Survey shows consumers value real estate agents but don't spend a lot of time researching them before hiring them.
Century 21 Real Estate released data from its new real estate industry survey shows that consumers need real estate agents. It also uncovered significant insights into what the home buying / selling process is like for Americans, as well as trends that the company believes will influence the industry in 2020.Of the homebuyers who were surveyed, 99% said their agent added value during their transaction, such as providing information about the market (23%) and navigating the overall process (22%). On the homeseller side, those who used an agent to help them complete their transaction rated knowledge of the market (73%), advice and counsel (72%) and navigating stress (53%) as the top benefits provided.
However, despite the significance placed on an agent's value and the importance of homeownership itself, the survey revealed that, on average, active buyers and sellers only interviewed two agents before deciding on who to ultimately hire.
"We're seeing a real disconnect within the real estate industry today where homebuyers and sellers are extremely invested in the outcome of their transaction, yet they seem to be shortchanging themselves on the front end by rushing the vetting process to find the right agent to help them navigate what for most is the biggest emotional and financial decision in their life," said Mike Miedler, president and CEO, Century 21 Real Estate LLC.
"Defying the mediocrity that still exists in the real estate industry is a major part of our mission and every potential homebuyer or seller should be extremely selective in whom they entrust to shepherd them through this complicated process."
For those who do not invest time upfront in choosing a qualified agent, they run the risk of aligning themselves with an advisor that could leave them less than satisfied with the level of service provided.
The survey findings also revealed that nearly three-fourths of Americans (70%) rank buying a home as one of their top three greatest life achievements. In fact, buying a home was second only to getting married (76%) in terms of top life achievements.
Additional survey results include:
Agree to disagree: Only 17% of couples in a relationship said the decision on which real estate agent to use was made perfectly evenly.
Shoulda, coulda, woulda: When asked to indicate what could have helped them get a higher price for their home, 29% of recent sellers said a better negotiation strategy, 25% selected professional staging and 23% indicated that a knowledgeable real estate agent would have helped boost their home's sale price.
Fear of abandonment: Since closing on a home, almost a quarter (23%) of people who used a real estate agent said that their agent had not reached out to make contact with them. When compared to how often an agent makes contact during the transaction process (3 times per week, on average), recent homebuyers may be feeling a bit abandoned after they get the keys to their new home.
Agent selection is significant: Three-in-5 buyers (60%) said their agent went above and beyond the normal call of duty, including taking them out for a meal or drink (31%), inviting them to a social event (29%), introducing a potential neighbor (20%) and even running errands (13%).
Patience is a virtue: 92% of recent homesellers agree that their agent was very patient throughout the emotional ups and downs of the homebuying process.
About Century 21 Real Estate LLC The approximately 131,000 independent sales professionals in approximately 10,000 offices spanning 83 countries and territories in the CENTURY 21® System live their mission every day: to defy mediocrity and deliver extraordinary experiences. By consistently chasing excellence, giving 121% and always elevating, the CENTURY 21 brand is helping its affiliated brokers/agents to be the first choice for real estate consumers and industry professionals worldwide. Century 21 Real Estate has numerous websites to help answer specific consumer needs. They are century21.com, century21.com/global, century21.com/commercial, century21.com/finehomes and century21.com/espanol.