The Disciplining Effect of Concern for Referrals for Better Informed Agents: Evidence from Real Estate Transactions

  • Lan Shi, Christina Tapia
  • Published 2009


Using the future residence of home sellers, we compare a seller who will relocate to another state and thus will likely not provide referrals with a seller who remains in the state and thus might bring referrals. We find that moving-out-of-state sellers’ residences take more days to sell than staying-in-state sellers yet without any price benefits. Moreover… (More)


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