A learning-oriented decision-making process for real estate brokerage service evaluation

Real estate brokers or realtors are expected to possess superior knowledge of their local markets and typically require commissions in return for their services in real estate sales. To justify these commissions, it is important to evaluate brokerage service performance. We develop a learning-oriented decision-making process for evaluating real estate brokerage services, which concentrates on understanding the nature, the role, and the interaction of the evaluation aspects of real estate brokerage service quality by integrating cognitive maps and the Decision EXpert approach. Results suggest that this framework permits new rudiments to be considered in the realtor decision-making and sales process, facilitating transparency, and understanding of realtor functions that may lead to recommendations to improve the performance and quality of these functions. Avenues for future research are also presented.

[1]  Enrico Scarso,et al.  Managing large amounts of knowledge objects: cognitive and organisational problems , 2012 .

[2]  Peter E.D. Love,et al.  Burnout and sense of coherence among residential real estate brokers , 2011 .

[3]  C Eden,et al.  Mapping distinctive competencies: a systemic approach , 2000, J. Oper. Res. Soc..

[4]  T. Geurts,et al.  Point: “Competition and value-of-service pricing in the residential real estate brokerage market” , 1995 .

[5]  Natalie M. Steiger,et al.  Instance-based cognitive mapping: a process for discovering a knowledge worker's tacit mental model , 2008 .

[6]  Hakyeon Lee,et al.  Benchmarking of service quality with data envelopment analysis , 2014, Expert Syst. Appl..

[7]  Fernando Ferreira,et al.  Operationalizing and measuring individual entrepreneurial orientation using cognitive mapping and MCDA techniques , 2015 .

[8]  John R. Schroeter.  Counterpoint: "Competition and value-of-service pricing in the residential real estate brokerage market" , 1987 .

[9]  Michael C. I. Nwogugu.  Issues in disintermediation in the real estate brokerage sector , 2007 .

[10]  Theodor J. Stewart,et al.  Multiple criteria decision analysis - an integrated approach , 2001 .

[11]  Carlos Lassala,et al.  Quality of consulting services and consulting fees , 2015 .

[12]  C. Armistead,et al.  Service Operations Strategy: Framework for Matching the Service Operations Task and the Service Delivery System , 1990 .

[13]  R. Johnston.  The determinants of service quality: satisfiers and dissatisfiers , 1995 .

[14]  Valerie Belton,et al.  Adding value to performance measurement by using system dynamics and multicriteria analysis , 2002 .

[15]  Vladislav Rajkovic,et al.  Multiattribute Decisionmaking Using a Fuzzy Heuristic Approach , 1979, IEEE Transactions on Systems, Man, and Cybernetics.

[16]  Simon Bell,et al.  Groups and facilitators within problem structuring processes , 2013, J. Oper. Res. Soc..

[17]  Theodor J. Stewart,et al.  Multiple Criteria Decision Analysis , 2001 .

[18]  Marjan S. Jalali,et al.  Developing of Sustainability Balanced Scorecard for the Chemical Industry: Preliminary Evidence from a Case Analysis , 2014 .

[19]  M. Farzanegan,et al.  Does real estate transparency matter for foreign real estate investments , 2014 .

[20]  Richard J. Ormerod,et al.  Logic and rationality in OR interventions: an examination in the light of the ‘critical rationalist’ approach , 2013, J. Oper. Res. Soc..

[21]  Patricia M. Rudolph.  Will Mandatory Licensing and Standards Raise the Quality of Real Estate Appraisals? Some Insights from Agency Theory , 1998 .

[22]  Helena Alves,et al.  Dimensions of service quality and satisfaction in healthcare: a patient’s satisfaction index , 2009 .

[23]  Valerie Belton,et al.  Causal maps and the evaluation of decision options—a review , 2006, J. Oper. Res. Soc..

[24]  Fernando A. F. Ferreira,et al.  A multiple criteria information system for pedagogical evaluation and professional development of teachers , 2015, J. Oper. Res. Soc..

