Real Estate Agent Perceptions:

By Icee Griffin

A Voice of the Consumer Study

Background

Objectives

Methodology

Key Findings

Implications

Summary

Agenda

Background

5+ coworkers buying houses

Agent issues Non-responsive Showing wrong types of houses Rushing decisions Firing agents

What makes a good real estate agent?

Objectives

Develop a profile of a “best in class” real estate agent

Uncover some “nice to have” qualities

Discover what homebuyers actually prefer from their agents

Produce guidelines for agents entering the field

Methodology

In-depth interviews 4 IDIs 10-15 minutes

Sample Criteria Purchased within past 3 months Utilized real estate agent/realtor Were not building

Methodology

Text Analytics Online reviews TextAnalyst Summarization

Key FindingsIn-Depth Interviews

Key Findings

Profile: Michelle, 38 Divorced, no children Home took one outing to find Currently Renting previous home

Reason for purchasing home: Move closer to work

Found agents through: Referrals

Key Findings

Needs from Agent: A partner, not an order taker Proactive in contacting Asked about more than the basics, asked

about lifestyle Scheduled listings based on needs

She did not ask me the basics, like how many bedrooms or bathrooms. Instead she asked me how I envisioned using the space.

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Key Findings

Agent Dislikes: Did not focus in the area Nonresponsive Reliance on her to find properties

It’s like comparing it to a personal shopper who knows you and picks out things that they know you’re going to like, versus the high school chick in the mall who’s like just bring it to me and I’ll ring you out.

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Key Findings

Profile Alex, 25 Living with boyfriend, no children First time homebuyer Home took ~3 months to find

Reason for purchasing home: Good time to enter the market

Found agents through: Referrals, online reviews

Key Findings

Needs from Agent: Should send regular listings matching her

criteria Should respond within a day Understand how fast market is moving Follow up afterwards

A good realtor, I think, should respond to you within the day. Especially with houses flying off the market as quickly as they were...

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Agent Dislikes: Bumped around team Not consultative Don’t make assumptions Not responding fast enough

Key Findings

I’m looking for someone to be consultative. That’s their job to know what’s out there and available and he wasn’t really willing to work with me…

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Key Findings

Profile Joe, 39 Divorced, 1 child Second time homebuyer Home took ~2 months to find

Reason for purchasing home: Divorce

Found agent through: Chance meeting

Key Findings

Needs from Agent: Quick to respond Has a backup person if not available Focuses on you Makes suggestions

She was very quick to respond to my emails. She also had a partner so that if she couldn’t respond to me, he responded.

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Key Findings

Agent Dislikes: Handed off to partner Not thoroughly reading contract Didn’t make solid recommendations

They recommended the finance person that I went through, and that was a small operation, which delayed closing a couple of weeks.

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Key Findings

Profile: Stacy, 35 Married, expecting first child Home took ~5 months to find Currently Renting previous home

Reason for purchasing home: Upgrading

Found agent through: Referral

Key Findings

Needs from Agent: Good at giving information Understood what she was looking for Thought about the future of home Not pushy Good personality

We needed someone that was going to help us out with things like: is this a good resale property? He knew the market well and was very helpful.

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Key Findings

Agent Dislikes: Didn’t communicate often Not proactive Email communication poor & brief

There was a disconnect between his email communication and talking with him in person.

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Key FindingsOnline Reviews

Key Findings

Online Reviews (300+) Taking the time to show a lot of properties

Showing neighborhoods, restaurants, etc.

Being available in person rather than just by phone/email

Implications

Implications

Objective: “Develop a profile of a ‘best in class’ real estate agent”

Know the market

Focus in one area

Can read their clients

Respond quickly

Willing to negotiate

Discuss future value

Make solid recommendations

Implications

Objective: “Uncover some ‘nice to have’ qualities”

Have an assistant/partner

Offer to show neighborhood

Follow up after closing

Send thank you notes for recommendations

Implications

Objective: “Discover what homebuyers actually prefer from their agents”

Be personable

Communicate often

Pick up the phone/schedule a visit

Be proactive

Make suggestions

Implications

Objective: “Produce guidelines for agents entering the field”

Don’t try to rush your clients

Don’t pass clients off

Don’t miss anything

Summary

Keep the client in mind

Be observant

Have the right team

Get reviews

Thank you!