Localisation versus globalisation: Some evidence from real estate services organisations

The buying and selling of real estate is predominantly conducted through transactions agents: real estate brokers. In recent decades, there have been divergent trends in commercial and residential markets. Commercial brokerage firms have become involved in a wider range of services and have internationalised; in contrast, residential firms have remained nationally, and predominantly locally, based and still concentrate on brokerage. Economic explanations are used to understand this experience. This case study highlights a weakness of arguments that globalisation is inextricably taking over more facets of life. Higher incomes are associated with a growing preference for services, many of which are best delivered locally or in a decentralised way. © Springer Science+Business Media B.V. 2007.