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Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method

  • Korea Real Estate Review
  • 2022, 32(4), pp.47-61
  • DOI : 10.35136/krer.32.4.4
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : October 6, 2022
  • Accepted : December 16, 2022
  • Published : December 31, 2022

Jung, Sung Chul 1 SHIN WOOJIN 1

1전남대학교

Accredited

ABSTRACT

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.

Citation status

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