Barwick, Panle Jia
[VerfasserIn]
;
Pathak, Parag A.
[Sonstige Person, Familie und Körperschaft];
Wong, Maisy
[Sonstige Person, Familie und Körperschaft]
Conflicts of Interest and Steering in Residential Brokerage
Anmerkungen:
In: American Economic Journal: Applied Economics 2017, 9(3): 191–222 https://doi.org/10.1257/app.20160214
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2017 erstellt
Beschreibung:
This paper documents uniformity in real estate commission rates offered to buyers' agents using 653,475 residential listings in eastern Massachusetts from 1998–2011. Properties listed with lower commission rates experience less favorable transaction outcomes: they are 5 percent less likely to sell and take 12 percent longer to sell. These adverse outcomes reflect the decreased willingness of buyers' agents to intermediate low commission properties (steering), rather than heterogeneous seller preferences or reduced effort of listing agents. Offices with large market shares purchase a disproportionately small fraction of low commission properties. The negative outcomes for low commissions provide empirical support for regulatory concerns over steering