The variables combined for the factor analysis include the following: (1)Web, whethera firm has a web page; (2)Webp, whether the respondent has a personal website; (3)Weblist, whether the firm has web listings of properties; (4)Internet, hours of use perweek of the Internet; (5)Email, percentage of clients contact using email; (6)Tech,number of different technologies used (for example, internet website, email address,digital camera, Palm pilot, etc.); (7)Soft, the number of software applications used;and (8)Cage, the age of the licensee’s computer.4Data and Empirical ResultsData DescriptionThe data for this study are obtained from a survey of real estate licensees conductedby the authors for the Greensboro Regional Realtors Association. Greensboro is amedium-sized city in central North Carolina. It is the principal city in Guilford County,which had a total population of 421,048 in 2000. A survey of 983 real estateprofessionals was conducted during the summer of 2000. The survey questionnaire isshown in Appendix 1. The response rate was 29.7%, or 292 completed surveys. Ofthese, 276 were responses from brokers and salespersons. Missing, and incomplete,responses for the variables in this study resulted in a final sample of 149 observations.
6JOURNAL OF REAL ESTATE PRACTICE AND EDUCATIONVOLUME 5, NUMBER 1, 2002Exhibit 1Summary StatisticsVariableMeanStd. Dev.Lhrs3.800.365Hrs46.8210.843Sch15.281.395Exp13.738.653Exp2263.12275.958Expf7.046.121Brok0.640.482Fran0.370.484Buyb41.4630.562Techf0.021.002Linc10.910.552Inc$63,449.00$33,580.00Notes:n149.LhrsNatural log of the number of hours workedHrsNumber of hours workedSchNumber of years of schoolingExpNumber of years of real estate market experienceExp2Number of years of real estate market experience squaredExpfNumber of years of experience with the specific firmBrokDummy variable indicating a broker’s licenseFranDummy variable indicating a national franchise affiliationBuybPercentage of income from buyer brokerageTechfVariable measuring the licensee’s use of information technologyLincNatural log of annual earningsIncAnnual earningsThe survey instrument, shown in Appendix 1, is divided into five parts as follows:(1)personalinformation;(2)realestaterelatedactivities;(3)professionaldesignations; (4) firm characteristics; and (5) technology use.5Summary statistics for the variables used in the regression analysis are shown inExhibit 1. Approximately 64% of respondents have a broker’s license, and thirty-seven are associated with a national franchise firm. The average workweek is 46.8hours. The mean annual earnings of those in the sample is $63,449. Respondents havean average of 15.3 years of schooling. The average experience of respondents is almost13.7 years and they have been with their current firm an average of 7.0 years. Samplerespondents receive an average of 41% their income from buyer brokerage.
You've reached the end of your free preview.
Want to read all 17 pages?
- Fall '13