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What added value do Estate Agents offer compared to FSBO transaction? Explanation from a perceived advantages model

Simon, Arnaud; Lefebvre, Thomas; Larceneux, Fabrice (2015), What added value do Estate Agents offer compared to FSBO transaction? Explanation from a perceived advantages model, Journal of Housing Economics, 29, p. 72-82. 10.1016/j.jhe.2015.06.002

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EA_brokerage_vs._FSBO._What_added_value_in_real_estate.pdf (1.899Mb)
Type
Article accepté pour publication ou publié
Date
2015
Journal name
Journal of Housing Economics
Volume
29
Publisher
Elsevier
Pages
72-82
Publication identifier
10.1016/j.jhe.2015.06.002
Metadata
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Author(s)
Simon, Arnaud
Dauphine Recherches en Management [DRM]
Lefebvre, Thomas
Dauphine Recherches en Management [DRM]
Larceneux, Fabrice
Dauphine Recherches en Management [DRM]
Abstract (EN)
This paper aims at explaining the determinants of using an estate agent vs. conducting a private sale on the French housing market. From a survey that collected 4,142 responses relating to effective completed transactions, the results show that the decision of whether to use an estate agent is not explained by the physical or spatial features of the property or socio-demographic variables. But by buyers’ and sellers’ heterogeneous perceptions of whether it is worthwhile to use estate agents, of how far they feel themselves having market expertise, and their wish to complete quickly. Five perceived transaction costs explain why buyers and sellers use brokerage intermediation, in a consumer’s standpoint.
Subjects / Keywords
FBSO; real estate housing; time pressure; perceived advantages; market expertise; transaction cost; residential property market; intermediation
JEL
D23 - Organizational Behavior; Transaction Costs; Property Rights
L85 - Real Estate Services

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