Abstract
The paper uses the data of the moving cost survey from 2003 to 2005 to investigate the factors influencing the business performance of estate agents in England and Wales, based on the theory of market attractiveness and resource-based capabilities. The empirical analysis indicates that the business performance of the estate agents are subject to market environment volatility such as market uncertainly, housing market liquidity and housing prices. The market economic scale, firm size and agent fee have no significant impact on the business performance. The agent fee is positively associated with firm size, market environment and liquidity. The finding also shows that there is existence of geographic variations in business performance and fee level in estate agency industry across the regions. There is no such analysis in this field so far.
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