The real estate agent disconnect
A new survey shows that most Americans see real estate agents as a valuable asset on their home buying and selling journeys. But for the most part? Consumers aren’t putting in the effort to find the right agent for the job.
In fact, according to new data, more than a third of recent home buyers wouldn’t rehire their last real estate agent, and a quarter say they actually feel abandoned by the agent they chose.
Survey says: Agents add value
A new survey from brokerage Century 21 took a look at how recent home buyers and sellers view real estate agents. A full 99% of buyers say their agent added value, while 73% of sellers say their agent was as valuable as a therapist.
On the buy-side, the biggest perks of an agent were their market knowledge and assistance in navigating the transaction process. Three in five buyers said their agent when above and beyond their call of duty, with nearly a third saying they were taken to dinner or invited to a social event with their agent. For sellers, their agent’s market knowledge, advice and stress management help were the top-mentioned value-adds.
Take your time finding a real estate agent
Despite the gravitas agents clearly hold with buyers and sellers, it seems consumers aren’t dedicating much time to finding their representatives in the first place. According to the findings, the majority of buyers and sellers only considered two agents before hiring the one they used.
Here’s how Mike Miedler, president and CEO of Century 21, puts it: “We’re seeing a real disconnect within the real estate industry today where home buyers 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.”
The consumers who don’t put in adequate time and effort into choosing their real estate agents ultimately end up disappointed. According to the survey, 34% of recent buyers wouldn’t rehire their most recent agent and another 23% actually feel abandoned by the one they chose.