  This article introduces new models of disintermediation of the real estate
broker by the buyer or the seller. The decision to retain a real estate broker
is critical in the property purchase/sale process. The existing literature does
not contain analysis of: 1) information asymmetry, 2) the conditions under
which it will be optimal to disintermediate the broker, 3) social capital and
reputation, 4) the impact of different types of real estate brokerage
contracts. The article shows that dis-intermediation of the real estate broker
by the seller or buyer may be optimal in certain conditions.
