Real Estate Brokerage Research Articles

FGI를 통한 개업공인중개사의 전문성 발달 요인

This study aims to identify the professional development characteristics of licensed real estate agentsthrough licensed real estate agents in private practice, and to suggest a direction for fosteringprofessional development of licensed real estate agents in private practice. To this end, FGI wasconducted on licensed real estate agents to understand the professional development characteristics oflicensed real estate agents in context. The professionalism of licensed real estate agents is developed by various factors, but among them,learning activities and networks have a great influence, and it has been confirmed that the characteristicsexpand at each stage of development. In addition, it was possible to confirm the characteristics of theprofessional development stage in the intensive and expansive activities of licensed real estate agents inthe area of activity and activity. In the introductory stage, they focus on their main business within theregion and develop their expertise, but in order to go to the stage of proficiency or higher, they mustexpand their activity area and work to approach them as experts. Based on these FGI research results,it was possible to understand the professional development factors of licensed real estate agents incontext. In order for licensed real estate brokers to advance real estate brokerage services and providehigh-quality services tailored to the eye level of consumers, a plan to enhance professionalism for eachdevelopmental stage of licensed real estate brokers should be presented.

Improvement of Real Estate Brokerage System for Prevention of Real Estate Brokerage Accidents

Improvement of Real Estate Brokerage System for Prevention of Real Estate Brokerage Accidents

부동산 중개업의 개선방안에 관한 연구

1. CONTENTS (1) RESEARCH OBJECTIVES In response to changes in the environment of the real estate market, we intend to investigate and identify the current laws, systems, and problems at the brokerage site for the overall sector related to the brokerage business to suggest improvement measures. (2) RESEARCH METHOD In order to cope with environmental changes in the real estate market, this study aims to identify the current status and problems of the overall sector related to the brokerage industry, to classify them by factors, and to suggest improvement measures to understand the importance of practitioners and administrators. (3) RESEARCH FINDINGS The results of this study include 'strengthening the capacity of licensed real estate agents' and 'straighten up legitimate brokerage business', and practical improvement measures include 'expanding the scope of brokerage work' and 'safe brokerage contracts', each divided into four. As a result of the AHP analysis, both practical and administrative experts showed relatively high importance in terms of institutional aspects. In detailed items, it has been confirmed that working-level experts view “establishment of brokerage order” and administrative experts view “expanding the scope of brokerage work” as important. 2. RESULTS As a result of the empirical analysis of all respondents surveyed on measures to improve the real estate brokerage industry, it was analyzed that the institutional aspect was more important than the practical aspect.

CVM을 이용한 부동산 중개서비스의 지불가능용의액 추정에 관한 연구

Consumers, real estate agents, and real estate platforms are in conflict as the burden of brokerage fees increases due to the increase in housing costs and the expansion of proptech services. This study focuses on resolving conflicts among parties of real estate transactions, and especially analyzes how consumers evaluate the value of brokerage fees incurred when using brokerage services and direct brokerage services, a core field of prop-tech. The research method employed the virtual valuation method, which is commonly used to measure the value of non-market goods such as difficult-to-measure goods and services. As an empirical measurement technique, the double bounded dichotomous choice question model was utilized in this case. A survey was used to collect analysis data and divided into five types to increase the validity of the research results. In addition, the secured sample was able to estimate the willingness to pay for real estate brokerage services using the logit model, a quantitative analysis model to measure the value and acceptability of such services. The analysis results revealed that the estimated willingness to pay for brokerage fees was 2,581,370 won for sales and 970,185 won for lease transactions.

