Miceli (1989) in a search for the optimal time to allow a broker to market property provides a theoretical model which posits that the principal (seller) may use the length of the listing contract to motivate the agent (listing broker) to better align incentives. Expanding slightly on Miceli,...

This research examines the productivity of real estate agents who acquire and maintain their real estate salesperson’s license for two years or less (ROOKIE) relative to more experienced agents who have been licensed agents for 10 years or more (VETERAN). Many individuals pursue a real estate...

This study examines the market impact of targeted property tax relief, which is critical for understanding who exactly benefits from a widely used local policy. Specifically, we investigate this in the context of two state-wide ballot measures in Virginia that provided property tax relief...

Home warranties are often criticized for their lack of worth to a potential home buyer. We argue that both home buyers and home sellers may benefit from warranties, though the benefits are very small. If home buyers are risk averse, home warranties provide a valuable form of insurance. Sellers...

We examine the role transaction costs play, particularly the costs related to search and bargaining, in impeding or delaying real estate market transactions. In a theoretical model, we show that agents' incentives are influenced by transaction costs in a way that will increase a home's marketing...

Miceli (1989) in a search for the optimal time to allow a broker to market property provides a theoretical model which posits that the principal (seller) may use the length of the listing contract to motivate the agent (listing broker) to better align incentives. Expanding slightly on Miceli,...