“…This opportunistic behaviour is described as the moral hazard problem. Klingberg and Brown (2006) state that the principal-agent problem is well recognised in real estate research due to the variety of topics covered from appraisals (Downs and Güner, 2012), brokerage contracts (Munneke and Yavas, 2001), transaction process (Lindqvist, 2011), leasing of commercial real estate (Benjamin et al, 1998) to asset management (Sirmans et al, 1999). Also in the property managers everyday work, the real estate owner has monitoring problems, as the individual property manager is responsible of large values.…”