중개대상물 확인·설명 제도의 문제점과 개선방안에 관한 연구 - 주거용 건축물 중개대상물 확인·설명서를 중심으로

As society becomes more complex and diverse, various disputes arise in the real estate transaction contract process of licensed real estate brokers. In order to prevent damages and disputes, the Licensed Real Estate Agents Act stipulates the obligation to confirm and explain important objects of licensed real estate agents. In this study, research results were derived on problems and improvement measures, focusing on the format of Form 20 of the Enforcement Rule of the Licensed Real Estate Agents Act, attached Form 20 (I) (residential buildings). First, it is necessary to improve the system so that licensed real estate agents can confirm the relationship of senior lease rights. Second, the buyer directly revealed the number of houses regarding the tax to be borne at the time of acquisition, and then the type and tax rate to be borne by the licensed real estate agent at the time of acquisition were checked and explained. Third, it was suggested that the authorized real estate agent and the parties to the transaction could write down the confirmation of the facilities and environmental conditions, or request a confirmation letter from an expert in the field at the expense of the buyer or tenant. Finally, additional matters that need to be checked and explained were to check and explain whether there were any restrictions on the building itself in connecting matters related to management costs and the Internet and wired TV. In future studies, it is necessary to study the part of improving matters related to the identification and description of all intermediary objects in a direction that can be confirmed and explained with a clearer basis.

A comparison of banks and real estate intermediaries as house sellers

The foreclosure crisis associated with the banking crisis transformed banks in the hardest-hit countries into real estate brokers. The main novelty of this paper is to study banks as sellers of their own foreclosed properties and compare banks’ sales outcomes with those of traditional agents in the real estate market. We compare the list price, selling price, time on market and price discount of traditional real estate companies (TRECs) and bank-owned real estate companies (BRECs). We find evidence of a higher selling price, higher list price and longer time on market (TOM) for BRECs than for TRECs. Our findings are consistent with BRECs displaying greater patience as well as lower risk aversion. However, these explanations are not enough to fully account for the magnitudes of the coefficients. The empirical estimates suggest that information in the housing market may also be a source of distortions. In fact, the main aim of the sale varies depending on the incentives of the company. BREC sellers are banks that own the properties for sale, so their incentives are to maximize selling prices to reduce the loss charged to their annual results, while TRECs seek to minimize the TOM.

Proptech: A qualitative analysis of online real estate brokerage agencies in Spain

Purpose: The arrival of new companies that are more technological and scalable to the real estate sector has caused a revolution in a very conservative and not very innovative industry. The main objective of this research is to characterize the business model of proptech online brokerage companies in home sales in Spain, based on the traditional agency model. Design/methodology: Nine semi-structured interviews were conducted with the CEOs and managers of six proptech online real estate brokerage agencies in Spain. Their content was analyzed by means of the study and comparison of common patterns. Findings: During the digitalization process of the brokerage, a regression was detected back to more classic procedures typically found in traditional agencies, thus establishing an important difference as compared to other more transparent markets. Accordingly, a convergence occurs between the different real estate brokerage models (online and traditional), resulting in a hybrid model. Research limitations: The limited number of agencies that operate in the online mode in Spain makes the sample size quite small. Practical implications: The results contribute greater transparency to a traditional sector characterized by its opacity, and they give visibility to the changes that are currently taking place, facilitating information to both professionals and users. Social implications: It contributes to the fulfillment of Sustainable Development Goal number 9, concerning the promotion of development-oriented policies that support the creation of decent jobs, entrepreneurship, creativity and innovation. Originality/value: It expands the scientific literature dedicated to online real estate brokerage in Spain, given that as of today, we have no knowledge of any other published academic work on this topic. The research contributes to the vision that new sector agents have of it and those changes that are occurring within it.

프롭테크 플랫폼의 활용이 부동산중개서비스 산업에 미치는 영향에 관한 연구

Consumer demand for PropTech industries that combine IT technology and real estate industries is increasing. PropTech is growing in various industries related to real estate, such as real estate valuation, data provision, and real estate transactions. In particular, as real estate information acquisition through the platform is expected to become active and transactions are expected, the prop-tech industry is expected to be incorporated in the real estate brokerage industry. At this point, this study aims to find out how the growth of the prop-tech industry changes in the real estate market and how it affects the practical use of the real estate brokerage industry. In this study, we investigated whether the real estate big data platform actually helps brokers improve their expertise in the field, increase customer reliability, and increase profitability by improving competitiveness, and analyzed various measurement items and structural equations. The structural model between latent variables created based on the confirmation factor analysis model was analyzed. As a result of the analysis, it was found that the real estate big data platform had a positive effect on the real estate market for the expertise, reliability, and profitability of the real estate brokerage among the changes in the perception of the real estate broker. On the other hand, it was found that it would negatively affect the competitiveness of the authorized brokerage business. Although PropTech was generally recognized to have a positive effect on the development of the licensed real estate agent, it suggests that the role of licensed real estate agents is needed to strengthen competitiveness.

