房地產行業俗稱「火車頭工業」，房市的熱絡能帶動上中游非常多的產業蓬勃發展，而房地產代銷業在整體產業鏈當中至關重要，在房價居高不下及政策打房等背景因素下，房市交易轉趨清淡，買賣移轉件數創下近年新低，因此房地產關鍵且重要的行銷策略相形重要。而過去文獻中，多分別探討行銷策略、銷售率、銷售期間，而銷售期間之文獻更多以仲介觀點探討。本研究目的為找出代銷業銷售成功與有利的行銷策略模式、主客觀影響因素，提供房地產業者，成功銷售房地產個案。房地產主要之行銷策略為STP分析、7P理論、4C理論、整合行銷，而規劃合宜的產品定位，制定完善的行銷策略則是銷售成功的主要方程式。銷售成功主客觀因素之研究實證結果顯示，主觀影響因素，依序為地段條件、推案時機、產品條件、品牌因素，但地段條件是先天因素，無法改變，銷售要成功，銷售期間要短，銷售率要高，代銷業者需制定完善的行銷計劃，掌握天時、地利、人和等因素，天時就是推案時機等因素，地利就是地段條件等因素，人合就是產品條件、品牌因素等因素。由銷售期間與銷售率形成銷售成功的實證結果顯示，最重要的因素為產品條件及行銷策略；產品條件的數量、金額，對銷售期間影響較顯著，產品條件的質量如主力產品則對銷售率影響較顯著；行銷策略的成交均價對銷售期間及銷售率影響皆顯著，行銷策略的合作方式則對銷售期間影響較顯著；就區域而言，台北市個案銷售成功，首要因素為行銷策略之成交均價，而新北市個案銷售成功，則著重於產品條件之主力產品。 / The real estate industry, commonly known as "locomotive industry", can up bring many growths in industry development. While in recent years, the housing market becomes dull, and the sales number declining, it’s critical and important for real estate marketing to deliberate strategies at its key point. The real estate agency in the whole industry chain plays an essential part in setting the high prices and policies and other background factors in the market. From the past references, most explored the marketing strategy, sales rate, selling duration, while references on selling duration are more from the real estate agency’s perspective. The objective of this research is to investigate successful marketing and beneficial sales tactics, objective and subjective influential factors, the real estate producers, and the successful real estate selling cases. The STP analysis, the 7P Theory, the 4C Theory, integrated marketing are the main real estate strategies, whereas products positioning planed adequately, and well developed marketing strategy are the fundamental formulation for marketing success.The marketing success objective and subjective influential factors research shown, the objective influential factors are as listed: location attribution, selling timing, product conditions and brand factors. However, location attribution is congenital factor, inevitable, in order to sell successfully, selling duration must be brief, and selling rate must be high, real estate agencies must develop a complete marketing proposal, take control of the right time, the right place, the right social connections and so on. The right time is the selling timing and other factors, the right place is the location attribution and other circumstances, and the right social connections is the product conditions, the brand factors and other elements.From the selling duration and selling rate form subjective influential factors of marketing success, research shown,the product condition and marketing strategy are the most important subjective influential components,product condition quantity and price influences are more indisputable on the selling time, the quality of the product condition as the main product then impact more significantly on the sales rate.Marketing strategy price influences are more indisputable on the selling duration and sales rate, Marketing strategy cooperation influences are more indisputable on the selling duration.About area factors ,taipei City’s success on selling primarily is the price of marketing strategies; as for New Taipei City’s on successful selling is particularly focusing on the main product condition’s square footage.

不動產由於具有異質性、不可移動性與昂貴性等特性，相較於其他資產而言，最獨特的風險為「流動性風險」(liquidity risk)，也因此其銷售期間比其他標的較長，議價空間也較大。以往探討不動產流動性的研究大都以在市場上的銷售期間(time on the market, TOM)為主，然本研究認為銷售期間和賣方的表價（listing price）與買方心中的價格（offer price）密切相關，買方決策的過程勢必受到賣方表價與本身心中價格之影響，進而決定該不動產在市場之流動性。故本研究則嘗試以賣方表價與最後成交價(transaction price)間的議價空間，探討不動產市場之流動性。議價空間愈大，表示不動產標的在當時市場之流動性愈低，致使賣方愈能接受低於表價的買方出價及成交價。 本研究透過搜尋理論建立住宅不動產議價空間模型，並以實際市場交易資料進行實證分析，探討房屋本身的屬性、總體市場因素、賣方持有的成本、區位因素與賣方定價因素等，對於買賣雙方議價空間之影響，藉以觀察理論與實證是否相符。其中以房屋總坪數與屋齡代表房屋屬性，以房租成長率與經濟成長率代表市場情況，並以利率代表賣方持有成本。實證結果顯示，屋齡太久或賣方定價過高的不動產，其議價空間愈大，流動性愈差；房租成長率和經濟成長率皆與議價空間呈負相關，表市場景氣愈好，議價空間愈小，賣方在議價過程中較能堅守其表價；又利率與議價空間呈正相關，表賣方持有不動產的成本越高，越能接受較大的議價空間；而總坪數愈大及區位較佳之不動產，其議價空間越小，可能受豪宅市場效應以及區域抗跌性有關。此實證結果與過去利用銷售期間衡量不動產市場流動性的搜尋理論相符，也驗證議價空間實可為衡量不動產市場流動性的新指標，並可降低利用銷售期間分析的研究困境。本研究成果不僅可供不動產賣方定價策略、買方議價時機之參考，亦希望透過本研究對議價空間與不動產市場流動性之研究，期望政府儘速建立與公開不動產交易平台，俾利增進不動產市場之流動性，更能牽動不動產市場與整體經濟市場之成長。 / The study suggests that not only time on market (TOM) but also price concession between the listing and contract prices could measure housing market liquidity. Departed from past studies, this paper develops theory and constructs a model named Residential Housing Price Concession Model to examine whether key factors influenced housing market liquidity significantly from past studies would have the same effect on price concession. The model includes the listing price of house, the macroeconomic data, the cost of the search and other housing characters in empirical model. Results show that listing price, cost of search and age of house have the predicted positive coefficients, and macroeconomic data , squares of house and location factor are found to be negatively related to the price concession. The corresponding conclusion with time on market (TOM) examined by past studies explains that the price concession also could measure housing market liquidity.

