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2016 CoreLogic Buyer Perceptions of Real Estate Agents | 1
Buyer Perceptions
of Real Estate Agents
2016
Consumer Perceptions Series
2 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
In May 2015, CoreLogic
released the Vendor
Perceptions of Real Estate
Agents report. The report
was the first to examine - and
challenge - the reality behind
the popular stereotypes that
real estate agents are
untrustworthy smooth-talkers
who put their own needs
above those of their clients.
The 2015 vendor survey
found the urban myth to be
largely false in the eyes of
vendors with 66% of property
sellers claiming to have had
an Excellent (31%) or Good
(35%) experience when
selling their home. It further
found that 68% of vendors
would recommend their
agent to their family or
friends.
But the vendor survey also
gave some insight into where
real estate agents go astray
and the behaviours that need
to be addressed to remove
the stigma of being
untrustworthy or selfish.
Prime amongst these was the
abhorrence by vendors of the
agent practice of ‘managing
down’ on price with the
survey revealing that while
the proportion of vendors
who were dubious and
disappointed about their
agent’s skill level was
extremely low at the start of
the sale process (4%), this
leapt to 17% by the end of the
sale.
Feedback about the value of
the research from the
industry was so strong, we
decided to follow up with a
second survey examining the
perceptions of buyers who
are the focus of this new
report.
Buyers do not pay for the
services of real estate agents
when purchasing property
(unless they use a buyers’
agent which was not part of
this survey) and in most
instances – especially in the
currently buoyant market
– there are many more buyers
than there are homes to
purchase, so disappointment
can be rife.
At CoreLogic, we wanted to
understand how large a part
the ‘missing out factor’
played in the perception of
real estate agents in the eyes
of buyers. We also wanted to
understand the expectations
of buyers and to what degree
it is realistic to expect sales
agents to fulfil these
expectations.
Most importantly, we wanted
to overlay the expectations of
buyers with the expectations
we saw from vendors in the
original report. Within the
common ground of these two
separate pieces of data come
the insights of what service
excellence truly looks like for
real estate agents.
At a time when the industry
is being significantly
disrupted by technology,
understanding new
expectations around
delivering best practice
service levels is the most
powerful way to ensure the
industry has a viable future.
The 2016 Buyer Perceptions
of Real Estate Agents
attracted 546 respondents, a
proportion of whom were still
looking to purchase at the
time of the survey.
Respondents were asked to
rate their experiences and
rank behaviours and skills
that they thought agents had
excelled at, or had conducted
poorly across their buying
process. For those
respondents who had
successfully bought a new
property, they were also
asked to rank how the agent
they finally purchased from
performed across the same
criteria as the agents they
experienced generally. The
results are telling.
At CoreLogic, it is our belief
the industry needs to
embrace transparency and
rigorous examination to
demonstrate where
professional services are
meeting and exceeding or
failing to deliver to consumer
expectations. In such a way,
we will be able to identify
and stamp out both the
practices and reputation of
the unreliable salesman once
and for all.
The report helps us
understand what excellence
in real estate service looks
like through the eyes of
buyers and how to lift
standards more broadly
across the industry. The
report delivers insights into
agent market knowledge,
professionalism, and agent
training standards and helps
provide a roadmap for
improvement.
Lisa Claes
Managing Director
Australia and New Zealand
CoreLogic
Welcome01
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 3
Contents
01 09
Welcome
Page 2
Specific vs General
Agent Behaviour
Page 18
How my agent performed
Page 19
What buyers want
Page 20
Hallmarks of service
excellence
Page 21
02
Executive Summary
Page 4
Key Findings
Page 6
Key Statistics
Page 7
03 10
Methodology
Page 8
Cynicism Of Those
Still Searching
Page 22
04
Buyer Insights
Page 9
05 11
Buyer Research
Page 10
Buyer
Recommendations &
Repeat Business
Page 24
Behaviours that
alienate buyers
Page 25
The power of follow up
Page 26
06
Buyer Satisfaction
Page 11
Are buyers harder to
please than sellers?
Page 12
07 12
Agent Skill Levels
Page 14
Buyer comments on
price guides
Page 15
How Buyer & Vendor
Perceptions Compare
Page 28
08 13
Agent Behaviour
Page 16
Buyer comments
on honesty
Page 17
Conclusion
Page 29
4 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
There is an old saying that
when a service is free, it’s
probably worth the amount
you’re paying - nothing.
Certainly many property
buyers feel this way
when dealing with real
estate agents. The Buyer
Perceptions of Real Estate
survey identifies that the
stereotype of the white-shoe
clad, untrustworthy smooth
talkers is strongest amongst
buyers (rather than sellers),
and especially amongst those
who are yet to find their
dream property.
The Buyer Perceptions of
Real Estate is the second
survey CoreLogic has
conducted. Its aim is to better
understand the customer
experience consumers have
with real estate agents with
a view that what is measured
can be improved and be part
of a dialogue that works to
lift industry standards.
Last year, we produced
the Vendor Perception of
Real Estate Agents and in
this report we contrast and
compare the results of both
to capture a fuller picture of
how key behaviours and skills
affect the ability of agents
to list and sell properties
and develop valuable repeat
business in the process.
This new Buyers Perceptions
report identifies that while
the proportion of negative
experiences are fairly even
for both vendors and buyers,
buyers are more likely to
have an Average experience
with real estate agents. The
report shows that while
33% of vendors rated their
real estate experience as
Excellent, only 14% of buyers
felt it deserved such a
ranking.
Buyers understand that
agents are there to serve
the vendor and as they do
not pay an agent, they have
limited power to demand
better treatment. But equally,
they are genuinely confused
why so many agents – always
on the hunt for their next
listing – just don’t seem
to comprehend that good
service creates referrals and
new business.
