The major development in this paper concerns the failure, in earlier studies, to consider interaction between alternative methods of arranging sales in the housing market. A seller may market a house by direct negotiations with buyers, without the intermediation of real estate brokers, or by listing the house with a broker. A rational seller would choose the option which offers the higher expected return on the house. In a sequence of models we argue that the seller's option of a method of sale induces competitive pressure in the choice of the commission rate by the broker. We also consider the split rate in a multiple listing system, ease of entry of brokers and the cartel hypothesis as applied to brokers. We conclude that the competitive pressure of direct negotiations between sellers and buyers, relative free entry of brokers and the inappropri‐ateness of the cartel hypothesis cast serious doubt about a general consensus of opinion that the brokerage system is characterized by price fixing, excessive commissions and excessive marketing costs.
KOREA ASSOCIATION OF REAL ESTATE LAW, Wan-Kyu Jang
This paper comprehensively analyzes the current status, problems, overseas cases, development plans, and advancement plans of the real estate electronic contract system. The real estate electronic contract system is a system that allows real estate transactions to be concluded in one stop using a public authentication certificate and a tablet PC without visiting a brokerage office. After creating an electronic contract and signing it electronically, a confirmation date is automatically assigned, and actual transaction reports are also automatically processed when a sales contract is made, increasing safety and convenience. However, several shortcomings are pointed out, such as the fact that private contract contents are stored in a system operated by the government, and it is difficult to confirm the willingness of the transaction parties when signing a non-face-to-face contract. Overseas cases include the MLS in the US, REINS in Japan, blockchain-based transaction systems in Europe, and PEXA in Australia, which prove the development and efficiency of the real estate electronic contract system. The paper proposes UX improvement, education program provision, promotion, and incentive provision as ways to activate the real estate electronic contract system from the perspective of increased use. In addition, from the perspective of system improvement and security, it emphasizes the introduction of blockchain technology and application of multi-authentication methods. From the perspective of preventing illegal acts and legal regulations, the legal effect of electronic contracts is clarified, and dispute prevention through legal reorganization is emphasized. As a means of advancement, decentralization of the system through the introduction of blockchain technology, improved security, and introduction of smart contracts are proposed, which can increase the transparency and efficiency of real estate transactions. In conclusion, continuous efforts and legal and technical supplementation are necessary to activate and advance the real estate electronic contract system, and through this, the transparency of real estate transactions can be increased and convenience for the public can be enhanced.
Korea Real Estate Research Institute, Seonghun Min
This study conducted in-depth interviews with users and providers of the nationally accredited Commercial Real Estate Lease Trends Survey to identify the reasons for its limited utility and to examine its possible improvements. Interview transcripts were analyzed using Grounded Theory. The analysis showed that the main phenomenon of “lack of data standardization” stems from the causal and contextual conditions of “market heterogeneity” and “insufficient government involvement,” which lead to negative outcomes such as “reduced data usefulness” and “lack of market transparency.” To address these problems, three strategies were identified : “scientific improvement of sample redesign,” “development of an integrated data platform,” and “enhanced active cooperation between users and providers.” Concurrently, according to this scenario, users and providers of commercial real estate statistics had different perceptions. Providers identified technical limitations, such as data collection and sample redesign, as the main challenges in the production stage, whereas users focused on issues of data accessibility and cost. The government should try to improve the Commercial Real Estate Lease Trends Survey and strike a balance between these perspectives.
Korea Real Estate Society, Jae won Kim, Dong min You
This study was to enhance the value of eco-friendly green buildings for sustainable development by balancing and harmonizing the economy, society, and environment in line with the continuous real estate economic downturn, supply shortage, and changing real estate market environment, and to revitalize the real estate market through this study. In particular, the goal of this study is to find out the factors that revitalize the real estate economy through green building of sustainable development, which are highly effective, and to analyze the importance and priorities of the determinants that affect the revitalization of the green building real estate market. An online survey was conducted on a group of experts related to construction, architecture, and real estate, and DRESS 1.7, which is mainly used in the Aalytic Hierarchy Process (AHP) method, was conducted as a determinant analysis tool related to the activation of the green building real estate market. As a result of the analysis, the environmental improvement factor was the highest in the relative importance between economic growth, social development, and environmental improvement derived from the AHP layer 1 factor, followed by social development and economic growth. In addition, as a result of the relative importance analysis of the determinants related to revitalizing the real estate market for green buildings, waste management related to environmental improvement was the highest, followed by energy securing and green space, which are factors for environmental improvement. In contrast, green certification, green economic support, and social development factors were low in order.
Korea Real Estate Society, Eun Sung Park, Jae Tae Kim
This study investigated and analyzed the factors influencing the preference of MZ generation real estate assets. First, preference was confirmed by comparing real estate assets and financial assets, and then detailed preferred assets in real estate assets were examined. In addition, it was divided into the entire MZ generation, M generation, and Z generation to examine which assets each group prefers. Acording According to the analysis results, it was confirmed that the preferred assets of the MZ generation were different by period. At this point, it has been confirmed that financial assets are preferred to raise a large amount of money, but real estate assets are preferred at the future point. Among real estate assets, apartments were the most preferred. In addition, it was found that there are differences in asset preference influencing factors between Generation M and Generation Z. The results of this study will also serve as investment product marketing data for asset market suppliers and can be used as future asset market guidelines for consumers.