@article{ART002910220},
author={Jung, Sung Chul and SHIN WOOJIN},
title={Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2022},
volume={32},
number={4},
pages={47-61},
doi={10.35136/krer.32.4.4}
TY - JOUR
AU - Jung, Sung Chul
AU - SHIN WOOJIN
TI - Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method
JO - Korea Real Estate Review
PY - 2022
VL - 32
IS - 4
PB - korea real estate research institute
SP - 47
EP - 61
SN - 2092-5395
AB - Consumers, real estate agents, and real estate platforms are in conflict as the burden of brokerage fees increases due to the increase in housing costs and the expansion of proptech services. This study focuses on resolving conflicts among parties of real estate transactions, and especially analyzes how consumers evaluate the value of brokerage fees incurred when using brokerage services and direct brokerage services, a core field of prop-tech. The research method employed the virtual valuation method, which is commonly used to measure the value of non-market goods such as difficult-to-measure goods and services. As an empirical measurement technique, the double bounded dichotomous choice question model was utilized in this case. A survey was used to collect analysis data and divided into five types to increase the validity of the research results. In addition, the secured sample was able to estimate the willingness to pay for real estate brokerage services using the logit model, a quantitative analysis model to measure the value and acceptability of such services. The analysis results revealed that the estimated willingness to pay for brokerage fees was 2,581,370 won for sales and 970,185 won for lease transactions.
KW - Contingent Valuation Method;Willingness to Pay;Real Estate Brokerage Service;Prop-tech
DO - 10.35136/krer.32.4.4
ER -
Jung, Sung Chul and SHIN WOOJIN. (2022). Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method. Korea Real Estate Review, 32(4), 47-61.
Jung, Sung Chul and SHIN WOOJIN. 2022, "Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method", Korea Real Estate Review, vol.32, no.4 pp.47-61. Available from: doi:10.35136/krer.32.4.4
Jung, Sung Chul, SHIN WOOJIN "Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method" Korea Real Estate Review 32.4 pp.47-61 (2022) : 47.
Jung, Sung Chul, SHIN WOOJIN. Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method. 2022; 32(4), 47-61. Available from: doi:10.35136/krer.32.4.4
Jung, Sung Chul and SHIN WOOJIN. "Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method" Korea Real Estate Review 32, no.4 (2022) : 47-61.doi: 10.35136/krer.32.4.4
Jung, Sung Chul; SHIN WOOJIN. Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method. Korea Real Estate Review, 32(4), 47-61. doi: 10.35136/krer.32.4.4
Jung, Sung Chul; SHIN WOOJIN. Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method. Korea Real Estate Review. 2022; 32(4) 47-61. doi: 10.35136/krer.32.4.4
Jung, Sung Chul, SHIN WOOJIN. Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method. 2022; 32(4), 47-61. Available from: doi:10.35136/krer.32.4.4
Jung, Sung Chul and SHIN WOOJIN. "Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method" Korea Real Estate Review 32, no.4 (2022) : 47-61.doi: 10.35136/krer.32.4.4
