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Perceived transactions costs: an explanation of the real estate brokerage

Larceneux, Fabrice; Lefebvre, Thomas; Simon, Arnaud (2014-06), Perceived transactions costs: an explanation of the real estate brokerage, 21st Annual European Real Estate Society Conference - ERES 2014, 2014-06, Bucarest, Roumanie

Type
Communication / Conférence
Date
2014-06
Titre du colloque
21st Annual European Real Estate Society Conference - ERES 2014
Date du colloque
2014-06
Ville du colloque
Bucarest
Pays du colloque
Roumanie
Métadonnées
Afficher la notice complète
Auteur(s)
Larceneux, Fabrice
Dauphine Recherches en Management [DRM]
Lefebvre, Thomas

Simon, Arnaud
Dauphine Recherches en Management [DRM]
Résumé (EN)
The objective of this research is to study the determinants of the use of intermediated solutions by homeowners. The theoretical perspective of perceived transaction costs provides a relevant framework for understanding the existence of this type of transaction in the real estate sector. From a survey, a large and novel database was collected : 3992 responses relating to effective completed transactions in the French Real Estate Market. A conceptual framework based on expected earnings tested empirically shows that five major reasons explain today the real estate brokerage. Three commercial arguments used by real estate agents to convince their owners entrust their mandates are explored as influencing the choice of the type of transaction via the mediation of the five perceived benefits.These results may be useful to brokers in order to improve their communication toward consumers both mentioning the perceived benefits and illustrating them with concrete commercial statements linked with them. Estate agents get new opportunities to transform their economic model, no longer basing their business solely on the informational advantage, but on a more general proposal of agency services that certain decision-makers perceive as useful.
Mots-clés
Coût de transaction; Intermédiation financière; Immobilier; Transaction costs; Brokers; C2C; Intermediation; Real Estate; Realtor
JEL
D23 - Organizational Behavior; Transaction Costs; Property Rights
L85 - Real Estate Services

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