The survey delivers some
extraordinary insight into the
depth of feelings that buyers
have around the legacy
method of selling property,
based as it is in opaque
processes, complicated
negotiations and political
one-upmanship. Comments
in the survey identify the
frustration so many feel
and how they are no longer
prepared to be silently
mystified – especially when
they are the ones spending
many hundreds of thousands
of dollars.
But equally, the survey
reveals the extraordinary
opportunity agents have
every time they hold an
open for inspection. When
an agent delivers a quality
service to a buyer, three
things happen – they are
extraordinarily grateful, they
become a client for life and
they tell all their friends. This
makes buyer-care one of the
most powerful and affordable
– yet undervalued assets any
real estate agent can own.
33% of Vendors rated their real estate
experience as Excellent, but only 14% of
Buyers felt it deserved such a ranking.
Executive Summary02
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 5
6 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
1.	 A transparent process
from end to end –
both buyers and sellers
want to understand the
process in advance, be
advised where issues
are likely to occur and
understand how these
issues will be dealt with.
They also want agents
to recognise that the
process finishes at
settlement once they
have all happily moved in
to their new property.
2.	 Honesty – buyers and
sellers want an agent
who is upfront with them
and straightforward in
their dealings. Customers
smell bull$&*7 a mile
off. It is the fastest
way to guarantee
disengagement from
buyers and fury in
vendors.
3.	 Empathy and care –
listen and understand
the needs of your
clients. Take their
personal circumstances
into account when
recommending
properties or sales
methods. Don’t try to
force fit them into listed
stock or sales methods
that put the agents’
business ahead of the
client’s circumstances.
4.	 Be proactive – Look at
ways to delight clients
by pre-empting their
needs. Avoid the stress
of common mistakes
by identifying them in
advance. Have a process
that explains how issues
will be rectified. Be
proactive about picking
up the phone.
5.	 Transparent pricing
– both buyers and
vendors want agents
to demonstrate pricing
expectations with data
proof points. Provide
recent sales and data to
support asking prices.
Direct clients to tools
and reports so they
can sanity check their
thinking.
6.	 Communication and
accountability – Clients
want agents to do
everything they say they
will do. Regular contact
and follow up at every
stage is essential. Always
give buyers the option to
make one final offer in a
negotiation.
7.	 Be friendly and
approachable – clients
appreciate agents who
are easy to talk to and
with whom they felt safe
to ask questions at any
time, or who could coach
and mentor them.
8.	 A relationship, not a
transaction – buyers
and vendors are
impressed by agents
who demonstrate they
are interested in the
relationship with them
as a long term client,
not just a lead or a
transaction.
Key Findings
A compilation of the findings from the Vendor and Buyers
reports, identifies the following standards to delight both
buyers and sellers.
The New
Standard
The power of
delivering excellent
service to buyers.
When agents deliver
excellent service to
buyers, three things
happen:
1. The agent stands
out from their
competitors and the
buyer is extremely
grateful.
2. Buyers become
clients for life and
choose agent to sell
through.
3. Buyers refer the
agent to friends
and family who are
selling.
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 7
58%of buyers rated their
experience of buying a home
as positive but only 14% said
it was Excellent
33%of buyers said the post
purchase follow through of
the agents they dealt with
was negative.
68%of buyers stated agents had
little to no interest in helping
them find a suitable property
to buy.
Key Statistics
9%of Buyers claim the honesty
and trustworthiness of
agents is Excellent. But 28%
claim it is negative.
28%of buyers said the price
guide offered by agents was
negative. Only 9% of buyers
said agents were Excellent in
this area.
46%of buyers are using property
reports to help them
understand pricing.
57%of buyers would recommend
their agent to family or
friends.
25%of buyers expect to stay in
touch with their agent and
use him or her again.
8 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Methodology
The 2016 Buyer Perceptions
of Real Estate Agents Report
is based on the responses of
546 respondents who bought
or were looking to buy
property in Australia in the 12
months of September 2015 to
August 2016.
Respondents were
sourced from subscribers
to Propertyvalue.com.au,
OnTheHouse.com.au and
via various call outs on
social media. The survey
examined attitudes and
experiences of buyers who
had successfully purchased
(84% of those surveyed)
as well as those who were
still searching (16% of
respondents). Respondents
were overwhelmingly female
(68%).
Each state was represented
with the most responses
received from buyers in NSW,
Queensland and Victoria.
The majority of respondents
(57%) had purchased within
12 months of filling in the
survey with 22% buying
between one to three years
from the time of understaking
the survey and just 6%
purchasing more than three
years ago.
Time of purchase/search was
collected primarily to check
their experiences of Buyers
with agents were fresh in
their minds at the time they
filled in the survey.
Due to the extended
collection period of the
survey and size of the
sample it was not possible
to compare the time of
searching against market
conditions.
Note that in this report all
responses are the combined
totals of those who had
successfully purchased
and those who were still
searching with the exception
of chapter ten which
examines those who were
searching in greater detail.
Successful buyers
represented 84% of
responses.
03
15%
57%
22%
6%
How long
ago was your
property
search?
Currently looking
Past 12 months
1 - 3 years ago
More than 3 years ago
Where buyers
searched
36%
20%
29%
6%
4%
1%
2%
2%
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 9
Buyer Insights
The majority of survey
respondents came from
NSW (37%) followed by
Queensland (29%) and
Victoria (20%) but despite
the differences in the
property markets, the
proportion of respondents
who had successfully
purchased versus still looking
was similar across all states.
In NSW and Queensland, 83%
had successfully purchased,
while in Victoria the number
was only slightly higher at
85%.
