Difficult to Show Properties and Utility Maximizing Brokers
Bruce Gordon (),
Sean Patrick Salter and
Ken H. Johnson ()
Additional contact information Bruce Gordon: University of North Alabama, Florence, AL 35632
Ken H. Johnson: Florida Atlantic University, Boca Raton, FL 33431
This article is the winner of the Real Estate and the Internet manuscript prize (sponsored by PricewaterhouseCoopers) presented at the American Real Estate Society Annual Meeting. Brokers have long believed that difficult to show properties sell at lower prices and take longer to sell. Where difficult to show properties are defined as those properties that present extraordinary difficulties for a broker in arranging or showing the listing to a particular buyer. Buyers’ recent access to online real estate applications may make the cost of avoiding these properties prohibitive to brokers. Employing a hedonic pricing model and duration modeling techniques, this study finds that property price and marketing time are not significantly affected for these properties. The results suggest that brokers possess limited market power.
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