Just wanted to share a few interesting items from the NAR Profile of Home Buyers and Sellers. This organization surveys thousands and thousands of Buyers and sellers and then publishes the report annually.
How Sellers found their agent?
- Referred by Friend, neighbour or relative 39%
2. Used agent previously to buy or sell home 22%
3. Referred through employer or relocation company 5%
4. Prospecting efforts of agent 4%
5. Saw open house or For Sale sign 4%
6. Visited open house and met agent 45
7. Referred by another agent 4%
8. Internet/website 3%
9. Direct mail
10. Walked into Real Estate office 1%
- Number of agents contacted before selecting one to assist with sale of home
66% -contacted only one agent
16% -contacted/met with two agents
13% -met/contacted three agents
3% -met/contacted four agents
2% -contacted 5 or more
What sellers want the most from Real Estate Agents by level of service provided by Agent?
- Help Seller market home to potential buyers 24%
2. Help price home competitively 20%
3. Help sell within specific time frame 19%
4. Help find buyer for home 19%
5. Help seller find ways to fix up and stage home 20%
6. Help with price negotiations 5%
7. Help with paperwork 3%
2. Most important factor when choosing a Real Estate Agent
1. Reputation of agent 34%
2. Agent is honest and trustworthy 20%
3. Agent is friend or family member 18%
4. Agent’s knowledge of the neighborhood 11%
5. Agent has caring personality/good listener 5%
6. Agent’s association with a particular firm 4%
7. Professional designations held by agent 1%
The research shows that Sellers want to work with a Realtor that they already know, was referred too, or worked with previously. They also want to work with an agent that is honest, trustworthy, knowledgeable, and is a good listener. They do not really care which company their Realtor works for, as they choose agents… not companies.
The world would be a better place if our colleagues understood what Buyers and Sellers really want from a Real Estate Agent. Then, they seek out and learn the proper skills, knowledge and training, in order to deliver this at a really high level.
I would love to hear your feedback.
I was just reviewing some great research from The National Association Of Realtor’s “Home Buyer/Seller Profile ″. I encourage you to visit their site and buy the full report…but here are some interesting highlights:
What Buyers want from a Real Estate Agent?
54% -Help find the right home for them
13% -Help with price negotiations
12% -Help negotiate the other terms of the sale
8% – Help with the paperwork
6% – Show them what other comparable sold for
4% -Determine how much they can afford
Helped buyer understand the process 57%
Pointed out unnoticed features/faults with property 58
Negotiated better sales contract terms 48%
Provided a better list of service providers (e.g. home inspector) 47%
Improved buyer’s knowledge of search areas 45%
Negotiated a better price 36%
Shortened buyer’s home search 31%
How Buyers found their agent?
41% -were referred by a relative, friend or colleague
8% -met agent at public open house
6% -for sale sign
5% -were referred by another Realtor
4% – Relocation company
3% -contacted through prospecting efforts of Realtor
Most important factors when choosing a Real Estate Agent
23% -picked agent because they were honest and trustworthy
16% -reputation of agent
16% Agents experience
15% -agent was friend or family member
7% -knowledge of neighbourhood
7% -Agent was good listener and had a caring personality
2% -Agent’s association with particular firm
I hope you have gained some insight!