Will the Traditional Real Estate Industry Survive in Ireland?: An Application of Transaction Cost Theory to the Irish Real Estate Industry

The traditional real estate agent performs a number of functions from helping the vendor to find the buyer to overall ensuring that the transaction is completed with as little complication as possible. However the growth of Information Communication Technology (ICT) has meant that house sellers can more easily access information, disseminate knowledge and communicate with potential buyers without an estate agent. This is making the idea of private sales or selling via the ‘market’ an attractive alternative to using an estate agent and suggesting doubt regarding the future of the industry. The following report combines economic theories with estate agent interviews and house seller surveys in an effort to understand the value of the Irish real estate agent to house sellers. The report then offers recommendations to estate agents that might further ensure that house sellers will continue to demand their services.