Upgraders represented 27%
of respondents, followed
closely by First Home Buyers
with 26% and Investors with
25% of respondents. The
remaining respondents were
moving for Lifestyle reasons
(10%), Downsizing (7%) or
Moving for Work (5%). The
overwhelming majority of
those who had successfully
purchased (91%) bought
their property by private
treaty with just 9% buying at
auction.
Most respondents to the
survey who successfully
purchased took less than 6
months to find their property
with 34% finding something
to buy between three and
six months, 26% finding a
property to purchase in up
to three months and 15%
finding a suitable property in
under a month. It took 14% of
respondents about a year to
purchase and 11% took more
than a year.
The number of properties
inspected before purchase
was fairly evenly split with
27% inspecting 10 to 19
properties before purchasing
and 28% inspecting between
five and 9. Twenty or more
properties were inspected by
21% of purchasers, while 18%
inspected between two and
four and just 6% inspected
only one property.
For those who were still
searching, 40% have been
looking for three months
or less with 12% searching
for about a month and 28%
searching for up to three
months. The survey showed
29% had been searching
between three to six months,
12% had been hunting for
around a year and 13% for
more than a year.
04
What was the main
reason behind your
decision to buy a
property?
Upgrading
First Home
Investment
Lifestyle
Downsizing
Moving for work
27%
26%
25%
10%
7%
5%
How long did you
search for a property
to buy?
About a month
Up to 3 months
3 - 6 months
About a year
More than a year
“Our agent went above and beyond in the
negotiating process to make both parties
happy. It was difficult to please everyone
but he got there in the end.”
– Survey Respondent.
How many properties
did you inspect before
you successfully
purchased?
Just the one
2 - 4
5 - 9
10 - 19
20 or more
6% 18%
28%
27%
21%
12%
28%
29
%
17%
13%
10 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
“I researched the
market over the 12
months while I looked
and when I finally
found the perfect
property, I did my due
diligence in knowing
everything I could –
previous sale prices
and dates, spoke to
the neighbours and
agents who inspected
the property and went
as far as talking to the
vendor. It took a lot of
hard work and effort
but it was worth it.”
– Survey Respondent
The observation that buyers
are doing more research
and accessing data to better
understand their target
markets was borne out by
the survey, which showed
that 46% of buyers were
using property reports
with 28% obtaining one
for free from a bank or
mortgage broker, and 18%
independently purchasing
a report. Buyers in NSW
were most likely to purchase
reports with 23% going down
this path compared with 16%
in Queensland and 15% in
Victoria.
The survey identified that
buyers are hungry for
knowledge with 90% of all
respondents claiming they
had looked online and in
newspapers to see past sales
in the area they were looking
to purchase, and 68% saying
they had read up on local
market conditions. (Totals
are greater than 100% due
to multiple responses being
permitted for this question.)
Receiving advice from family
and friends is also popular
with 48% claiming to have
researched their local market
in this manner.
The report also reveals the
extent to which technology
has disrupted traditional
searching methods for
property with 95% of
property hunters using
property portals such as
realestate.com.au or domain.
com.au to find a suitable
property and 54% using a
real estate agent website.
Newspaper property
supplements were used by
33% of respondents while
38% used real estate agent
emails and a further 33% saw
the signboard or identified
a property from an agent
window. Social media was
used by 14% of respondents
to find their dream property.
(Totals are greater than 100%
due to multiple responses
being permitted for this
question.)
The degree to which real
estate agents are helping
buyers research their
decisions however gives
some insight into the gap
between consumer and
industry behaviour with one
quarter (25%) or buyers
saying they were offered no
information from agents they
dealt with.
Of those who did receive
information from agents, 55%
were emailed newsletters,
44% were given a flyer or
brochure and 22% were
directed to a website by the
agent. Video was offered by
just 7% of agents while 10%
of agents invited buyers to
connect on social media to
find out more information.
Buyer
Research05
What types of research
have you done during your
property search?
What sources have you used
to find a property to buy?
90%
Looked online/
in newspapers to see
past sales in my area
95%
Property portal such as
realestate.com.au
or Domain
68%
Read up on local market
conditions
48%
Spoke to friends
and family
54%
Real estate agent website
37%
Real estate agent email
What information have agents
you approached offered you
to help your property search?
55%
Property portal such as
realestate.com.au
or Domain
45%
Brochures/flyers
25%
Nothing
Are
Buyers
Smarter
than
Sellers?
A comparison of the
data between the Buyer
Perception and earlier
Vendor Perception
reports, identifies that
buyers are more likely to
be better prepared than
sellers and have done
more homework.
The survey comparison
shows that 11% of
vendors purchased a
property report when
selling compared with
18% of buyers. Buyers
were also more likely
to seek out free reports
with 28% agreeing that
they had received a free
report from their broker
or financial institution,
compared with just 15% of
vendors.
Buyers were also more
likely to do general
homework and ask the
opinions of friends and
family. The comparison
shows that 48% of buyers
asked friends and family
for advice while just 21%
of vendors admitted to
doing the same. 68%
of buyers read up on
local market conditions
compared to 55% of
vendors.
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 11
Buyer Satisfaction
The survey showed a
significant difference
between the satisfaction
levels of buyers compared
to the satisfaction levels of
vendors from the previous
survey with fewer buyers
compared to sellers
experiencing excellence from
agents.
The 2015 Vendor survey
showed that 66% of vendors
rated their overall experience
as positive with 31% claiming
their experience with their
agent was Excellent and 35%
describing it as Good.
The experience of buyers
however was not as
encouraging with 58% rating
it as positive and just a small
proportion claiming it was
excellent. Just 14% of buyers
rated their experience as
Excellent and 44% said it was
Good.
