اثرات اینترنت بر بازاریابی دارایی واقعی مسکونی

In a multiple listing service (MLS) setting, a real estate agent may have the option to withhold specific properties from listing on the internet even when listing on the MLS. While agents listing properties with a MLS service should prefer to have the widest exposure possible for their listings, we observe that in a large dataset of MLS listings during 1999, approximately seven percent of the houses listed were withheld from the internet. Listing on the internet in addition to the MLS should attract a larger number of potential buyers to view the properties, and the increased exposure may lead to reduced marketing times with transaction prices determined through competitive bidding. Search theory indicates that listing on the internet could be a useful strategy if it assists sellers and their agents in locating optimal trading partners in shorter time periods. On the down side, the strategy has the possibility of attracting potential buyers who could not or would not pay the seller’s reservation price. The time and effort expended in working with such “window shoppers” could be significant

In a multiple listing service (MLS) setting, a real estate agent may have the option to withhold specific properties from listing on the internet even when listing on the MLS. While agents listing properties with a MLS service should prefer to have the widest exposure possible for their listings, we observe that in a large dataset of MLS listings during 1999, approximately seven percent of the houses listed were withheld from the internet. Listing on the internet in addition to the MLS should attract a larger number of potential buyers to view the properties, and the increased exposure may lead to reduced marketing times with transaction prices determined through competitive bidding. Search theory indicates that listing on the internet could be a useful strategy if it assists sellers and their agents in locating optimal trading partners in shorter time periods. On the down side, the strategy has the possibility of attracting potential buyers who could not or would not pay the seller’s reservation price. The time and effort expended in working with such “window shoppers” could be significant. Whether the negative implications could outweigh the potential benefits of listing on the internet is an empirical question to be considered here. The question in which we are interested is whether placing a MLS listing on the internet makes any difference in the selling price or the time on the market. We first analyze this question theoretically in a simple search theoretic framework. We show that due to lower search costs, the internet results in more search by buyers. This in turn increases the expected transaction price but may increase or decrease the time it takes to sell the property. We then offer an empirical evaluation of an internet listing strategy by considering its impact on marketing times and transaction prices. Consistent with our theoretical predictions, our empirical results indicate that houses listed on the internet sell for marginally higher prices but take slightly longer to sell. In the remainder of the paper, the next section reviews recent developments in the pricing strategy literature and considers potential implications associated with agent compensation issues. The third section offers a sequential search model to study how lower search costs for internet-listed properties impact transaction prices and marketing time. The fourth section presents the empirical model and the data used to test for any impact on marketing times or prices associated with listing a property on the internet in addition to the MLS. The fifth section presents the results of the hypotheses tests and the final section summarizes the findings and presents conclusions drawn from this research.

The purpose of this article was to examine the impact of listing properties on the internet in addition to the MLS and to empirically test whether residential houses marketed on the MLS and the internet sell at the same rate and price as similar properties marketed only on the MLS. The data consist of a unique sample of 48,280 residential single family sales occurring between January 1, 1999, and December 31, 1999, in the Dallas/Fort Worth Metroplex obtained through the North Texas Regional Multiple Listing Service. The log-linear functional form of a time on the market model and a pricing model are estimated using a 2SLS model. The two-stage least squares regression results indicate that the null hypotheses of internet listings and non-internet listings selling at the same rate and the same price should be rejected. The empirical results support Result 1 from the theoretical model. In the internet market each buyer is expected to find a better match and thus be willing to pay a higher price for their best match property. Thus, the properties in the internet market are expected to sell at a higher price. The results indicate that internet listings remain on the market about 11% longer than houses not listed on the internet and sell at a price premium of 1.93%. These results while statistically significant, are relatively small. The 11% indicates approximately six extra days for marketing time and the 1.93% premium on price is approximately $2900 for the average house. The findings indicate that clients are probably best served by having their properties listed on the internet in addition to listing on the MLS.