage firms have received little attention in the literature. In this paper, we analyze results from a survey of income property brokers to measure profitability scale effects, and expenditures at the firm level. We find that while scale economies exist for expenses, net income per producer falls as firms grow; the optimally sized firm is comparatively small. Although inconsistencies with results from recent residential brokerage studies may relate to the survey period, they may also support a view that residential and income brokerage firms are structurally different.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1997
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