Working Papers


Client Externality of Agents Selling Their Own Properties. Xun Bian, Geoffrey K. Turnbull and Bennie D. Waller.  Journal of Real Estate Finance and Economics, forthcoming.

This study examines the impact of the marketing outcomes of a client properties when in direct competition with their listing agent’s concurrently marketed property.  Results indicate that such properties sell for approximately 2% less than client properties listed with agents with no such conflict and endure up to a 70% longer marketing duration.

Do “Productive” Agents Really Deliver for their Clients?  Geoffrey K. Turnbull and Bennie D. Waller.

This study examines whether certain agents are capable of obtaining superior marketing outcomes for their clients.  Results indicate that productive agents (those with a minimum of 2% of market inventory) have no significant impact on selling prices or marketing duration.  However, highly productive agents (those with a minimum of 5% of market inventory) do have a significant impact on both selling price and liquidity.  Specifically, such agents positively impact selling price by approximately 3% while reducing marketing duration by over 40 percent.

The Impact of Gas Prices on the Marketing Outcomes of Residential Real Estate. Bennie D. Waller and Geoffrey K. Turnbull

This is the first empirical study to investigate the impact of gasoline prices and commuting distances on the marketing outcomes of residential real estate. The results indicate that while gasoline prices, commuting distances and the interactive effect don’t significantly impact housing values, they do have a negative impact on housing liquidity.  Specifically, over the period studied a $1.00 change in gasoline prices could increase a properties marketing duration by over two weeks.  Given the increase in marketing duration and the lack of impact on selling price suggests a possible agent effort dilemma. These findings are robust across multiple methodologies.

Neighborhood Tipping and Sorting Dynamics in Real Estate: Evidence from the Virginia Sex Offender Registry (ARES Best Paper Award, 2013). Xun Bian, Raymond Brastow, Michael Stoll, Bennie D. Waller and Scott Wentland.

Given the potential risk of recidivism, recent real estate research has found that registered sex offenders impose external costs, which are capitalized into the marketing outcomes of nearby residential real estate. The theory suggests that individuals will “sort” according to their preferences and incentives, resulting in segmentation of these two groups (i.e. sex offenders vs. general populace). We predict that over time, neighborhoods will “tip” one way or resulting in clustering of registered sex offenders and segregation of these two groups. Results show that the presence of an initial sex offender increases time on market by 51 days (46%), while 4 or more sex offenders in a particular geographical area increases time on market by 163 days or 148%.