Salesperson Bonuses and Their Impact on Residential Property Price and Time on Market

Ken Johnson, Randy Anderson and Justin Benefield

Journal of Real Estate Practice and Education, 2004, vol. 7, issue 1, 1-14

Abstract: This paper investigates the impact on both sales price and marketing time of offering a bonus to the selling broker of property. Recognizing and controlling for the different incentives inherent in pricing versus exposure listing strategies, this article employs hedonic pricing and time-on-market (TOM) estimations to uncover the relationship among property price, property TOM and salesperson bonuses. The results suggest that properties offering a bonus experience both a price discount and extended TOM.This article is the winner of the Real Estate Brokerage/Agency Manuscript Prize (sponsored by the Center for the Study of Real Estate Brokerage/Agency at Cleveland State University) presented at the 2003 American Real Estate Society Meeting.

Date: 2004
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DOI: 10.1080/10835547.2004.12091605

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