Professionalization of the real estate agent occupation – A comparative study of Australia and Sweden

PurposeThe 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/approachThe 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;FindingsThe 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/implicationsThis 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 implicationsEven 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 implicationsUsers 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/valueTo 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.

개업공인중개사의 창의적 능력이 비재무적 성과에 미치는 영향

Business continuity of licensed real estate agents is deteriorating day by day due to lower brokerage commission rates, large companies entering the real estate brokerage market, and a sharp increase in the number of licensed real estate agents. Efforts are needed to improve nonfinancial performance in order for licensed real estate brokers to secure sustainability from a long-term perspective and promote stable projects. In addition, creative ability is strongly required for licensed real estate agents during the transition period of the information society and the post-industrial society. Reflecting this situation of the times, this study attempted to verify the effect of the creative ability of a licensed real estate broker on nonfinancial performance. In addition, based on the theoretical basis of related studies, the purpose of the study was established to verify the mediating effect of market orientation and the moderating effect of education in the relationship between these variables. The significance of causal paths between research variables was verified through statistical analysis after data collection for licensed real estate agents, and the main results of this study are as follows. First, it was found that creative ability had a positive effect on nonfinancial performance. Second, among the sub-factors of market orientation, information creation and response were found to have a significant mediating effect in the relationship between creative ability and nonfinancial performance, and this mediating effect was found to have the characteristic of a partial mediating effect. Third, it was found that the educational background of licensed real estate agents had a significant moderating effect in the relationship between creative ability and nonfinancial performance, and this moderating effect had the characteristic of reinforcing effect. Based on the results of these studies, this study made recommendations necessary to secure the business continuity of licensed real estate agents.

The influence of real estate brokers' personalities, psychological empowerment, social capital, and knowledge sharing on their innovation performance: The moderating effect of moral hazard.

This study proposed and examined a conceptual framework on the influence of real estate brokers’ personalities, psychological empowerment, social capital, and knowledge sharing on their innovation performance, and used moral hazard as a moderating variable. We used structural equation modeling (SEM) for data analysis and estimation. The participants were real estate brokers in Kaohsiung City. A total of 1,000 questionnaires were administered to 100 branch offices of real estate companies, 571 of which were later recovered from 80 branch offices. After removing 52 for being invalid, we were left with 519 valid questionnaires, indicating a 51.9% recovery rate. The empirical results suggest that the real estate brokers’ personalities and psychological empowerment positively and significantly influence social capital; personality and psychological empowerment also positively and significantly influence their innovation performance; and social capital significantly influences knowledge sharing, which in turn positively and significantly influences the brokers’ innovation performance. In environments with higher levels of moral hazard, the influence of social capital on the brokers’ knowledge sharing is significantly diminished.

Is Commercial Real Estate Gendered?

Gender differences in labor market outcomes are well-documented and are expected to be more pronounced in male-typed domains such as commercial real estate. In this study, we expand the literature examining gender dynamics in the labor market, focusing specifically on gendered parity in commercial real estate brokerage. Employing robust procedures, we find that the unadjusted observed male agent property sales price premium and shorter marketing time are completely absorbed by property and market attributes as male agents list/sell properties with superior property characteristics, specifically larger and higher quality properties, when compared to female agents. The findings suggest that initial gendered differences in sales price and TOM are due to industry-driven agent selection, in which women do not fully participate in the largest and best part of the office market. Despite these findings showing gender performance neutrality, female agents are involved in significantly fewer property transactions than their male counterparts. We find evidence that this unequal labor outcome is associated with a type of affinity bias known as 'homophilic’ behavior, in which buyers and sellers prefer to work with agents of their same gender, resulting in more male agent representation.

