The Disciplining Effect of Concern for Referrals : Evidence from Real Estate Agents
Real estate agents rely on clients for referrals to generate future business; this paper examines whether concern for referrals disciplines agents. We compare results for sellers who move to another area (and are less likely to provide referrals) with results for sellers who remain in the area (and are more likely to provide referrals). We find that moving-away sellers' houses have a higher sale rate, sell faster and sell for less (even after controlling for moving-away sellers' greater impatience). We also provide evidence that the disciplining effect of concern for referrals is stronger for agents who place a greater value on reputation. Lastly, among sellers who are better at evaluating and monitoring agents, we see less of the high sell rate, low sale-price effect
Year of publication: |
2014
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Authors: | Shi, Lan |
Other Persons: | Tapia, Christina P. (contributor) |
Publisher: |
[2014]: [S.l.] : SSRN |
Subject: | Immobilienmakler | Real estate brokers | Wohnungswechsel | Residential mobility | Anreizregulierung | Incentive regulation | Verkaufsverhalten | Sales behaviour |
Description of contents: | Abstract [papers.ssrn.com] |
Saved in:
Extent: | 1 Online-Ressource |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | In: Real Estate Economics, Forthcoming Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 23, 2014 erstellt Volltext nicht verfügbar |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10013046703
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