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Full-Text Articles in Business
The Impact Of Virtual Marketing Strategies On The Price‑Tom Relation, Kelley Cours Anderson, Julia Freybote, Kerry Manis
The Impact Of Virtual Marketing Strategies On The Price‑Tom Relation, Kelley Cours Anderson, Julia Freybote, Kerry Manis
Business Faculty Publications and Presentations
Virtual tours such as pre-recorded videos or self-guided virtual reality (VR) tours represent marketing strategies that agents can use to promote homes for sale. Assuming agents aim at maximizing their net commissions, we expect virtual tours, which require more agent effort and are more costly, to be used for homes that are difficult to show due to being owner- or tenant-occupied. Using 34,359 single-family transactions from multiple US markets, we show that virtual tours impact the sales prices of occupied homes (1) directly (main effect) and (2) indirectly through an interaction with time on market (TOM). However, this impact differs …
Time On Market And The Cash Discount For Condos, Eli Beracha, Julia Freybote, Zhenguo Lin, Michael J. Seiler
Time On Market And The Cash Discount For Condos, Eli Beracha, Julia Freybote, Zhenguo Lin, Michael J. Seiler
Business Faculty Publications and Presentations
We investigate whether the cash discount for condos is affected by time on market (TOM). Theoretically and empirically, we show that the cash discount has two components: First, condos purchased with cash sell at a discount compared to mortgagefinanced condos, which is in line with the cash discount identified in the housing literature. The second component is a TOM-variable cash discount that increases the longer a condo is on the market. In addition, our empirical analysis suggests the cash discount only exists for low-price condos and disappears in higher price segments. In particular, for low-price condos, the cash discount comprises …