Thesis (Ph. D.)--University of California, San Diego, 2010. / Title from first page of PDF file (viewed Feb. 19, 2010). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 59-60).

This dissertation consists of three separate essays. The first two essays focus on real estate brokerage; one studies the conditions for efficient employment in the real estate brokerage industry under fixed commission rates and the other examines the role of real estate agents in buyer-seller bargaining. The third essay presents an integrated analysis of housing investment and consumption choices that takes into account both the uncertainty in investment returns and liquidity constraints. Essay one presents a model of real estate trading with brokerage that integrates sequential search, two-sided matching, and the competitive entry and effort choice of real estate agents. The equilibrium employment pattern of the model helps to explain the observation that the number of agents is more sensitive to the expected transaction price than to the transaction volume. The condition for efficient employment requires the commission to be proportional to the opportunity cost of search time and the expected trading gain, with the proportion determined by the productivity of brokerage employment. Efficient employment also requires regulating the entry so as to achieve the productivity balance between the number of agents and individual effort. Essay two examines asymmetric information and bargaining within the model of real estate trading developed in essay one. The equilibrium outcomes of bargaining with and without information asymmetry are characterized with the help of mechanism design methodology, and the associated welfare levels are compared. The analysis is applied to evaluating the role of real estate agents in the bargaining. Agents seek compromises between the buyer and seller by providing credible information to both parties. Such a role is welfare improving when the scale economy of brokerage with respect to the stock of buyers and sellers is not strong and brokerage employment is sufficient. In essay three, Pratt's certainty-equivalent approximation is applied to the Henderson-Ioannides (1983) housing tenure choice model. The key trade-offs for housing investment and consumption choices induced by the uncertainty and liquidity constraints are clearly illustrated and the implications for tenure choice examined against the existing empirical evidence.

Thesis (M.B.A.)--University of Hong Kong, 1995. / Includes bibliographical references.

This dissertation consists of three separate essays. The first two essays focus on real estate brokerage; one studies the conditions for efficient employment in the real estate brokerage industry under fixed commission rates and the other examines the role of real estate agents in buyer-seller bargaining. The third essay presents an integrated analysis of housing investment and consumption choices that takes into account both the uncertainty in investment returns and liquidity constraints. Essay one presents a model of real estate trading with brokerage that integrates sequential search, two-sided matching, and the competitive entry and effort choice of real estate agents. The equilibrium employment pattern of the model helps to explain the observation that the number of agents is more sensitive to the expected transaction price than to the transaction volume. The condition for efficient employment requires the commission to be proportional to the opportunity cost of search time and the expected trading gain, with the proportion determined by the productivity of brokerage employment. Efficient employment also requires regulating the entry so as to achieve the productivity balance between the number of agents and individual effort. Essay two examines asymmetric information and bargaining within the model of real estate trading developed in essay one. The equilibrium outcomes of bargaining with and without information asymmetry are characterized with the help of mechanism design methodology, and the associated welfare levels are compared. The analysis is applied to evaluating the role of real estate agents in the bargaining. Agents seek compromises between the buyer and seller by providing credible information to both parties. Such a role is welfare improving when the scale economy of brokerage with respect to the stock of buyers and sellers is not strong and brokerage employment is sufficient. In essay three, Pratt's certainty-equivalent approximation is applied to the Henderson-Ioannides (1983) housing tenure choice model. The key trade-offs for housing investment and consumption choices induced by the uncertainty and liquidity constraints are clearly illustrated and the implications for tenure choice examined against the existing empirical evidence. / Business, Sauder School of / Graduate

by Hui Leung Kwong, Kwok Kin Keung. / Includes questionnaire. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaf 64). / Chapter I --- INTRODUCTION --- p.1 / Objective --- p.1 / Hong Kong Property Market --- p.1 / Chapter II --- HONG KONG PROPERTY AGENCY MARKET --- p.5 / General --- p.5 / Government Regulations --- p.6 / Definition and Business of Property Agents --- p.6 / Functions of Property Agents in Hong Kong --- p.7 / Size of Property Agency Market --- p.8 / Structure of Agency Market --- p.8 / Chapter III --- STUDY METHODOLOGY --- p.13 / Chapter IV --- ANALYSIS OF THE SURVEY RESULTS --- p.15 / Objectives of the Questionnaire Survey --- p.15 / Results and Analysis of the Survey --- p.17 / Conclusions and Implications of the Survey --- p.32 / Chapter V --- ANALYSIS OF PROPERTY AGENCY INDUSTRY --- p.34 / Macroenvironment --- p.34 / Task Environment --- p.37 / Chapter VI --- ANALYSIS OF THE EXISTING AGENCY BUSINESS --- p.40 / Advantages of the Conventional Agency Business Mode --- p.40 / Disadvantages of the Existing Business Operational Mode --- p.41 / Chapter VII --- THE NEW BUSINESS --- p.45 / Opportunities --- p.45 / Business Nature --- p.46 / Chapter VIII --- TENTATIVE BUSINESS PLAN --- p.52 / Pricing --- p.52 / Forecast of Business --- p.54 / Proposed Management Structure and Human Resources Plan --- p.57 / "Projected Statement of Profit and Loss, Cash Flow Statement and Financial Ratios" --- p.61 / Chapter IX --- CONCLUSIONS --- p.62 / APPENDICES / Chapter 1 --- Questionnaire / Chapter 2 --- Questionnaire Results / Chapter 3 --- Projected Profit and Loss / Chapter 4 --- Projected Cash Flow / Chapter 5 --- HR Plan / BIBLIOGRAPHY

Thesis (M. Sc.)--University of Hong Kong, 1999. / Includes bibliographical references.

