Factors Associated with Turnover of New Real Estate Licenses in Ohio by James E. Larsen and Joseph W. Coleman, January 2003

This paper reports research using two methodologies. In the first, survival rates are calculated on a sample of all licensees new to the Dayton Board of REALTORS®, the Stark County Association of REALTORS®, or the Mansfield Board of REALTORS® during the years 1996 through 1998. With survival defined as remaining in the local Board, 76.7 percent of all new licensees survived to the end of the calendar year in which they joined. By the end of the second and third calendar years, the survival rate dropped to 58 and 47.5 percent, respectively. With survival defined as remaining with the original broker, 72.8 percent survived to the end of the first calendar year, and by the end of the second and third calendar years the survival rate dropped to 54.8 and 38.5 percent, respectively. No persistent significant difference in survival rates based on licensee gender, firm size, or franchise affiliation is discovered. Survival rates in the Stark Association were significantly higher than the other two Boards and this appears due, at least in part, to the fact that there are significantly fewer total licensees per capita in the Stark Association market area.
The second methodology involves the analysis of survey information obtained from 147 licensees new to the Dayton Board of REALTORS®, the Stark County Association of REALTORS®, or the Mansfield Board of REALTORS® during the years 1996 through 1998. Tests identified numerous variables that differed significantly between (1) licensees that maintained active status in the local Board and those that exited the it, and (2) licensees that stayed with their original broker and those that did not. When deciding whether to sponsor a prospective sales associate, brokers could use several of these variables as a screening device. Licensees: with a Bachelors degree, who are married, with relatively more dependents, with relatively high annual income in the year prior to entering real estate brokerage, or with relatively more years of work experience were found more likely to remain in the Board and with their original broker. The results also indicate that brokers can reduce new licensee turnover by insuring that new licensees have accurate expectations. Licensees who discovered that their duties entailed less flexible hours, less independence of action, more business expenses, less opportunity for advancement, or less income than anticipated switched broker affiliation or exited the Board at higher rates than other licensee.
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Toxic Mold : A Growing Problem for the Real Estate Industry by Elliot Klayman, Report to the Center for Real Estate Education and Research

The number of lawsuits associated with toxic mold is growing exponentially and threatens to continue. Million dollar awards and settlements are now a reality. The insurance industry is reacting; the building industry, including architects, exhibits serious concerns, and the ordinary residential seller and buyer are often the ultimate victims. The ultimate question is, who should pay for injuries and illnesses associated with toxic mold growth inside the home? How should buyers, sellers, and brokers protect themselves against the cost of uncertainty associated with such potential claims and lawsuits? This article seeks to answer those questions by proposing a comprehensive practical solution to this continuing threat to health and property. Litigation will continue. Some lawyers are specializing in toxic mold cases and there seems to be no end in sight for potential plaintiffs, defendants, and toxic mold-related claims. Legislation and regulation will no doubt expand in this area to protect those who are unaware of the problem. However, with the insurance industry becoming reluctant to insure against toxic mold in their general homeowner’s policies, judgments may go unsatisfied. There are a few common sense antidotes intended to cut the risk in this potentially ruinous environment. There is no single solution, but one that attacks the problem on a variety of fronts includes:
- Buyer security through purchase of mold protection insurance coverage.
- Pre-closing inspections specifically directed to mold and mold-related problems.
- Incorporation of a mold inspection clause within the standard real estate purchase contract.
- State licensure of toxic mold remediators.
- Legislative action expanding mandated disclosures for owners to include toxic mold.
- Government encouragement of research through offering funding for toxic mold and its related effects.
Click here to access the entire paper in pdf format.

Peer Mentoring Relationships among Real Estate Salespeople: Process Functions and Their Impact on Mentor and Protege Outcomes by Ellen Bolman Pullins, 1999

Peer mentoring occurs in a sales force when a more experienced sales agent (mentor) takes responsibility for the development and guidance of a less experienced sales agent (protege).

Mentoring has a long history of study in the area of organizational behavior and human resource management. However, the salesperson role is unique, most notably that sales agents are often physically separated from their managers. In particular, the selling role in the real estate industry is one where peer mentoring may prove to be highly beneficial because of the high degree of independence among sales agents.

Information Technology and the Production and Delivery of Real Estate Brokerage Services by Alan K. Reichert and Jeffrey K. Lange, August, 1999

The study is designed to identify how home buyers and sellers can use computers and information technology to improve the home buying and selling process. More specifically, the study:

a) identified what types of computer and Internet access home buyers and seller currently have access to,
b) asked participants to evaluate the quality of their recent home buying experience and their experience with computer-based information services and the Internet, and
c) asked participants to indicate potential interest in a number of new real state information services.

Uses of Web Sites for Effective Real Estate Marketing by Michael T. Bond, Michael J. Seiler, Vicky L. Seiler, and Ben Blake, August, 1999

The Internet is quickly becoming the place where customers first look to buy products and services. The real estate brokerage industry is no exception. Whether relocating across town or across the country, individuals are shopping more and more over the Internet. It is the fastest and least expensive information source available. As such, it is becoming increasingly more important that brokerage firms remain competitive by offering their properties on the Net as well.

This study examines the efforts of residential real estate brokers to keep up with this dynamic environment by gathering listing and profitability information of existing real estate brokerage Web sites. A survey response of 249 real estate brokerage principals in Ohio showed that while less than 20% maintain a Web site approximately 50% have a Web presence either on their own or maintained by another firm or association. Approximately 30% plan on having a Web presence in the future. Under 4% of the firms had dropped their Web site based on their belief that it was uneconomical. These results compared to an earlier survey of these firms’ technology use indicate an explosion in Web usage by residential real estate brokers.

Promoting Home Ownership and Community Development by The Center for Economic Education at the University of Cincinnati, December, 1998

The neighborhood housing supply and demand model that we have developed through the support of the Center for Real Estate Education and Research will eliminate the gap in housing information that the City of Cincinnati currently faces. This model may be replicated throughout other city neighborhoods in the state of Ohio to promote home ownership and community development in areas that are suffering from urban decline.

The purpose of the housing model is to provide knowledge that facilitates decision making at the public and private levels by providing a systematic approach to evaluate current and projected residential real estate trends at the neighborhood level. The evaluation of these trends will result in materials that can be easily distributed to potential homeowners. Public officials may use these materials to set quantifiable home ownership goals and to determine whether proactive policies should be implemented to prevent the further decline of a neighborhood. Real estate developers may use these materials to better understand market trends in each of the city neighborhoods.

Profiles of Successful Residential Agents by Norm Miller, College of Business Administration, University of Cincinnati, February, 1999

What does it take to make it as a residential real estate sales agent? How much time does it take? Does it get easier over time? What training and education works best? What resources do top agents desire from a firm? What does the future hold? These are but a few of the questions addressed in the following interviews.

The purpose of this study is to provide a human introspective on life, career path and work habits of highly successful real estate agents. This guide might be useful to brokers and trainers who want to provide a non-statistical look at the various models of success that are possible. The aspiring real estate agent might look at some of these interviews and think "that could be me" or "this is not what or how I want to do it". Either way, we hope you will find this series of candid interviews interesting and useful.

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