The Home Buying Process and Working with Real Estate Agents

Percentage of Buyer Segments Who Used a Real Estate Agent

·         Married couples – 86%

·         Single females – 90%

·         Single males – 89%

·         Unmarried couples – 88% 

Percentage of Buyers Who Did Not Use a Real Estate Agent

·         Purchased directly from builder – 8%

·         For Sale by Owner – 5%

What Buyers Needed Help With When Buying a Home

                                                                                 First-Time Buyers      Repeat Buyers

Finding the right home                                           51%                             53%

Negotiating the sale                                               12%                             12%

Researching comparable homes                            6%                              8%

Determining if affordable                                       6%                             3%

Help arranging financing                                        5%                             3%

 

Most-Requested Information Buyers Sought from Real Estate Agent

                                                                             First-Time Buyers       Repeat Buyers

Understand the process                                         79%                             51%

Problems with the home                                        61%                             52%

Negotiate better contract terms                           53%                             45%

Provide list of service providers                            48%                             47%

Negotiate better sales price                                  39%                             36%

Provide list of mortgage lenders                           25%                             21%

 

How Buyers Found Real Estate Agent

                                                                            First-Time Buyers       Repeat Buyers

Referred by friend or relative                               50%                             36%

Used agent before                                                 -                                  17%

Website                                                                  11%                             10%

Open house                                                           5%                              5%

For sale/open house sign                                     5%                              5%

Referred by another agent                                   6%                              5%

Relocation company                                             2%                              4%

Search engine                                                        1%                              1%

Mobile app                                                             1%                              1%

Printed ads                                                             -                                  -

Direct mail                                                              -                                   -

Specialty advertising                                             -                                 -

Social media                                                           -                                  -

 

How Buyers First Contacted Real Estate Agent

·         Phone – 44%

·         Met in person – 20%

·         Email – 17%

·         Referral – 9%

·         Web form on home listed – 5%

·         Text message – 3%

·         Agent’s website – 2%

·         Social media – 1%

 

Real Estates Agents Interviewed   

First-Time Buyers       Repeat Buyers

One                                                     62%                             70%

Two                                                     22%                             18%

Three                                                   10%                             8%

Four                                                     6%                              4%

 

 

Most Important Factors When “Choosing” a Real Estate Agent

·         Reputation – 23%

·         Honesty – 21%

·         Agent is friend or family member – 16%

·         Knowledge of neighborhood – 13%

·         Caring/good listener – 8%

·         Quick response time – 7%

·         Agent association with RE firm – 3%

·         Professional designations – 1%

 

Skills & Qualities Considered Very Important While Working with Home Buyer

                                                                         First-Time Buyer         Repeat Buyer

Honesty                                                            97%                             97%

Responsiveness                                              93%                             93%

Knowledge of process                                  95%                             90%

Knowledge of RE market                             88%                             91%

Communication skills                                    88%                             85%

Negotiation skills                                           83%                             83%

People skills                                                    81%                             79%

Technology skills                                           45%                             47%

 

Satisfaction with RE Agents Skills

                                                                         Very Satisfied             Somewhat Satisfied

Honesty                                                            88%                             10%

Knowledge of process                                  87%                             11%

Knowledge of RE market                             86%                             13%

Communication skills                                    82%                             14%

Responsiveness                                              85%                             12%

Technology skills                                           80%                             17%

Negotiation skills                                           75%                             20%

 

Importance of Agent Communications

                                                                          First-Time Buyers       Repeat Buyers

·         Personal phone calls                                    76%                             79%

·         Send link to new listed homes                      66%                             69%

·         Property info via text                                   58%                             54%

·         Emails                                                               59%                             54%

·         Market reports                                                46%                             54%

·         Has a website page                                        29%                             29%

·         Mobile app to show properties                      27%                             27%

·         Active on FB/Twitter                                     11%                             12%

·         Email newsletter                                             8%                              9%

·         Has a blog                                                        1%                              2%

 

Percentage of Times Buyers Recommended RE Agent

None – 36%

One time – 15%

Two times – 19%

Three times – 11%

Four times or more – 19%

 

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