Sole agency vs multi-agency: an investigation of agency practice across England and Wales

Ke, Q, Jayne, M and Isaac, D, 2009. Sole agency vs multi-agency: an investigation of agency practice across England and Wales. Property Management, 27 (4), pp. 228-241. ISSN 0263-7472

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Abstract

Purposes - This paper investigates the impact of different agency practice on agency fees, business efficiency and housing market liquidity. Design/methodology/approach - The paper studies the effect of sole and multiple agency practices on estate agent efficiency, housing market liquidity and commission fee levels. The analysis uses the survey data from 2000 to 2006 to investigate the different agency practices across England and Wales and their effect on estate agency business efficiency, housing market liquidity, selling price and fee levels. Findings - The empirical analysis confirms that agency practice has a locality bias, that is, some regions are more likely to adopt sole agency practice than other regions. The estate agents with a sole agency practice charge a lower agency fee, help clients to achieve better selling price and are more efficient; whereas multiple agency practice facilitates liquidity in the housing market, but experiences higher fall-through rate. Research limitations/implication - The research focuses on estate agent rather than consumers due to the limitation of the data based on a research project concerning transaction costs designed prior to this analysis. Originality/value - There is little other research that investigates the residential estate agency practice and its impact on housing market in the past three decades in England and Wales. The findings are a useful guide for practitioners to better understand the issues associated with different agency practices and should enhance business efficiency and performance.

Item Type:	Journal article
Publication Title:	Property Management
Creators:	Ke, Q., Jayne, M. and Isaac, D.
Publisher:	Emerald Group Publishing Limited
Date:	2009
Volume:	27
Number:	4
ISSN:	0263-7472
Identifiers:	Number Type 10.1108/02637470910979998 DOI
Divisions:	Schools > School of Architecture, Design and the Built Environment
Record created by:	EPrints Services
Date Added:	09 Oct 2015 10:36
Last Modified:	23 Aug 2016 09:11
URI:	https://irep.ntu.ac.uk/id/eprint/15415

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