On the opposite end of
the scale, 43% said their
experience was Average or
worse with 29% claiming it
was Average, 11% saying it
was Poor and 3% describing
it as Disastrous.
This compared to 34% of
Vendors who described
their experience as Average
or worse where 20% of
those selling described their
experience as Average, 10%
described it as Poor and 4%
described it as Disastrous.
44%
Good
29%
Average
14%
Excellent
11%
Poor
3%
Disastrous
How would you rate your
overall experience buying
your property?
06
33%
Good
22%
Average
31%
Excellent
11%
Poor
3%
Disastrous
BUYERS
VENDORS
How buyers and vendors
compare
12 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Give a vendor a bottle of
champagne to congratulate
them on the successful sale
of their home, and they are
likely to see the gesture as
the icing on the cake of a
positive experience.
But give a buyer a similarly
decent vintage at contract
exchange, and while they’ll
thank you, they’re more
likely to take it in their
stride. Perhaps it’s because
they have just shelled out
hundreds of thousands of
dollars, rather than receiving
a bonanza. Perhaps, it’s
because the dollars involved
for most represent a life
of mortgage servitude. Or
perhaps it’s because their
participation earned you 2.5%
even if they’re not paying
you directly. But a bottle of
bubbles in most instances is
seen as the least you could
do.
While buyers do not pay for
the services of agents, the
Buyer Perceptions of Real
Estate Agents identified
that buyers are a tougher
bunch to please compared
to vendors when it comes to
delivering excellent service.
Just 14% of buyers described
their buying experience as
Excellent, compared to 31%
of Vendors and few buyers
nominated gift baskets
as the differentiator. In
comparison, 44% of buyers
described their experience
as Good (compared to 36%
of Vendors), and many in this
category identified that their
agent had given them a gift.
Rather, what stood out
for buyers to determine
excellence was the
quality of the service they
received from the agents
they engaged with, with
professionalism, market
knowledge and excellent
communication skills over
and above a big marketing
budget.
“The agent we bought from
met with us at the properties
after hours to accommodate
my husband who works long
hours, and worked through to
late at night to put together
our offer paperwork,” wrote
one buyer. “She kept us
up-to-date and informed
with each step, and showed
complete transparency. She
was the complete opposite
to what we experienced
with the agent we first made
an offer on a home with
previously!”
Buyers valued agents who
were prompt and responsive
to their queries or special
needs.
“Arranged open houses
and after sale visits and
inspections readily and
quickly,” wrote one buyer
who gave his agent an
Excellent rating.
“The service overall
impressed me,” wrote
another. “He was very prompt
at getting back to us and
following up.”
“Always got back to me when
promised. Very knowledgable
and honest,” commented a
fourth.
Buyers also rated
communication and
negotiation skills, identifying
that those agents who were
skilled in this area made them
feel safe.
“She was always professional,
friendly and not pushy,”
wrote another respondent.
“We always felt we were in
good hands.”
They also highly valued
agents who made themselves
available and guided them
through the process ensuring
it all went smoothly.
“Our agent was in constant
communication and had
wonderful negotiating skills,”
wrote one buyer.
“He made himself available
to answer questions and
provided the sufficient
detail to satisfy the banks
requirements.”
Buyer comments from the
survey identified that gifts
for their own sake were not
enough. But when agents got
the communication, follow
up and purchasing process
right, gifts guaranteed clients
for life.
“After purchasing the house,
he surprised me with a carton
of wine and keeping touch
by sending mails and current
market situations within the
area,” said one buyer.
“Negotiated the price well
and once purchased he made
everything run as quickly as
possible to get us into the
property. He even gave us
champagne, chocolates and a
gift bag!” wrote another.
Are Buyers
Harder to
Please than
Sellers?
Just 14% of buyers described their buying
experience as Excellent, compared to 31%
of vendors and few buyers nominated gift
baskets as the differentiator.
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 13
14 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Agent Skill Levels
The survey asked buyers to
rate their experience of real
estate agents across a variety
of professional skills including
their professionalism at
open for inspections, post
purchase follow through and
the quality and accuracy of
price guides.
The results provide telling
indications that there is a
significant mismatch between
agent skills and buyer
expectations and provide
some of the strongest
insights into where agents
can lift their game.
The survey found the skill
most likely to be rated as
Excellent by buyers was
Professionalism at Open for
Inspections/Open Houses.
Nevertheless, only 20%
of buyers rated agents as
Excellent at this skill, while
48% said they were Good and
25% rated them as Average.
Professionalism however was
the ‘least bad’ skill with just
5% executing it to a Poor
degree and 2% reporting
Disastrous levels.
The skill executed the
most poorly by agents
was Post Purchase Follow
Through with 22% of Buyers
describing this service
as Poor and a further 11%
claiming Disastrous – exactly
a third of those surveyed.
Only 15% of buyers described
Post Purchase Follow
Through as Excellent with
most tending to identify it
as Good (25%) or Average
(28%).
Price guides was also an area
of disappointment to buyers
with 18% claiming agents did
this Poorly, and an additional
10% describing agents skill
in this area as Disastrous.
The majority of respondents
(66%) claimed agents were
Good (30%) or Average
(33%) but only 9% said the
agents they dealt with had
Excellent skills in this area.
Buyers lamented agents
that failed to understand the
value of quality price guides,
claiming the wasted time
and dishonesty amplified the
profession’s reputation and
created an environment of
mistrust.
“Quoting $100,000 less
than the purchaser wants
for a property is dishonest
and does not encourage a
purchaser to trust an agent,”
one wrote. “Agents need
more empathy and honesty,”
wrote another.
“They should stop lowering
the price guide just to bring
in more people as it’s really
unfair and just ends up
wasting everyone’s time.”
