The Effects of Multicultural Diversity in Real Estate Brokerage

Michael T. Bond (), Vicky L. Seiler () and Michael J. Seiler ()
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Michael T. Bond: Cleveland State University, Cleveland, OH 44115
Vicky L. Seiler: Hawaii Pacific University, Honolulu, HI 96813
Michael J. Seiler: Hawaii Pacific University, Honolulu, HI 96813

Journal of Real Estate Research, 2003, vol. 25, issue 4, pages 529-542

Abstract: This study examines the changing diversity of home buyers and the steps brokerage firms are taking to adapt to these changes. The results reveal that larger firms are experiencing a greater increase in customer diversity. This can be partly explained by their efforts to target diverse groups through sponsored seminars and hiring minority sales professionals. A survey of minority home buyers reveals that minorities have owned fewer homes, earn less and are younger than their non-minority counterparts. Race and income were found to significantly explain reports of greater difficulty on the road to home ownership.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2003

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