Thesis (MTech. degree in Marketing)--Tshwane University of Technology, 2011. / Determines buyer's satisfaction with regards to the delivery of service by real estate agents in the Tshwane metropolitan area of the Gauteng province, South Africa.

In recent times, the finance, insurance, real estate and business services sub-sector has become the largest component of Malaysia's services sector in terms of gross domestic product. Given its current and forecasted prominance, this sub-sector should be studied in greater detail. This paper focuses on the Malaysian real estate agency industry, a part of the aforementioned economic sub-sector, the industry is also an area on which little research has been done. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2005.

M.Com. / The purpose of this study is to consider the financial advice an estate agent should give the purchaser and seller of a house in order to allow the parties to have a clear understanding of the financial implications of the sale. Entering into an agreement of sale in respect of personal property, with specific reference to housing, has to be one of the biggest single investments of a person's life. Should a person make such a decision without having sufficient advice concerning the financial implications, making a mistake could have far-reaching results. That is why it is in the best interests of the country that both parties should receive comprehensive financial advice. Not all estate agents are able to provide professional financial advice to purchasers and sellers of houses. The main reason for this is insufficient agent training. In addition to this, agents are allowed to close deals between purchasers and sellers for a year before writing an examination according to law. Purchasers are generally uninformed about sale transactions and what is more, usually respond to advertisements encouraging them to purchase a home of their own at low monthly instalments. The hidden cost items are not always revealed to the parties to a sale agreement. An estate agent is not an "agent" in the true juridical sense of the word,because he cannot close a deal on behalf of his principal (who instructs him).

by Kwong Wai-Shing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 63-65). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.ii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENT --- p.vii / CHAPTER / Chapter I --- INTRODUCTION --- p.1 / Chapter II --- LITERITURE REVIEW --- p.5 / Familiarization with the Subject --- p.5 / SWOT analysis --- p.5 / Review of Financial Statements --- p.6 / Ratio Analysis --- p.6 / Trend Analysis --- p.7 / Non-Financial Indicators --- p.7 / Criteria to Choose Indicators --- p.9 / Financial and Non-Financial Indicators Used for Evaluating Real Estate Agents' Performances --- p.9 / Five Forces Model --- p.10 / Threat of Entry --- p.10 / Threat of Substitute --- p.11 / Suppliers --- p.11 / Buyers --- p.12 / Rivalry --- p.13 / Chapter III --- METHODOLOGY --- p.14 / Sources of Information --- p.14 / Chapter IV --- THE PROPERTY MARKET --- p.16 / Objective --- p.16 / Before the 90s --- p.17 / 1994 --- p.18 / 1995 --- p.19 / 1996 --- p.19 / 1997 --- p.20 / Chapter V --- THE REAL ESTATE AGENCY INDUSTRY --- p.22 / Objective --- p.22 / Functions of Real Estate Agents --- p.23 / Analysis by the Five Forces Model --- p.25 / Threat of Entry --- p.25 / Government Regulations --- p.25 / Substitute Services --- p.26 / Multilevel Marketing Agency Firms --- p.26 / Property Auctions --- p.27 / Newspaper Advertisement --- p.28 / Suppliers --- p.29 / Property developers --- p.29 / Mass media corporations --- p.29 / Customers --- p.30 / Rivalry --- p.30 / Chapter VI --- THE TWO COMPANIES --- p.32 / Objective --- p.32 / Centaline --- p.32 / Midland --- p.33 / Development and Competition: 1995 - 1998 --- p.33 / To List or Not-to-List --- p.33 / Midland's Strategy --- p.34 / Management Philosophy of Shih --- p.36 / Centaline: Battle between Former Business Partners --- p.37 / Information Technology Battle --- p.38 / Midland was Acquired by Parkview Group --- p.40 / Agents Faced Closure --- p.41 / Earthquake in Midland's Management --- p.43 / Estate Agency Licensing Plan --- p.44 / Agency Licensing - Another Battle --- p.44 / Chapter VII --- ANALYSIS --- p.46 / Objective --- p.46 / Evaluation on performances --- p.46 / Evaluation on Strategies --- p.47 / SWOT analysis to the two companies --- p.48 / Strengths --- p.48 / Weaknesses --- p.49 / Opportunities --- p.50 / Threats --- p.51 / Chapter VIII --- CONCLUSION --- p.52 / TABLES --- p.54 / BIBLIOGRAPHY --- p.63