Buyers recognised that
agents work for vendors
and this was evident in the
scores they gave agents in
relation to their interest in
their property search and the
level of help that was offered
to help them find a new
property.
The majority of buyers (55%)
had an Average (33%) or
worse (Poor – 18%, Disastrous
– 3%) experience with agents
in terms of the level of
interest that was exhibited
in their property search,
while 46% of buyers had
a positive experience with
34% describing that level
of interest as Good and 12%
describing it as Excellent.
Buyers lamented that only
a minority of agents were
genuinely helpful at finding
them a suitable property to
buy with just 9% rating the
performance of agents in
this area as Excellent and
23% describing it as good.
The overwhelming majority
of agents (68%) delivered
Average (34%) or worse
experience in this space.
(Poor – 29%, Disastrous –
5%).
“Agents could at least return
phone calls,” wrote one
buyer. “I realise they are
working for the seller and
their own commission but
considering the buyer is the
one that is paying for the
property, you think they’d at
least make an effort to seem
interested.”
The much vaunted skill level
of agents as negotiators has
also suffered a blow from
Buyers with 41% describing it
as positive (13% - Excellent,
28% - Good). Negotiation
skills were described
as Average by 29% of
respondents and Poor or
Disastrous by 24% and 6%
respectively.
“We put in an offer and heard
nothing,” wrote one buyer.
“Then it sat on the market
until it was reduced to a price
that was lower than our offer
– at which point I rang the
agent. It would have been
nice if they’d kept in touch.
They’d have got more money
for their vendor!”
07
“Agents should be honest about prices.
We’d turn up for inspections of ‘offers over
$350,000’ then be told the owner wouldn’t
consider anything under $450,000.
So many weekends wasted!”
– Survey Respondent
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 15
Buyer comments on
price guides
“Agents should be honest and
accurate when talking about
prices. Quoting $100,000 less
than the purchaser wants for
a property is dishonest and
does not encourage the buyer
to trust the agent.”
“Agents need to advertise price guides so
I don’t waste time ringing agents all the
time. It is very frustrating. They should
also provide recent sales in the area – not
just their own sales. I don’t care about
what they sold.”
“Agents need to provide more
accurate estimates of value
because more than anything,
this impacts the image of
agents.”
Professionalism
at Open for
Inspections/
Open Houses
20% Excellent
48% Good
25% Average
5% Poor
2% Disastrous
9% Excellent
30% Good
33% Average
18% Poor
10% Disastrous
Quality and
accuracy of the
price guides you
were given
9% Excellent
23% Good
34% Average
29% Poor
5% Disastrous
Helping you
find a suitable
property to buy
13% Excellent
28% Good
29% Average
24% Poor
6% Disastrous
Negotiating
the purchase
15% Excellent
47% Good
30% Average
6% Poor
3% Disastrous
Post purchase
follow through
How would you rate your experiences of real estate
agents in general during your property search?
16 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Agent Behaviour
The survey showed that while
the majority (61%) of buyers
found the Friendliness and
Empathy of the agents they
dealt with was positive, only
a small proportion (14%)
rated it as Excellent with
47% rating it as Good. More
than a third of the market
however found there was
room for improvement with
30% claiming it was Average
and 6% and 3% respectively
claiming it was Poor or
Disastrous.
Buyers in general found that
agents had very strong local
market knowledge with 69%
claiming their agent was
Good (59%) or Excellent
(18%) in this regard. However,
knowledge levels fell off
somewhat when it came to
individual properties with
just 57% of buyers describing
their agent as Good (45%) or
Excellent (15%) and this was
a source of frustration for
many buyers. Buyers rated
31% of agents as Average at
property knowledge while
6% said it was Poor and 3%
Disastrous.
“Agents should have a
checklist of all the basic
questions that they will be
asked including land size,
recent renovation dates, what
structural work has been
done – I’m amazed that some
agents don’t have this,” wrote
one buyer.
“Agents need to have
better knowledge about the
property they are selling,”
wrote another. “Most agents
I dealt with had no idea
about the building materials
that were used on various
property and even told me
incorrect information.”
The survey revealed however
that where agents really fell
down in the eyes of buyers
was in their Response Time,
Follow Up and Honesty and
Trustworthiness.
Just 9% of buyers rated
Agents level of Honesty and
Trustworthiness as Excellent,
and 25% rated it as Good,
making a total of just 34%
claiming that the Honesty
and Trustworthiness of
agents was positive.
The majority of 66%
described the Honesty and
Trustworthiness of agents
was Average (37%), Poor
(17%) or Disastrous (12%).
“Agents should be honest,”
wrote on respondent.
“Buyers know that agents
are working for the seller
which will be us one day and
then we’ll certainly want an
agent who is working hard to
achieve the best selling price.
But calling a tired, old house
“immaculate” and postage
stamp gardens “huge”
only alienates buyers. We
eventually stopped viewing
the listings of some agents
as we were disappointed at
every open home. They may
have gotten a lot of people
through but those same
houses sat on the market
08
How did you rate the behaviours of agents generally that you
interacted with during your property search across the following areas:
Positive Average Negative
Marketing
materials
quality
Agent
knowledge
about the local
market
Agent
knowledge
about the
property
Friendliness
and empathy
“Our agent was as good as his word. I didn’t
feel like he tried to manipulate the situation.
He was selling for the vendor – that was
clear – but when I asked questions, he
answered honestly and was always helpful.
I felt comfortable with him in all aspects of
the purchase. He was so much better than
the agent I’d bought through 12 years ago
who made me wary of all agents.”
– Survey Respondent
61%
30%
9% 60%
3
1%
9% 69%
23%
8% 59%
32%
9%
Positive = Excellent + Good Responses Negative = Poor + Disastrous Responses
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 17
Follow up
much longer than those that
were advertised honestly.”
