Buyer Search and the Role of Broker in an Emerging Housing Market:A Case Study of Guangzhou

来源 :Tsinghua Science and Technology | 被引量 : 0次 | 上传用户:lhyzb364
下载到本地 , 更方便阅读
声明 : 本文档内容版权归属内容提供方 , 如果您对本文有版权争议 , 可与客服联系进行内容授权或下架
论文部分内容阅读
This paper examines homebuyer’s search process and the role of real estate broker in China’s ur- ban housing market, where inactive housing resale transactions and an immature brokerage industry are distinct characteristics. Guangzhou is used as a case study to model the intensity and duration of the search process. This study finds that buyers make trade-off between two search costs, activity cost and duration cost. The study also demonstrates that despite the industry’s immature nature, buyers using brokers do in- crease search intensity and shorten search duration by reducing the activity cost. Empirical results show that there is no specific buyer group who can effectively lower their search cost by their own efforts, due to the poor information transparency in the current housing market. The broker-choice model shows that be- sides search cost, buyers’ confidence in broker’s service quality can also greatly influence their choice, so improvement in service quality and reputation has important implications for China’s brokerage industry. This paper examines homebuyer’s search process and the role of real estate broker in China’s ur-ban housing market, where inactive housing resale transactions and an immature brokerage industry are distinct characteristics. Guangzhou is used as a case study to model the intensity and duration of the search study. This study finds that buyers make trade-off between two search costs, activity cost and duration cost. The study also demonstrates that despite the industry’s immature nature, buyers using brokers do-crease search intensity and shorten search duration by reducing the activity cost. Empirical results show that there is no specific buyer group who can effectively lower their search costs by their own efforts, due to the poor information transparency in the current housing market. The broker-choice model shows that be-sides search cost, buyers’ confidence in broker’s service quality can also greatly influence their choice, so improvement in service quality and re putation has important implications for China’s brokerage industry.
其他文献