个人代理人，企业和房地产经纪过程[外文翻译].doc

本科毕业设计（论文） 外 文 翻 译 Individual Agents, Firms, and the Real Estate Brokerage Process Introduction This study examines how individual agents affect house selling prices and time on the market while controlling for brokerage firm-specific effects as well as supply and demand conditions that vary by neighborhood. The existing theoretical and empirical research on real estate brokerage tends to blur the distinction between the firm and individual agents within firms. As a consequence, the empirical literature studying the housing market-broker nexus deals primarily with identifying firm level effects in real estate transactions and the growing stock of empirical evidence offers only limited insight into how individual agent characteristics or strategies affect sales outcomes. This study examines the effects of agents’ unique skills and revealed strategies in the market as reflected in various degrees of agent specialization by function (e.g.,listing, selling, and partnering) or by geographic area. This paper extends the model developed in Turnbull and Dombrow (2006) to study individual agent effects on transaction outcomes. The framework controls for localized demand and supply conditions surrounding the house being sold, which allows us to separate the effects of localized market conditions from the effects of agent specialization across locations on prices and marketing times. In addition, this approach models both selling price and marketing time as endogenous in the search/matching process, which enables us to pick up the separate effects of firms and agents on both house sales price and sales time. Using transaction data covering a 2-year period in Baton Rouge, Louisiana, we find that firm size effects on selling price disappear once firm specialization and agent characteristics are taken into account. Geographic concentration by firms leads to higher selling prices. Houses listed and sold by different agents in the same firm sell for less. For individual