Failing to follow up and do
what the agent said they
would do was a key irritant
to buyers with less than half
(42%) rating this behaviour
as positive amongst the
agents they dealt with during
their buying journey. Just
11% of buyers ranked the
follow up skills of agents as
Excellent and 31% ranked
them as Good. A much higher
proportion (58%) said these
skills were mediocre to poor
with 36% claiming they were
Average, 15% Poor and 7%
Disastrous.
Slow response time was
another major peeve for
buyers with just 46% claiming
to have had a positive
experience in this regard
with the majority of agents
that they were exposed to.
Just 13% ranked agents as
Excellent in this field. The
split between Good and
Average was equal at 33%
while 14% were Poor and 7%
Disastrous.
“Agents need to return
phone calls faster,” wrote one
respondent. “While I realise
they are working for the seller
and their own commission,
the buyer is the one who is
paying for the property so
they could at least make an
effort to seem interested.”
Buyers also pointed out that
failing to respond frequently
disadvantaged vendors.
“I wish they’d stop with the
“how much are you willing
to pay – make me an offer,”
wrote one. “You make an
initial offer and then they
never get back to you.
Eventually you find out that
the property sold for a price
that was less than what you
would have offered – if only
they’d responded. It made
me feel like contacting the
vendors and telling them.”
Buyer comments
on honesty
Agents should just be honest and
list the property in the ballpark of
what it is expected to go for. Don’t
try and be clever. I can smell a
manipulator and it really turns me
off. I just like honest interactions
and I like a person that just helps
the process through smoothly. Most
people don’t buy and sell that often
so just help us understand the
process and be honest.
Agents should be honest and
genuine and treat it like they’re
talking to a friend. While they are
acting for the vendor in obtaining
the best price, remember that the
purchaser will also need the same
service down the track and this
could be a great partnership for
future dealings.
Agents need to be honest and give
accurate price guides. I hate how they
fluff around and don’t answer questions
properly. I wish they would not try to get
me in with a lower price when they know
that it’s going to go higher.
Honesty and
trustworthiness
34%
37%
24%
42%
36%
22%
Response time
46%
33%
21%
18 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Specific vs
General Agent
Behaviours
One of the hypotheses
we wanted to test during
the survey was whether
successfully purchasing
a property was likely to
predispose buyers more
favourably towards an agent.
We also wanted to explore
what proportion of buyers
purchased the property
even if agent behaviour was
suboptimal and the degree
to which that behaviour
coloured the buyer’s
perceptions of agents. Did it
make their perception worse
or was it regarded as par for
the course?
As such, we asked those who
had successfully purchased
to rank the key skills and
behaviours of “agents in
general” with whom they
had interacted through their
search. We then separately
asked them to rank the
key skills and behaviour of
the agent that they finally
purchased through to
compare the difference. The
findings were telling.
The research showed that
the service levels offered by
the agent that they finally
purchased from were more
likely to be perceived by
buyers to be superior to
those they experienced in
general while searching.
The survey found that on
average nearly twice as many
buyers ranked the skills and
behaviours of the agent they
finally purchased from as
Excellent compared to agents
in general.
09
“The agent we bought from went above
and beyond to ensure I was kept in the loop
with their processes and to make sure I had
a good understanding of everything that
was going on.” – Survey Respondent
Next time I will...
The following comments are
a selection made by survey
respondents about what they
will do differently the next
time they buy a property.
“Go to open for inspections in
the area and start assessing
agents and how they interact
with me.”
“Stick with
the agent I
now know
and trust.”
“I will stand up for myself more.
I am more familiar with the
process now and I won’t allow a
crappy agent not to do their job
properly.”
“Network with more
agents and try
to forge stronger
working relationships
with them so as to
hopefully create better
opportunities and get
access to properties
before others.”
“Do more
research.”
“I would call the agent we
used to sell our house for
his advice. He rang us by
chance when we had already
exchanged but still gave
us a lot of insight and was
very helpful despite having
nothing to gain out of this
purchase.
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 19
When it came to the
behaviours of the individual
agents that helped them
purchase, buyers were
between two to three
times more likely to rate
‘their’ agent’s behaviour
as Excellent compared to
agents in general.
This supports the hypothesis
that one of the most
powerful things a selling
agent can do to obtain new
listings is to develop strong
life-long relationships by
looking after their current
buyers.
How my agent performed
23%MY AGENT
13%
THE REST
HELPING FIND
SOMETHING TO BUY
20%MY AGENT
THE QUALITY &
ACCURACY OF THE
PRICE GUIDES
10%
THE REST
23%MY AGENT
AGENT’S ABILITY
TO NEGOTIATE THE
PURCHASE
15%
THE REST
22%MY AGENT
POST PURCHASE
FOLLOW THROUGH
16%
THE REST
33%MY AGENT
15%
THE REST
FRIENDLINESS
AND EMPATHY
35%MY AGENT
AGENT
RESPONSE TIME
13%
THE REST
24%MY AGENT
HONESTY AND
TRUSTWORTHINESS
10%
THE REST
30%MY AGENT
KNOWLEDGE ABOUT
THE PROPERTY
13%
THE REST
20 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
What Buyers Want
To be taken seriously
– even if they look like
something the cat
dragged in at an open
Realistic
recommendations
of properties to view
that will meet their
needs and are within
their budget (even if
you’re not the agent
selling them)
A heads up on issues
with the property so
that they can budget
accordingly for
repairs
A transparent
process – especially
around making offers
and negotiating
Follow up calls to
let them know what
else is available if
they miss out on
the property they’re
interested in
Prompt notification
when things change
without them having
to chase down details
Recognition that they
have just made one
of the most expensive
purchases of their
lives
A relationship with
an agent they trust
that they can go to
when they are ready
to sell or buy again
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 21
Hallmarks of
Service Excellence
Always return calls
– even after hours
and be a proactive
communicator
Know the
neighbourhood
and provide
useful supporting
information that is
emotional as well as
transactional
Know the property
intimately and
provide prompt and
detailed responses to
queries
Have a transparent
process and take
time with buyers
Make buyers feel
they are part of a
community
Pre-empt issues
and identify how
you’ll solve them in
advance
Demonstrate
empathy and
thoughtfulness
Acknowledge
the emotional
importance of the
purchase
22 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Cynicism Of
Those Still Searching
There is absolutely no doubt
that strong markets, high
prices and low affordability
has now made the property
buying game higher stress
than ever.
