Consumers Hold High Esteem for Real Estate Pros

Consumers who buy and sell real estate have high satisfaction with the real estate professionals they work with according to a recent survey by the Consumer Federation of America for the National Association of REALTORS®, cited in a report in the August 2007 edition of REALTOR® magazine.

Desirable Qualities

More than two-thirds of consumers surveyed have a favorable opinion of real estate brokers and real estate agents. Among consumers who have recently used a professional real estate service, favorable views rise to 73 percent and among people asked specifically about the last real estate professional they worked with the favorability rating increases to 84 percent.

The buyer’s market that has emerged nationwide over the past year highlights the importance of trustworthiness and honesty on the part of these real estate professionals. The great majority of buyers and sellers (about 85 percent) choose to work with an agent rather than try to buy or sell a home on their own. Real estate represented by real estate professionals tends to sell for more than homes offered For Sale By Owner.

An experienced, knowledgeable real estate agent can help arrange for a smooth real estate transaction and most importantly, help his or her clients avoid pitfalls, missteps and save them money, contributing to an overall pleasant experience.

“Consumers want hassle-free, professional representation,” writes Lawrence Yun, senior economist for the National Association of REALTORS® (NAR).

Another article in the same issue of REALTOR® magazine — titled “What They Like About You” — cites a 2006 NAR profile of Home Buyers and Home Sellers showing that 84 percent of consumers were “very satisfied” with their real estate practitioner’s knowledge of the purchase process. Another 13 percent were “somewhat satisfied,” meaning that 97 percent of those surveyed reported some level of satisfaction with their agent’s knowledge.

In addition, 83 percent were of those surveyed were “very satisfied” about their real estate practitioner’s honesty and integrity, while 12 percent were “somewhat satisfied” with the honesty and integrity of real estate professionals, meaning that 95 percent expressed some level of satisfaction that their real estate representative possessed these important qualities.

“Since consumers in the NAR survey rated honesty and knowledge of the purchase process as the most critical factors when choosing a practitioner to represent them, the research demonstrates that most consumers are finding what they want and need when they work with a real estate professional,” the article states.

But the article, targeted at real estate professionals, goes on to stress that “most doesn’t mean all“.

“Consumers become aggravated when sales associates make them feel unimportant, fail to provide adequate guidance on pricing issues, and have trouble getting along with others, sometimes jeopardizing the transaction. Unhappy consumers … can derail your success,” because, according to one estimate, “dissatisfied customers tell 15 to 20 people about their bad experience.”

Skill sets

Consumers rank responsiveness and communication by real estate professionals as two of their highest concerns, with 92 percent saying responsiveness is “very important” and 83 percent saying communication skills are “very important.” A 2004 study by Quality Service Certification, Inc. found that 85 percent of buyers and 81 percent of sellers were “very satisfied” with the quality and frequency of communication by their agents.

Ninety-one percent also rank market knowledge as “very important,” while 78 percent cited local area knowledge as “very important.”

Seventy percent of buyers and sellers surveyed by NAR were “very satisfied” with their agent’s negotiating skills. Some of the other 30 percent complained about salespeople who were not aggressive enough in setting a home’s price while others lamented that their agents failed to negotiate at all. In a fast-changing market, setting a price that satisfies the seller and also entices buyers is a tricky concept. Knowing market conditions and the individual situation — such as how long a particular home has been on the market and how much more or less motivated the sellers are since they originally listed the property — can become the linchpin for making a deal or not.

Handling complaints promptly and resolving them satisfactorily also rank high for consumers and most real estate professionals realize that they are selling a service that depends on satisfied customers. Many companies have implemented formal quality service systems to quickly handle and resolve complaints.

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