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Article
Publication date: 1 June 2012

Hassan Gholipour Fereidouni

In recent years, housing prices and rents have recorded impressive growth in Iran. Several observers believe that real estate agents have had a significant effect on this…

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Abstract

Purpose

In recent years, housing prices and rents have recorded impressive growth in Iran. Several observers believe that real estate agents have had a significant effect on this phenomenon. However, some do not agree with this viewpoint and argue that the role of real estate agents is not that much and housing prices and rents are affected by macroeconomic factors. The purpose of this paper is to investigate whether real estate agents can influence housing prices and rents across provinces of Iran.

Design/methodology/approach

Applying panel data technique, this paper uses observations from 28 provinces of Iran covering 2000 and 2003 to examine the role of real estate agents on housing prices and rents.

Findings

The empirical results indicate that the increased number of real estate agents and their activities positively significantly stimulate housing prices and rents.

Research limitations/implications

To the author's knowledge, most studies in this area cover the US and European real estate markets. Since findings for developed countries might not be directly transferable to emerging market economies such as Iran, more work is necessary to obtain a clearer picture of the role of real estate agents on housing prices and rents in emerging economies.

Originality/value

Although there has been a series of cross‐sectional studies published in this area, few empirical works have examined the effects of real estate agents on housing prices and rents by applying panel data set. The paper begins to fill this gap by analyzing a data sample of 28 provinces of Iran covering 2000 and 2003.

Details

International Journal of Housing Markets and Analysis, vol. 5 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 1 December 1995

Low Sui Pheng and Vivien P.L. Tan

The real estate industry is an important sector of the Singaporeeconomy. Real estate transactions are not only getting larger in numbersin Singapore but also involve…

1679

Abstract

The real estate industry is an important sector of the Singapore economy. Real estate transactions are not only getting larger in numbers in Singapore but also involve increasingly huge sums of money. Unfortunately, some real estate agents have also recently been found guilty of unethical practices in Singapore. Sets out to examine the expectations of ethics in real estate agency practice in Singapore. Surveys real estate agents and their clients on their expectations of ethics in property transactions. Draws conclusions pertaining to ethical expectations from the results of this fieldwork.

Details

Property Management, vol. 13 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 20 April 2015

Mary Ann Stamsø

The purpose of this paper is to examine the widespread of property sellers choosing to sell by themselves or through an estate agent, what characterises them and the…

1072

Abstract

Purpose

The purpose of this paper is to examine the widespread of property sellers choosing to sell by themselves or through an estate agent, what characterises them and the reason for their choice. In addition the paper contains comparisons of the gap between sales price and asking price between the sales methods and satisfaction with the sales process. This study is the first study of these phenomena carried out in Norway.

Design/methodology/approach

The data used for this study was obtained from a national survey including 1,649 house sellers. A logistic regression analysis is used to analyse the impact of household’s characteristics on the sales method.

Findings

The main findings of this study are that 83 per cent of the house sellers used an estate agent through the whole sales process and differences in the choices are related to urbanisation, age and education. The most important reason for preferring a real estate broker is that doing the sale on your own is considered too much work. Conversely, the most important reason for doing the sale on your own is that estate agents are too expensive. Those selling without an estate agent were more satisfied and the gap between sales price and asking price was smaller than for those selling through a real estate broker.

Originality/value

Issues concerning competition within the market for estate agents should be central topics for property management. Property sellers selling their property by themselves are an important contribution to increase the competition in the market for estate agents. This issue has not been on the agenda in Norway, or in Europe, in the same way as in the USA. This is probably due to the complexity in the legislation and strict laws within property sales in Central and Southern Europe. However, in Norway, UK and in the Nordic countries, the legal system is not complicated. It is rather the lockout of private individuals from the housing web sites and the fact that the property sellers are not familiar with this kind of transaction that has prevented property sellers to sell their house by themselves. Today Norway is one of few countries with a booming housing market, which also has increased the commission for estate agents. From 2010 private individuals got access to advertise their house on the housing web sites in Norway. These have influenced the focus on alternative sales methods.

Details

Property Management, vol. 33 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 26 June 2009

Peter Shears

The purpose of this paper is to address the fact that whilst most providers of professional services in the UK are regulated by means of pre‐entry qualifications or…

1075

Abstract

Purpose

The purpose of this paper is to address the fact that whilst most providers of professional services in the UK are regulated by means of pre‐entry qualifications or required standards, those setting themselves up as estate agents face no such impediment. This is particularly surprising in that these practitioners are centrally involved in what is often the largest and most stressful of consumer transactions.

Design/methodology/approach

The paper traces the many and various attempts at establishing a regulatory framework, the many and various ways in which they failed, and current proposals for change.