The survey separated buyers
who were still searching
to understand whether
successfully purchasing
influenced the perception of
agents. Response numbers
were too low to identify any
definitive observations that
could compare length of time
of searching to the degree
of satisfaction, however
the survey did identify that
purchasers who were looking
were likely to be more
dissatisfied with agents than
those who had successfully
purchased.
Within the survey, 31% of
respondents were enduring
a long term search of about
a year (18%) or longer than a
year (13%). The survey found
that 29% had been searching
for 3-6 months, while 28%
had been searching for two
to three months and 12% had
searched for about a month.
Just over 16% of respondents
had looked at more than
20 properties as part of
their search, 29% looked
at between 10 and 19 and
26% inspected between five
and nine properties. The
survey identified that 22%
had inspected between 2
to 4 while 7% had only just
commenced their search
looking at one property.
Respondents who were still
looking were significantly
more likely to describe their
experience of agent skills
as Average or negative than
those who had successfully
purchased, and most of
their outrage was directed
at agent skills in quoting
accurately with price
guides which correlated to
perceptions about honesty
and trustworthiness.
The survey showed that 41%
of respondents who were still
searching rated the quality
and accuracy of price guides
given by agents as Average.
This compared to a 32%
Average rating for those who
had successfully purchased.
What is interesting about
this comparison is that those
buyers who had purchased
who had not had an Average
experience were more likely
to rate agents Good or
Excellent across the different
skills. Those who were still
looking who did not rank
agents as Average were more
likely to rate agents as Poor
or Disastrous across the skills.
The survey identified that
one of the most important
areas that buyers – both
successful and those still
looking – believe agents
need to do better is in
quoting prices accurately.
The power of poor price
guides to irritate potential
buyers was hammered home
when looking at the Excellent
ratings.
The survey showed that while
just 10% of buyers who had
successfully purchased rated
the ability of agents to quote
accurately as Excellent, this
number slumped to just 2% of
those who were still looking.
“Agents need to stop giving
buyers false hope by under-
estimating the price guides,”
wrote one respondent.
Requests for agents to be
honest about quoting prices
and calls for transparency
around pricing were
persistent across the survey.
There was a correlation
between accurate pricing and
honesty. The survey showed
that 40% of those who were
still searching described
agents’ honesty and
trustworthiness as Average,
compared to 37% of those
who had purchased.
But those still searching
were more likely to describe
the honesty of agents as
negative (38%) compared
to those who had purchased
(27% negative). Just 22%
of those who were still
searching described agents’
honesty and trustworthiness
as Excellent (4%) or Good
(18%) compared to 37%
for those who had already
purchased with 10% Excellent
and 27% Good.
*Note - all figures quoted
in this section represent
responses from buyers who
were still searching.
10
“There seems to be two types of agents;
ones that won’t leave you alone and you
feel smothered, then others that hang
back and can’t be bothered.” – Survey
Respondent
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 23
BUYERS WHO HAD PURCHASED BUYERS WHO WERE LOOKING
Professionalism at
Open for Inspections 70% 6% 59% 14%
Quality and accuracy of price
guides given 42% 26% 21% 38%
Helping you find a suitable
property to buy 35% 33% 20% 38%
Negotiating the purchase 45% 27% 18% 42%
Post purchase follow through 43% 32% 14% 39%
Friendliness and empathy 63% 9% 51% 9%
Agent knowledge about the
property 57% 11% 59% 13%
Agent knowledge about the
local market 70% 7% 62% 10%
Marketing materials 60% 10% 54% 13%
Follow up: doing what they said
they would do 44% 19% 32% 36%
Response time: getting back to
you quickly 49% 18% 31% 35%
Honesty and trustworthiness 37% 27% 22% 38%
“They were not overly pushy and they returned our
calls promptly. He was very honest about issues with
the house which helped immensely when we took
ownership – there were no surprises and it allowed us to
plan for the rectification work.” – Survey Respondent
Positive =
Excellent or Good
Negative =
Poor or Distastrous
24 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Buyer
Recommendations
& Repeat Business
One of the key findings to
come out of the survey is
the value that comes from
looking after buyers and
delivering a quality service to
them.
The survey showed that
of those buyers who had
successfully purchased,
listing business was likely to
come from 63% of them -
with 25% claiming they would
definitely use the agent they
had purchased from to sell
their home and a further 38%
stating that he or she would
be on the shortlist of agents
they would consider.
However, the survey also
showed the high levels of
churn that agents experience,
predominantly as a result
of their own behaviour with
20% of buyers saying they
probably would not use the
agent they had purchased
from and 17% claiming they
would definitely not use him
or her again.
The survey also identified
that buyers have the
opportunity to become a
formidable force of referrals
for agents who are smart
about how they cultivate
their networks. The survey
showed that 57% of buyers
would recommend the agent
they finally bought from to
family and friends. On the flip
side, 43% of buyers would
not recommend their agent.
