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Technology's Impact and the Future of Real Estate
Academic affiliation: Oklahoma State University
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Benjamin, John D., G. Donald Jud, and G. Stacy Sirmans. "What Do We Know About Real Estate Brokerage?" Journal of Real Estate Research 20.1-2 (2000): 5-30. This review attempts to organize six questions concerning the brokerage industry: What is the nature of the market for brokerage services and how does it influence the individual firm; what factors determine broker and agent compensation; how does brokerage participation influence time on the market and price; must brokerage firms assume greater reliability, and how do brokerage markets vary internationally. It also illustrates the impact of new technology toward realtor income. This identifies key issues facing the brokerage community and suggests avenues for future studies. This source would help any person understand the basics of the brokerage firms' and agents' impact and role in the real estate market.
Benjamin, John D., G. Donald Jud, Kevin A. Roth, and Daniel T. Winkler. "Technology
and Realtor Income." Journal of Real Estate Finance & Economics 25.1 (2002): 51-65. The idea that ever-expanding internet opportunities directly impact the income levels of the real estate brokerage community may be coming to reality. In these studies it shows that the internet and the ability to use technology in the workplace increases with schooling, experience, marriage, franchise affiliation, firm size, ownership interest, and hours worked. By contrast, technology usage falls with age, females and non-whites. The results expand our knowledge concerning familiarity with the use of real estate technology and related income. Some results show that the use of the internet and other information technologies in positively related to the earnings of realtors. This article is interesting and relates to real estate agents and the elasticity of using technology in the work place.
Benjamin, John D., and Peter T. Chinloy. "Technological Innovation in Real Estate
Brokerage." The Journal of Real Estate Research 10.1 (1995): 35-44. This paper looks into the technological innovations used in the real estate market and the decision to use the technology in the selling process or not. "Any innovation effect is measurable because the seller has the choice of adopting the technology and makes the decision prior the knowing the selling outcome" (41). The paper shows the expectations for purchasing a house with the use of technology compared to a house with the use of less technology and less accessibility. This is a source that goes in depth into returns for a house with technology associated with the selling process and would help a seller decide whether they will access the technological aspect of selling or not.
Crellin, Glenn E., James R. Frew, and Donald Jud. "The Earnings of Realtors: Some Empirical Evidence." Journal of Real Estate Research 3.2 (1988): 69-78. This paper explores the factors that influence the earnings of realtors as of 1984. This article examines two previous studies .The studies show that the variable that determines a realtors income include: hours, race, sex, age, experience, schooling, firm size and franchise affiliation. These variables were derived from individual investors from different states. Several studies and national surveys were formed to find the determinants of realtor earnings. These determinants include possession of a broker's license, a high level of schooling, work ethic, experience, and professional training including partnerships. If a person was interested in a career in the real estate market, this article would help them get a good start and a strong base.
Follain, James R. Terry Lutes, and David A. Meier. "Why Do Some Real Estate Salespeople Earn More Than Others?" The Journal of Real Estate Research 2.1 (1987): 73-81. This article examines studies conducted on the subject of realtor income in the mid-1980s. Even though the studies were taken during the same time period, they found differences within the findings. The studies were taken over twenty factors thought to determine real estate success as measured by income from real estate brokerage. The findings showed an increase in income with: number of hours worked, a dramatic raise in income due to added years of experience, but flattened out after 10 years of experience, and no significant differential in earnings detected between men and women of the same age with the same education. This paper expresses the elasticity of income for real estate agents in response to the determinants related to the field of work.
Jud, G. Donald, and Stephen Roulac. "The Future of the Residential Real Estate Brokerage Industry" Real Estate Issues 26.2 (2001): 22-30. This article illustrates that new technology is crushing established institutions and opening up new venues of change (22). The authors examined how new technology will change institutions structures and how it will shape the brokerage business and realtor demand in the future. The internet seems to be making the search for housing much cheaper and easier reducing the demand for real estate brokerage services. The internet is also making demand for realtors more elastic because consumers have the substitute of searching for houses on the internet. Five scenarios of change are given in the article for the possible future of brokerage realty. If someone was interested in the future investments in real estate this paper would help that person establish a strong base for the changing times due to technology.
Lyons, Gail G., Donald L. Harlan, and John Tuccillo. The Future of Real Estate: Profiting from the Revolution. Chicago: Real Estate Education Company, 1996. This book shows that in today's society the consumer is king. It refers to the phrase "If you build it, they will come" from the movie "Field of Dreams" it was the philosophical assumption after WWII. Now it has become know as "If you serve my needs, I will come." Market success today depends on the willingness to uphold all of the needs of the consumer. The new assertiveness on behalf of today's real estate buyers and sellers is largely due to technology. Technology is putting consumers on a level playing field with their agents by providing them with market information through the World Wide Web. For those realtors who would love to find tips on meeting the needs of their clients, this book is packed full of useful hints to improve realtor-client relations.
McCrea, Bridget. The Real Estate Agent's Field Guide: Essential Insider Advice for
Surviving in a Competitive Market. New York: AMACOM, 2004. In Chapter three of this book the author expresses the idea that no matter where one stands in the real estate business technology is becoming essential and one must jump on the technology train to be successful. Realtors are split between the tech-savvy and the tech-averse when it comes to the future of real estate. The author explains that many older realtors are reluctant to use the technology and are increasingly behind the curve. On the other hand, young realtors are seeing significant income increases due to the use of technologies. Besides, it is what the consumers want. The author expresses that the time is now to take advantage of technology because there will be much more to come in the future. This paper would be helpful to persons who would like to get a jump on their competitors in the technological advances that increase realtor success.
"Realty World Uses Wireless." Realty World . 2004. 24 Feb. 2005 <http://cache-www.intel.com/>. This source conveys the advantages of Red Tablet Intel Centrino mobile technology, and its uses in the Real Estate Business. It expresses the ideal technological innovations to give a realtor the success needed to be competitive in the market. These ideal technologies include: access to online service away from the office, efficient communications between the realtor and their client, and technologies that enhance efficiency in use of time. These technologies are available today and are being used by realtors that are succeeding due to less time in the office and more time looking at property, working with clients and selling homes. This source would be strongly recommended for a person interested in becoming a realtor, but may have objections to the time constraint.
Sirmans, Stacy G., and Phillip G. Swicewood. "Determining Real Estate Licensee
Income." Journal of Real Estate Research 20.1-2 (2000): 189-204. This article examines the determinants or realtor income. The factors of a positive effect on income include: the number of hours worked by the realtor, work experience, male-sex, the use of computer technology, being involved in many transactions, holding professional designations, being associated with a larger firm, and having access to personal assistants. Variables that negatively affect income include: one's age, selling primarily residential properties, and having more affiliations. After tests, the studies show that young males with plenty of experience who: work more hours, has satisfaction in their job, holding professional designations, has access to personal assistants, and utilizes a personal computer. Future real estate agents can use the results of this study to build a base for greater success.
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