Author: John D. Benjamin and Peter T. Chinloy

Start Page: 35
End Page: 44
Volume: 10
Issue Number: 1
Year: 1995
Publication: Journal of Real Estate Research

Abstract: This paper estimates the return to adopting a technological innovation when a house is put on the market. The innovation is the installation of a lockbox on the front door, to enhance security and facilitate increased showings with reduced communications time. The seller has a choice on whether or not to adopt the technology and makes this decision prior to knowing the selling outcomes. Estimates of the impact of the innovation on selling price and time to sell are presented for Washington, DC. For those sellers adopting, the innovation results in a higher sales price.