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Homeowners? Repeat-Sale Gains, Dual Agency and Repeated Use of the Same Agent

Author

Listed:
  • Richard D. Evans

    (Fogelman College of Business and Economics, University of Memphis, Memphis TN 38152)

  • Phillip T. Kolbe

    (Fogelman College of Business and Economics, University of Memphis, Memphis TN 38152)

Abstract

Previous studies of dual agency, where one agent serves both buyer and seller in a transaction, use hedonic models. Repeat-sale methods can test for the price effect of accepting dual agency. Dual agency does not show convincing effects on expected gain, which would occur if there was a systematic bias, or on heteroscedasticity, which would occur if there are large effects that are rare. Earlier researchers could not test for the effect of an owner picking a listing agent who was the earlier selling agent. Consistently positive mean abnormal price gains come from this choice, as well as signi?cant heteroscedasticity.

Suggested Citation

  • Richard D. Evans & Phillip T. Kolbe, 2005. "Homeowners? Repeat-Sale Gains, Dual Agency and Repeated Use of the Same Agent," Journal of Real Estate Research, American Real Estate Society, vol. 27(3), pages 267-292.
    • Handle: RePEc:jre:issued:v:27:n:3:2005:p:267-292
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    Citations

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    Cited by:

    1. Ken H. Johnson & Zhenguo Lin & Jia Xie, 2015. "Dual Agent Distortions in Real Estate Transactions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(2), pages 507-536, June.
    2. repec:dau:papers:123456789/515 is not listed on IDEAS
    3. William G. Hardin III & Ken H. Johnson & Zhonghua Wu, 2009. "Brokerage Intermediation in the Commercial Property Market," Journal of Real Estate Research, American Real Estate Society, vol. 31(4), pages 397-420.
    4. Anupam Nanda & Stephen Ross, 2012. "The Impact of Property Condition Disclosure Laws on Housing Prices: Evidence from an Event Study Using Propensity Scores," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 88-109, June.
    5. Lin, Zhenguo & Liu, Yingchun & Xie, Jia, 2024. "Market distortions with collusion of agents," Journal of Banking & Finance, Elsevier, vol. 162(C).
    6. Jason Beck & Lindsay Levine & Michael Toma, 2024. "Just‐below pricing in real estate: Impact by price segment and market conditions," American Journal of Economics and Sociology, Wiley Blackwell, vol. 83(1), pages 17-34, January.
    7. Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 813-886, Elsevier.
    8. Andre H. Gao & George H. K. Wang, 2007. "Multiple Transactions Model: A Panel Data Approach to Estimate Housing Market Indices," Journal of Real Estate Research, American Real Estate Society, vol. 29(3), pages 241-266.
    9. Vrinda Kadiyali & Jeffrey Prince & Daniel Simon, 2014. "Is Dual Agency in Real Estate a Cause for Concern?," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 164-195, January.
    10. Xiangou Deng & Zhaohui Li & Michael J. Seiler & Hua Sun, 2024. "Market Strength and Brokerage Choice in Residential Housing," The Journal of Real Estate Finance and Economics, Springer, vol. 69(4), pages 741-777, November.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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