공인중개사의 직무만족이 업무몰입 및 서비스가치에 미치는 영향

This study deduces job satisfaction factors that affect work commitment by empirically analyzing the relationship between job satisfaction of real estate agents and service value, and a hypothetical model explaining the effect of real estate agents' work commitment on service value. The purpose is to build and verify. In order to achieve the purpose of this study, the effect of job satisfaction on work commitment and service value was statistically analyzed for 240 real estate brokers who are currently engaged in real estate brokerage business in Seoul and Gyeonggi Province. As a result, it was found that the intrinsic and extrinsic satisfaction of real estate agents had a significant effect on work commitment. In addition, it was analyzed that work commitment affects the service value of customers. Therefore, in order to enhance the work immersion of real estate agents, intrinsic and extrinsic satisfaction factors must be improved. As the real estate agent's own work commitment improves, the real estate agent's job satisfaction will increase. For this purpose, real estate agents will need to make efforts to increase the service value of their customers through their efforts for intrinsic and extrinsic satisfaction and immersion in their work.

The occupational life cycle of real estate brokers: a cohort study

PurposeThe purpose of this article is to describe and analyze the occupational life cycle of Swedish real estate brokers.Design/methodology/approachVoluntary turnover among real estate brokers could lead to occupational turnover and/or employee turnover and has been described as problematic by both practitioners and researchers alike. Most previous studies focusing on this issue have explored connections between real estate brokers' personality, economic and market conditions and turnover. Employee turnover involves shifting jobs within the profession (real estate brokerage), whereas occupational turnover concerns movement to a job not related to the real estate brokerage profession. Both perspectives on turnover are however lacking data about the average time spent as a broker. This study fills this gap by exploring real estate brokers' life cycle through data analysis using a cohort study consisting of a sample of 5,304 real estate brokers registered and/or deregistered over a ten-year period from 2010 to 2019.FindingsThe analysis show that the decline is almost linear, resulting in 50% of the newly registered real estate brokers remain in the occupation eight years after registration. These findings are not in line with previous assumptions as the real estate brokers' life cycle is substantially longer. The results also reveal that there are differences in life cycles due to gender and year of registration.Originality/valueThe analysis of longitudinal, aggregated data on the life cycle of real estate brokers is highly relevant as it serves as a point of reference for future longitudinal studies analyzing the motives for leaving the occupation.

The impacts of supervisor support, role perception, and emotional exhaustion on the turnover intentions of real estate brokers

This study investigated the factors affecting turnover tendency of real estate brokers. The impact of individual-level factors (role conflict, role ambiguity, interpersonal conflict, and emotional exhaustion) and organizational-level factors (supervisor support and group trust) on turnover intentions was assessed. A hierarchical linear mediation modeling approach was used. A questionnaire was administered to real estate brokers working at real estate companies in Kaohsiung City. Ten questionnaires were administered to each of the selected 97 branch offices. Of the 970 questionnaires, 393 were recovered from 71 branches, and after omitting 43 invalid responses, there were 350 valid questionnaires from 59 branches, indicating an effective response rate of 36.1 %. The empirical results showed that interpersonal conflict mediated the impact of supervisor support on emotional exhaustion, with a full mediating effect being observed. Group trust did not mediate the impact of supervisor support on turnover tendency, which was direct, negative, and statistically significant. Job satisfaction partially mediated the impact of emotional exhaustion on turnover intentions. Our results suggest that supervisor support and emotional exhaustion, at the organizational and individual level, respectively, had the greatest impacts on turnover intentions. This demonstrates the importance of supervisor support and emotional exhaustion when researching turnover intentions.

The Impact of Covid-19 on the Use of Modern Technologies By Real Estate Brokers

Abstract Real estate brokerage is the activity of matching parties to a real estate transaction. Due to the increasing ease of access to offers posted by sellers and landlords, various challenges in finding solutions that will attract potential customers have appeared before real estate brokers. Given the complexity of the processes in which brokers can participate, the use of modern technologies in real estate brokerage seems to be one way of maintaining and developing the broker industry. The COVID-19 pandemic has caused significant changes in the way brokers operate, forcing them to implement or accelerate the use of modern technologies in customer service. Therefore, the main goal of this article is an attempt to diagnose the use of modern technologies and the types of technologies used in customer service by real estate brokers as a result of the COVID-19 pandemic. The research was conducted in the form of a survey among representatives of the real estate brokerage industry. The answers obtained from the respondents have allowed us to state that real estate agencies use new technologies to a large extent. Over 40% of the interviewees stated that the real estate market has enormous potential for the application of modern technologies. Furthermore, over 70% of the respondents indicated a large or rather large impact of the COVID-19 on the application of modern technologies in the real estate industry. The restrictions related to the epidemic have forced companies to use modern technologies to replace direct contact between the seller and the customer. The research was conducted among real estate brokers in the period between June and October 2020.

