The Future of the US Residential Real Estate Brokerage Industry in Light of the Internet and International Indications

Natalya Delcoure and Norm G. Miller

ERES from European Real Estate Society (ERES)

Abstract: The US residential brokerage industry has seen real commission rates and agent incomes rise over the past several decades while percentage commission charges remained relatively stable within local markets. Access to the Multiple Listing Services (MLS) and strong industry interdependency helped to maintain this system. Yet, new open MLS listing services are starting to encourage commission price competition and break down some of the market information monopoly once held by the local trade associations. This has opened the door to a potential revolution in the residential brokerage industry that will likely lead to a more efficient industry with fewer agents doing more transactions and providing a variety of ala carte services to consumers. International commission rates and agent productivity provide some evidence of the transformation that might occur over the next few decades as new consumer options evolve. International commission rates also provide further evidence that fees in the United States are likely to come down over the next several years.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2001-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2001_147

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