The impact of real estate agent and firm characteristics on sales prices under different market conditions and price segments

Characteristics of real estate agents and brokerage firms have been shown to impact home sales prices. This paper extends the literature by exploring the heterogeneous effects of these brokerage characteristics under different market conditions and market pricing segments. Using the Multiple Listing Service of Chatham County, Georgia, this study finds that agent and firm characteristics are more impactful in cold markets, when homes are presumably more difficult to sell, and for lower priced homes, which are more likely to be purchased and sold by younger and/or less experienced homebuyers.