TAILIEUCHUNG - The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com

although state solar programs report limited marketing initiatives of their own, this per- spective reflects a narrow definition of marketing – one that primarily focuses on communi- cations-centered initiatives, such as website strategies, public relations activities, and educa- tion of stakeholders. these marketing resources are important. However, marketing in the broader sense should play an important role to expand the growth of solar, and state solar programs play a critical role in creating and supporting effective marketing initiatives that can address the major market barriers. The American Marketing Association defines mar- keting as “the process of planning and executing the conception, pricing, promotion, and. | The Relative Performance of Real Estate Marketing Platforms MLS versus Preliminary Igal Hendel Aviv Nevo Francois Ortalo-Magne May 9 2007 Abstract A real estate agent may make up some of the commission he or she is paid by helping the seller get a more favorable outcome. We match several data sets to compare the outcomes obtained by sellers who listed their home on a For-Sale-By-Owner FSBO web site versus those who used an agent and the Multiple Listing Service MLS . We do not find that listing on the MLS helps sellers obtain a significantly higher sale price. Listing on the MLS does shorten the time it takes to sell a house. We are grateful to the owners of and the South-Central Wisconsin Realtors Association for providing us with their listing data. Geoff Ihle and James Robert provided valuable research assistance. Francois Ortalo-Magné acknowledges financial support from the James A. Graaskamp Center for Real Estate and the Graduate School at the University of Wisconsin-Madison. We benefited from the comments of Morris Davis and seminar participants at Duke University Harvard University MIT Stanford University the University of Toronto the University of Wisconsin-Madison Yale University. Igal Hendel and Aviv Nevo are in the department of Economics at Northwestern University. Francois Ortalo-Magne is in the department of Economics and the department of Real Estate and Urban Land Economics at the University of Wisconsin-Madison. Contact information igal@ nevo@ and fom@. 1 1 Introduction The . Bureau of Economic Analysis estimates that residential real estate brokerage services amounted to almost 1 of GDP in 2005. Realtors provide the bulk of these They provide expertise on pricing conditioning the property for sale and bargaining over the terms of the transaction. They also provide convenience by showing the house holding open houses and helping with administrative issues. .

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