Findings

It is asserted that more and better protection is owed to these vulnerable consumers. Whilst the majority of practitioners are members of one professional body or another, there remains a significant minority who are not, and that the time has come for universal regulation.

Originality/value

The paper is important in that it seeks to take a long view of a matter of public concern that has not been taken since the late 1960s.

Details

Property Management, vol. 27 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 7 October 2022

Rickard Engstrom, Neville Hurst and Bjorn Berggren

The purpose of this study is to analyze and compare the level of professionalization of the real estate broker's occupation in Victoria, Australia, and Sweden. As previous…

Abstract

Purpose

The purpose of this study is to analyze and compare the level of professionalization of the real estate broker's occupation in Victoria, Australia, and Sweden. As previous studies have indicated that the real estate agent occupation in both regions is experiencing low levels of trust, an analysis of the level of professionalization is warranted.

Design/methodology/approach

The data used in the analysis in this paper have been gathered from a number of different high-quality sources. In Sweden, information has been obtained from the Swedish Real Estate Agents Inspectorate, the Association of Swedish Real Estate Agents and the Swedish Real Estate Agents Association, and Real Estate Statistics. For the Victorian case, information has been obtained from the Real Estate Institute of Victoria, which is the leading professional body in organizing real estate agents. Furthermore, information has also been sourced from the Business Licensing Authority as well as Consumer Affairs Victoria. The focus of the analysis has been on the institutional changes of the real estate profession, including the education required to become an agent, the legislation and supervision of real estate agents and the role of the professional bodies that organize the real estate agents. 10;

Findings

The analysis shows that both the real estate brokerage market in Victoria and Sweden could be characterized as mature. Using the definition of a profession from Millerson (1964), the authors conclude that the brokerage industry has a number of the characteristics of a profession such as a long albeit interdisciplinary education, strong professional bodies, code of conduct and some level of self-regulation.

Research limitations/implications

This research examines two countries, both considered mature in their house market process. Findings may be very different if the research methodology was applied to house markets that do not exhibit the same level of regulatory control.

Practical implications

Even though the real estate occupation can be considered as a semi-profession, there is still room for improvement when it comes to how consumers perceive the trustworthiness of real estate agents. Therefore, the professional bodies ought to strive to find ways on increasing the status and trustworthiness of the profession. These could include increasing the transparency as well as continuing education for its members.

Social implications

Users of real estate services need to have confidence in the skills and expertise of real estate agents they engage. The magnitude of the monies associated with real estate transactions should cause users to seek out agents who are proficient in what they do, and to this end, the professionalism of agents is critical to the provision of accurate and informative information to guide users toward positive and beneficial outcomes.

Originality/value

To the best of the authors’ knowledge, this is the first study that analyzes and compares the development of the real estate profession in Victoria and Sweden, using theories from the study of professions.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 18 March 2022

Visar Hoxha and Emblema Zeqiraj

The purpose of this study was to explore the effect of emotional intelligence (EI) on the performance of real estate agents in Prishtina, Kosovo. The study also…

Abstract

Purpose

The purpose of this study was to explore the effect of emotional intelligence (EI) on the performance of real estate agents in Prishtina, Kosovo. The study also investigated the relationship of each dimension of emotional intelligence with the real estate agent's performance (REAP) in Prishtina, which is the city with the largest number of real estate agents in Kosovo.

Design/methodology/approach

The present study used quantitative research with the questionnaire used as a research instrument. The questionnaire survey was conducted with 78 real estate agents in Prishtina, Kosovo. The sampling method used in this research was random sampling.

Findings

The findings of this study indicated that emotional intelligence has a significant impact on the job performance of real estate agents. The study also found that relationship management (RM) and social awareness (SOA) have a strong effect on real estate agents' performance, whereas self-awareness (SA) does not seem to have any statistically significant explanatory power over REAP.

Research limitations/implications

This study can be utilized as a landmark for agents of real estate on understanding how the agents can use emotional intelligence in agents' favor by pointing out the prominence of EI in realizing the needs and desires of the potential buyers and the influence EI has on the decision to buy property. Furthermore, through this study, the real estate agencies will be provided with multiple reasons that substantiate the necessity to hire emotionally trained agents, and besides professional preparation, the companies must provide employees with behavioral training.

Originality/value

The present study is the first quantification of the impact of emotional intelligence and dimensions of emotional intelligence on the performance of Prishtina's real estate agents.

