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"ESTATE AGENTS"
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Investigating the Relationship Between Real Estate Agents, Segregation, and House Prices: Steering and Upselling in New York State
This article leverages a unique data set, recently developed regression methods, and qualitative interviews to investigate the multiple ways real estate agents produce housing inequality. We find that the clustering of agents in and around certain neighborhoods correlates positively with house prices. Our results also show a significant relationship between agent concentration and racial segregation. Our qualitative data reveal how agents engage in steering and upselling. The findings enhance our understanding of mechanisms in the housing market, and provide more empirical clarity on the role real estate agents play in asset and place inequality.
Journal Article
Purls and poison
When a fellow Black Sheep Knitter is suspected of poisoning her coworker, the group puts down their needles and takes up their friend's defense...Suzanne Cavanaugh has just about had it with her office rival at Prestige Properties. It's bad enough that Liza Devereaux is constantly needling her at work, but when she shows up at one of Suzanne's open houses to poach potential buyers, it's the last straw. No one in the office fails to hear the two snarling at each other. When Liza is later found dead in her office cubicle--poisoned by a diet shake--Suzanne becomes the prime suspect. It's soon discovered, though, that Liza had double-crossed so many around town and stashed their dark secrets in her designer handbags that anyone could be the culprit. The Black Sheep Knitters have no doubt their friend has been framed--but they need to prove it. Stirred to action, they get together to catch a sneaky killer who's trying to pull the wool over everyone's eyes . . .
Book
Defining spatial housing submarkets
Although there are numerous reasons for real estate analysts to construct spatial housing submarkets, there is little clarity about how this might best be done in practice. The existing literature offers a variety of techniques including those based on principal components analysis, cluster analysis and a range of other statistical procedures. This paper asks whether, given their market expertise and their role in disseminating information, shaping search patterns and informing bid formation, real estate agents might offer an effective but less data intensive method of submarket construction. The empirical research is based on an experiment that compares the predictive of different sets of submarket boundaries constructed by using either standard statistical methods or through consultation with real estate agents and other market analysts. The analysis draws on housing transactions data from Istanbul, Turkey. While the results do not demonstrate the outright superiority of any single method, they do suggest that expert-defined boundaries tend to perform at least as well as alternative construction techniques. Importantly, the results suggest that agent-based methods for delineating submarket boundaries might be used with a degree of confidence by real estate analysts and planners in market contexts where rich micro-datasets are not readily available. This has been one of the constraints internationally on wider adoption of submarket boundaries as an analytical tool.
Journal Article
Market Distortions When Agents Are Better Informed: The Value of Information in Real Estate Transactions
Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real estate agents have an incentive to convince clients to sell their houses too cheaply and too quickly. We test these predictions by comparing home sales in which real estate agents are hired to when an agent sells his own home. Consistent with the theory, we find homes owned by real estate agents sell for 3.7% more than other houses and stay on the market 9.5 days longer, controlling for observables. Greater information asymmetry leads to larger distortions.
Journal Article
The bad weather friend
\"Benny Catspaw's perpetually sunny disposition is tested when he loses his job, his reputation, his fiancée, and his favorite chair. He's not paranoid. Someone is out to get him. He just doesn't know who or why. Then Benny receives an inheritance from an uncle he's never heard of: a giant crate and a video message. All will be well in time. How strange - though it's a blessing, his uncle promises. Stranger yet is what's inside the crate. He's a seven-foot-tall self-described \"bad weather friend\" named Spike whose mission is to help people who are just too good for this world. Spike will take care of it. He'll find Benny's enemies. He'll deal with them. This might be satisfying if Spike wasn't such a menacing presence with terrifying techniques of intimidation. In the company of Spike and a fascinated young waitress-cum-PI-in-training named Harper, Benny plunges into a perilous high-speed adventure, the likes of which never would have crossed the mind of a decent guy like him.\"-- Provided by publisher.
BOOK
Is there a Principal-Agency Problem with Real Estate Agents in Rental Markets?
This paper examines the principle-agency problem between landlords and real estate agents using novel data on rental contracts. Real estate agents are found to obtain higher contract rents by approximately 1% more for themselves (and family members) than for other landlords, which is economically small. The results suggest that the principle-agency program with real estate agents is less of a concern in the rental market than the ownership market. The reason potentially relates to the commission structure, the relatively low effort associated with finding a tenant, the landlord’s ability to evaluate an agent’s performance, and reputation concerns from repeated interactions.
Journal Article
The plot is murder
When a shady realtor turns up dead in her backyard, bookshop owner Samantha Washington investigates with the help of her feisty grandmother and an enthusiastic ensemble of colorful retirees.
Book
