This book is a theory-led conceptual account of the Principal-Agent
problem and related concepts of Behavioural Real Estate economics,
a decade after the real estate crisis of 2008. Data from 52
qualitative interviews undertaken with appraisers, real estate
brokers, and property owners is used to argue that the reality is
more nuanced and influenced by the interests of the different real
estate market actors. The book provides a sketch of the
relationship dynamics between real estate investors and service
providers in the markets of Austria and Central and Eastern Europe.
While the investors manage real estate portfolios and have to deal
with particular legal systems, regulations, and norms, they often
appoint service providers who have a comprehensive understanding of
the local context. This work aims to highlight that this
relationship between the real estate market actors creates an
information asymmetry that may constitute the basis of conflicts of
interest as well as Principal-Agent problems. Furthermore, the work
underlines that the services provided by appraisers and real estate
brokers to investors may strongly influence the profit the investor
can generate from a transaction. It could be therefore inferred
that the investor inclines towards a certain type of result from a
service provider over the others. The present research has revealed
that the investors are guided by certain interests and undertake to
steer the service providers in a favoured direction. This book is
essential reading for anyone interested in the nuances of
Behavioural Economics and real estate.
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