With property characteristics unobserved or difficult to measure, there are returns to evaluation, due diligence and performance. Buyers can invest in observable human capital signals including location and experience that lower search costs. Buyers with local experience have lower search costs,...

This study is one of the first to investigate brokerage intermediation effects in the income producing commercial property market. Employing multifamily sales data from the Atlanta and Phoenix markets under alternative brokerage specifications, little evidence to support the existence of...