Land Compensation and Policy Enforcement in Vietnam: A Case Study in Danang

Abstract The land is a natural resource which is rich in diversity, and its value tends to increase over time. Therefore, compensation in cases when the State acquires land, is an issue of concern. Using data from 100 surveyed households and ten interviews (including 5 houesholds indirectly affected by land acquisition, 3 relevant experts, and 2 village headmen) in Da Nang, the article aims to answer two research questions: (1) assessment of landless households on land compensation policy, and (2) an assessment of outstanding issues in this policy in Vietnam. The results show that the local government has strictly followed the regulations and procedures of the State on land acquisition and compensation for economic development purposes under the 2013 Land Law. However, affected people feel dissatisfied with what they had received when they lost land. The first reason is the significant difference between the compensation prices households received and the market price, as determined by a real estate broker. Second, concerns about the future arise when a family’s means of production are acquired by the state. In addition, the policy also lacks support measures for households located in affected areas. These shortcomings lead to dissatisfaction among families.

The Effects of Leader Emotional Intelligence, Leadership Styles, Organizational Commitment, and Trust on Job Performance in the Real Estate Brokerage Industry.

This study examines the effects of leader emotional intelligence, leadership styles (transformational and transactional), organizational commitment, and trust on job performance. A questionnaire was administered to the participants, who were real estate brokers in Kaohsiung City. Of the 980 questionnaires administered, 348 valid responses were received, indicating an effective response rate of 35.5%. Structural equation modeling was used for the analysis. The results show that leader emotional intelligence has a significant and positive effect on trust in supervisors, and transformational leadership and trust within a team have significant and positive effects on job performance. In addition, organizational commitment has a significant and positive effect on job performance. Trust within a team mediates the significant and positive effect of leader emotional intelligence on job performance. Although transactional leadership has no direct, positive, and significant effects on employee job performance, trust in the workplace shaped by a leader’s leadership style will empower a team’s spirit and boost their morale, thereby indirectly affecting their job performance in a positive manner.

The influence of ethical climate and personality traits on the performance of housing agents

This study examines the factors (ethical climate, personality traits, and trust in supervisors) influencing the job performance of real estate brokers. The participants in this study consisted of real estate brokers employed at the branch offices of large-scale real estate franchises in Kaohsiung City. Four hundred ninety six questionnaires were returned by 69 branch offices, of which 472 were valid. According to the empirical results, the trust in supervisors mediated the influence of ethical climate on job performance. Personality traits had a significant, positive, and direct influence on job performance, in addition to having an indirect influence on job performance through the mediating effect of trust in supervisors. With regard to the total effect of ethical climate and personality traits on job performance, personality traits had a greater influence on job performance than ethical climate.

Housing Price Prediction with Machine Learning

For socioeconomic development and the well-being of citizens, developing a precise model for predicting housing prices is always required. So that, a real estate broker or a house seller/buyer can get an intuition in making well-knowledgeable decisions from the model. In this work, a various set of machine learning algorithms such as Linear Regression, Decision Tree, Random Forest are being implemented to predict the housing prices using available datasets. The housing datasets of 506 samples and 13 feature variables from January 2015 to November 2019 were taken from the StatLib library which is maintained at Carnegie Mellon University. Since housing price is emphatically connected to different factors like location, area, the number of rooms; it requires all of this information to predict individual housing prices. This paper will apply both traditional and advanced machine learning approaches to investigate the difference among several advanced models to explore various impacts of features on prediction methods. This paper will also provide an optimistic result for housing price prediction by comprehensively validating multiple techniques in model execution on regression.