[25]  C. Grönroos.  A Service Quality Model and its Marketing Implications , 1984 .

[26]  Susan Howick,et al.  Supporting strategic conversations: the significance of a quantitative model building process , 2011, J. Oper. Res. Soc..

[27]  Fernando Ferreira,et al.  Understanding the dynamics behind bank branch service quality in Portugal: pursuing a holistic view using fuzzy cognitive mapping , 2016 .

[28]  William R. Sheate,et al.  Knowledge brokerage - potential for increased capacities and shared power in impact assessment , 2013 .

[29]  Manuela Vega-Vázquez,et al.  The value co-creation process as a determinant of customer satisfaction , 2013 .

[30]  S. G. Deshmukh,et al.  Service quality models: a review , 2005 .

[31]  Blaz Zupan,et al.  Modelling impacts of cropping systems: Demands and solutions for DEX methodology , 2008, Eur. J. Oper. Res..

[32]  Marjan S. Jalali,et al.  Identifying key determinants of housing sales and time-on-the-market (TOM) using fuzzy cognitive mapping , 2015 .

[33]  P H Grinyer,et al.  A cognitive approach to group strategic decision taking: a discussion of evolved practice in the light of received research results , 2000, J. Oper. Res. Soc..

[34]  GeunSik Jo,et al.  Brokerage between buyer and seller agents using Constraint Satisfaction Problem models , 2000, Decis. Support Syst..

[35]  Osman M. Karatepe,et al.  Measuring service quality of banks: Scale development and validation , 2005 .

[36]  Ivan Bratko,et al.  Learning by Discovering Concept Hierarchies , 1999, Artif. Intell..

[37]  A. Parasuraman,et al.  SERVQUAL: A multiple-item scale for measuring consumer perceptions of service quality. , 1988 .

[38]  Abdul-Rasheed Amidu,et al.  Investigating influences on real estate agents’ ethical values: the case of real estate agents in Nigeria , 2012 .

[39]  Antonio L. Leal-Rodríguez,et al.  Linking unlearning with service quality through learning processes in the Spanish banking industry , 2015 .

[40]  Barbara Culiberg,et al.  Identifying service quality dimensions as antecedents to customer satisfaction in retail banking , 2010 .

[41]  Vladislav Rajkovic,et al.  Qualitative Multi-attribute Modeling and its Application in Housing , 2001, J. Decis. Syst..

[42]  Colin Eden,et al.  SODA - The principles , 2001 .

[43]  Colin Eden,et al.  SODA - journey making and mapping in practice , 2001 .

[44]  F. Ferreira,et al.  An AHP-based approach to credit risk evaluation of mortgage loans , 2014 .

[45]  Vladislav Rajkovic,et al.  DEX Methodology: Three Decades of Qualitative Multi-Attribute Modeling , 2013, Informatica.

[46]  Fernando Ferreira,et al.  Evaluating retail banking service quality and convenience with MCDA techniques: a case study at the bank branch level , 2014 .

[47]  Ralph L. Keeney,et al.  Value-Focused Thinking: A Path to Creative Decisionmaking , 1992 .

[48]  Marjan S. Jalali,et al.  A metacognitive decision making based framework for bank customer loyalty measurement and management , 2015 .

[49]  Thomas M. Springer,et al.  Conflicts between Principals and Agents: Evidence from Residential Brokerage , 2005 .

[50]  João J. M. Ferreira,et al.  Integrating Metacognitive and Psychometric Decision-Making Approaches for Bank Customer Loyalty Measurement , 2016, Int. J. Inf. Technol. Decis. Mak..

[51]  Tatiana Gavrilova,et al.  Ontology design and individual cognitive peculiarities: A pilot study , 2015, Expert Syst. Appl..

[52]  Kun-Tzu Yu,et al.  A measurement model for service capability from the customer perspective , 2013 .

[53]  Willy F. Zalatar.  Quantifying Customers’ Gender Effects on Service Quality Perceptions of Philippine Commercial Banks , 2012 .