近年來台灣房屋仲介市場可說發展的相當快速，許多賣方和買方常基於成本的考量，而透過仲介公司來買賣房屋。當然，委託給仲介公司來買賣房屋。其中可能主要因素即著眼於縮短交易的時間或者是提高成交的機率，本研究的整個重心將圍繞在賣方的訂價高低(底價)賣屋動機與房屋的屬性來解釋銷售期間和成交機率的高低，並且本文擬得用搜尋理論和代理人理論來詮釋房地產仲介市場的交易行為。 本研究主要分成六章，第一章為緒論。第二章從搜尋理論的觀點來研究訂價與成交價和銷售期間的關係。我們從賣方決定訂價之後，買方會依據訂價要求折扣率，而賣方也會決定一願意給買方的最小折扣率的角度出發，來建構房屋搜尋模型。由理論得知，賣方折扣率底線愈大，則預期銷售期間愈長；銷售期間愈長，則預期賣方折扣率底線愈低；搜尋成本愈大，則預期賣方折扣率底線愈小；買方要求折扣率分配的平均數愈大，則預期賣方折扣率底線愈大。在實證研究上，利用信義房屋仲介公司所提供的資料(1990－1993)，以銷售期間和訂價相對於成交價的比例為應變數，採用聯立方程式的方式來估計分析。實證結果發現上述幾項論點皆獲得驗證與支持。 第三章模型同時考慮賣方和仲介業的行為，一方面說明賣方搜尋成本和買方所要求折扣率分配對銷售期間和成交機率的影響，另一方面提供未來修正理論模型的基礎。利用存活分析法(survival analysis)來估計銷售期間。一方面，我們要探究影響房屋交易之銷售期間的可能原因為何？另一方面，我們也想了解銷售期間是否具有時間相依性(time dependence)，是否銷售期間越長者，越不易賣出？或越容易賣出？ 第四章利用logit模型來估計房屋成交的機率，由於危險模型為純粹之計量模型，而非由理論模型所導出，所以分配之假設將限制其估計模型與理論的關連性，而logit模型則無此問題，因此本研究亦嘗試用logit模型來做估計。 第五章利用代理與搜尋模型來分析賣方和仲介業間的行為關係。不同的仲介收費制度--固定百分比收費(fixed-percentage commission)、定額制(flat－fee)、代銷(consignment sale)，對雙方利益衝突的衝擊為何，是否潛藏著嚴重的道德危險(moral hazard)。透過本篇的分析，可瞭解何以固定百分比收費制度是台灣房屋仲介市場的收費趨勢。最後一章為結論與未來研究方向。 / This paper employs search theory to study the re1ationships between the list price, the transaction price,and marketing duration in the Taiwan real estate market. Theoretically, buyer uses the a set of criteria together,with the listing price to develop an offer which is based on a (guest) minimurn discount rate guideline form the listing price to determine a price that will be acceptable to the seller. We attempt to describe the impact of pricing strategies (seller's minimum discoun rate) and marketing duration by incorporating the minimurn discount rate in a search model. The derived search model indicates the presence of a positbive retalionship between the minimurn discount rate and marketing duration;an inverse relationship beteween marketing duration and munimurn discount rate; an inverse relationship between searching costs and mininurn discount rate; and a positive relationship between the buyer's average discount rate of distribution function and minimum discount rate. The study uses data collected during the l990-1993 time period and provided by Hsin Yi Realty Co., with the dependent variables being the marketing duration and the ratio of the listing price to the transaction price. A simultaneous equation is developed and used to analyze the following hypotheses: firstly, the higher the ratio of the listing price against the transaction price, the longer it takes to reach the marketing duraion; secondly, the longer it takes to reach the marketing duraion, the higher the ratio of the listing price against the transaction price; thirdly, the longer the period of consignment, the longer it takes to reach the marketing duration; and the fourth,if the seller is not in a hurry to sell,then the marketing duration becomes longer. Our empirical findings verify and support all the above stated analyses.