Dual Agent Distortions in Real Estate Transactions

Ken H. Johnson, Zhenguo Lin and Jia Xie

Real Estate Economics, 2015, vol. 43, issue 2, 507-536

Abstract: type="main">

This article investigates price distortions in dual agent real estate transactions. Consistent with the literature, we find that, on average, dual agent has a null effect on sale price. However, dual agent distortions on sale price emerge after controlling for the ownership of the property. Dual agent is associated with a 6.35% price premium on agent-owned properties, but a 25.10% price discount on government-owned properties and a 5.14% discount on bank-owned properties. In addition, market conditions also play an important role in such price distortions.

Date: 2015
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