What homebuyers and sellers should look for in a real estate company
A few months ago we talked to first-time homebuyers about their experiences navigating the Boston area’s difficult real estate market. Though everyone had different struggles and journeys, most people has one main piece of advice: have a good real estate team behind you.
In a new study conducted by J.D. Power, the global consumer research firm found that is becoming easier. Real estate brokers have begun to focus more on consumer satisfaction and, in turn, customer satisfaction has indeed increased since last year, according to the survey. J.D. Power also identified the characteristics of real estate agents that had the biggest impact on their clients’ happiness with the process.
J.D. Power measured satisfaction across four groups: first-time buyers, repeat buyers, first-time sellers and repeat sellers.
“Satisfying the first-time buyer and seller market is essential for real estate firms to differentiate themselves and increase market share,” Greg Truex, senior director of the at-home practice at J.D. Power, said in a statement. “To satisfy first-time buyers, agent communication must be transparent and informative at key points throughout the purchase process.”
The number one aspect that increased satisfaction among buyers, according to the study, was the level of communication with the agent or salesperson. It was key for the buyer to constantly feel well-informed. Buyers who felt informed at all “key contact points” rated their satisfaction as 879 on a 1,000-point scale, compared to 797 rating from buyers who did not feel informed. But satisfaction decreases if the agent contacts the buyer more than twice per day.
For sellers, an agent or salesperson’s effective marketing, such as hosting open houses or a building a website, was the best way to keep clients happy by showing progress in the sales process. But sellers were the happiest when agents presented them with a listing package (876 out of 1,000) and when aerial photography was used as a sales tool for their home (875 out of 1,000).
“For sellers, agents need to be proactive in providing premium marketing tools and services. Agents who are able provide a comprehensive and detailed listing package coupled with aerial photography capabilities to impress buyers can increase satisfaction and exceed customer expectations,” Truex added.
A significant portion of both first-time buyers and first-time sellers said they chose their real estate companies based on reputation and word of mouth recommendations. So if you’re asking around about a real estate team, make sure you’re thinking about how they communicate with their clients, how they plan to market your home, and whether aerial photography makes sense for your situation.
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