Details

Property Management, vol. 40 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 June 2001

Kevin Crowston, Steve Sawyer and Rolf Wigand

Information and communication technologies (ICTs) are reshaping many industries, often by reshaping how information is shared. However, while the effects and uses of ICT…

4164

Abstract

Information and communication technologies (ICTs) are reshaping many industries, often by reshaping how information is shared. However, while the effects and uses of ICT are often associated with organizations (and industries), their use occurs at the individual level. To explore the relationships between individual uses of ICT and changes to organization and industry structures, we examined the residential real estate industry. As agents, buyers and sellers increase their uses of ICT, they also change how they approach their daily work. The increasing uses of ICT are simultaneously altering industry structures by subverting some of the realtors’ control over information while also reinforcing the existing contract‐based structures. This structurational perspective and our findings help to explain why information intermediaries persist when technology‐based perspectives would suggest their disappearance.

Details

Information Technology & People, vol. 14 no. 2
Type: Research Article
ISSN: 0959-3845

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Article
Publication date: 16 March 2021

Alirat Olayinka Agboola, Oluwasola Rebecca Jasper and Amamata Larai Zakari

This paper examines the effects of non-professionals' involvements in real estate service provision on real estate agency practice in Ibadan Nigeria, in order to provide…

Abstract

Purpose

This paper examines the effects of non-professionals' involvements in real estate service provision on real estate agency practice in Ibadan Nigeria, in order to provide information that could enhance real estate agency practice in the country.

Design/methodology/approach

Data were gathered through questionnaire administration on a total sample of 232 respondents comprising 82 estate surveyors and valuers, 100 non-professional estate agents and 25 real estate agency service consumers each from the respective clients of the two groups. A respondent-driven sampling (RDS) technique was adopted for data collection and was particularly useful in accessing non-professionals with characteristically less identifiable organizational structure. Data were analysed using mean scores on a Likert type scale while Spearman rank correlation was used to compare and establish if significant differences exist between the perceptions of clients of professionals and non-professionals on the services provided.

Findings

This study revealed that while the involvement of non-professionals in real estate agency practice deprives professionals of opportunities for legitimate earnings and is attributed to incidences of fraudulent transactions in the market, non-professionals often also serve as facilitators of transactions for the professionals. Hence, there seems to be a symbiotic relationship between the two groups and also a tacit validation of the involvement of the former by the latter.

Originality/value

This work contributes to and extends the body of knowledge on non-professionals' involvement in real estate professional practice by providing insights into the effects of activities of individuals who are not members of the real estate profession on real estate agency professional practice, particularly in the context of an emergent and less transparent market.

Details

Property Management, vol. 39 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 12 October 2019

Samuel J. Ingram and Aaron Yelowitz

The purpose of this paper is to examine the labor market entry of real estate agents in the USA and the potential effect of occupational licensing on entry.

Abstract

Purpose

The purpose of this paper is to examine the labor market entry of real estate agents in the USA and the potential effect of occupational licensing on entry.

Design/methodology/approach

Data from the 2012 to 2017 American Community Survey are linked to local housing price fluctuations from the Federal Housing Finance Agency for 100 large metro areas. The cost of entry associated with occupational licensing for new real estate agents is carefully measured for each market and interacted with housing fluctuations to investigate the role for barriers to entry.

Findings

A 10 percent increase in housing prices is associated with a 4 percent increase in the number of agents. However, increased license stringency reduces the labor market response by 30 percent. The impact of licensing is stronger for women and younger workers.

Originality/value

This work contributes to the growing literature investigating the impact of occupational licensing on labor supply and entry in the USA, as well as potential impacts of regulation on dynamism and entrepreneurship. To the authors’ knowledge, this study is also the first to quantify the cost of occupational licensing in the real estate industry.

Details

Journal of Entrepreneurship and Public Policy, vol. 10 no. 2
Type: Research Article
ISSN: 2045-2101

Keywords

Article
Publication date: 1 April 2002

J.W. Otter and A.J.J. van Wyk

Almost all estate agencies that are involved in residential property sales recognise the commission income from a sale when the commission concerned is actually received…

Abstract

Almost all estate agencies that are involved in residential property sales recognise the commission income from a sale when the commission concerned is actually received. This practice is at variance with generally accepted accounting practice, which requires recognition of income to occur on the signing of the agreement or when the sales contract becomes firm (i.e. unconditional). The South African Revenue Services (SARS) has required the few estate agencies that apply generally accepted accounting practice in their financial statements to align their income tax accounting with their financial accounting. This alignment results in tax being paid on the commission that is due from the sale of properties that have not yet been transferred. This paper debates the issue of the recognition of income. It provides suggestions for the improvement of disclosure in estate agencies’ financial statements. Furthermore, it suggests changes to estate agencies’ standard sales contracts to the effect that income is deemed to have been earned upon the registration of the transfer of a property.

Details

Meditari Accountancy Research, vol. 10 no. 1
Type: Research Article
ISSN: 1022-2529

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