Staying in touch in a
meaningful way with buyers
is key to retaining long term
relationships and winning
listings from them in the
future. The survey showed
that 25% of buyers expected
to stay in touch with the
agent they had purchased
through with an additional
32% stating that they might
(if the agent made the
effort). However 43% of
respondents said they did not
expect to stay in touch with
their agent.
11
Would you use
the agent you
purchased your
property from to
sell your property
in the future?
Yes, absolutely
Possibly
Probably not
Absolutely not
Do you expect to
stay in touch with
the agent you
bought fromor use
him or her again?
Yes
Maybe
No
“Our agent followed through with
everything he said. He left the keys tied to
a lovely box with a beautiful set of Sheridan
towels. He lives around the corner, so he
popped in a few weeks later to check in on
us. We still see him and his family around
and have a chat. He’s since sold three
houses in our street for record prices.”
– Survey Respondent.
25%
38%
20%17
%
25%
32%
4
3%
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 25
The following behaviours
experienced by buyers
were virtual guarantees the
relationship would be ranked
Average to Disastrous and
were roadblocks to a future
relationship.
Behaviours
that
Alienate
Buyers Failing to advertise
prices or provide any
realistic price guidance
leading to buyers
attending unsuitable
open for inspections
Wasting buyers time
by sending them to
properties that were
blatantly unsuitable
Advertising open home
inspections when the
property is under offer
Failing to return
phone calls during a
negotiation
Buyer beware
behaviour by hiding
faults and failing to
respond to defects
Poor post sale
experience by making
buyers collect their own
keys or ignoring issues
where properties were
left in a poor condition
by the vendor
26 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
Will your buyer want to
stay in touch? One of the
sentiments the survey
revealed was that when the
post negotiation period
through to settlement
is managed well, buyers
welcome the idea of staying
in touch with their agent.
This in turn correlates with
buyers calling the agent-
they-bought-from first when
it comes time to sell their
property. It also makes them
more likely to recommend
‘their’ agent to friends and
family. This can be a powerful
source of business for agents
with the Vendor perceptions
research identifying that
36% of vendors chose their
agent because he or she was
recommended by a friend or
family member.
But equally those agents who
botch the post negotiation
period are unlikely to ever
get another look in and
commentary from survey
respondents identified that
poor follow up service is
prevalent in the industry.
Many buyers complained
that they felt dumped by
their agent the minute
the offer was accepted.
Many complained about
needing to chase agents for
information about settlement
which added to stress when
mortgage and financial
institutions were involved.
“There needs to be quality
after purchase service,” wrote
one buyer. “We purchased a
$900,000 house and had to
chase the agent for details
about settlement the entire
way. We then got the key to
our house on a plastic key-
ring. It was not okay.”
“Our agent ignored phone
calls and emails because
he didn’t want to answer
questions, which we felt
put him into the dishonest
category,” wrote another. “We
had a very long settlement
and it got put back twice but
we received no notice – not
even a phone call!”
Other complaints included
agents continuing to
advertise the property post
offer acceptance or failing to
remove signboards promptly.
But agents who handled
the post purchase period
professionally were more
likely to receive Excellent
ratings from their buyers.
“Our agent went to extra
lengths to make sure that
the settlement and exchange
went through smoothly,”
wrote one buyer when asked
to identify what impressed
about their agent’s service.
While many buyers remarked
that they had received a
gift from their agent, most
commented that they
appreciated these because
it showed their agent
recognised the importance
of their new purchase, more
than the dollar value of the
gift.
Even things as simple as
phone calls of congratulation
upon settlement or framed
photos of families on
purchase days were valued
by buyers because they
showed the agent was
genuinely interested in a
connection.
The Power
of Follow
Up
“Our agent organised a pre-inspection
before we moved in.” “He arranged for the
vendors to be there and they ran us through
all the gadgets in the house so we’d know
how they worked.”
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 27
28 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
There were differences in
the Buyer Perception survey
and some of its questions
when compared with the
Vendor Perceptions survey.
This was necessitated by
the need to recognise the
different ‘journeys’ of vendors
and buyers and survey
refinements to improve
clarity and response capture.
Nevertheless, there were
more than enough data
points on key topics to allow
direct comparisons on key
behaviours, experiences and
the skill levels of agents,
which in turn has allowed
us to identify the similar
expectations of Buyers and
Vendors.
The survey found that while
similar proportions of Buyers
and Vendors were likely to
have negative experiences
across key behaviours,
Vendors were more likely
to have had Excellent
experiences compared to
Buyers who were more likely
to have had Average or just
Good experiences.
This was marked in that
while approximately one
third (33%) of Vendors
experienced Excellence
across most of their agent
behaviours and skills, an
average of only 14% of Buyers
experienced Excellence.
The area where Buyers and
Vendors were most closely
aligned was on the issue
of Professionalism at Open
for Inspections with 68% of
Buyers and 67% of Vendors
stating that their overall
experience was positive.
A comparison of the two
surveys shows that while 36%
of Vendors expect to stay in
touch with their agent, this
feeling is reciprocated by just
25% of Buyers.
Equally, while 68% of Vendors
would recommend their
agent, just 57% of Buyers
would do the same.
How Buyer &
Vendor Perceptions
Compare
Excellent experience comparison
18%BUYERS
40%
VENDORS
MARKET KNOWLEDGE
11%BUYERS
FOLLOW UP
33%
VENDORS
13%BUYERS
NEGOTIATION SKILLS
28%
VENDORS
12%BUYERS
RESPONSE TIMES
35%
VENDORS
30%BUYERS
MARKETING QUALITY
12%
VENDORS
Stay In Touch
36%
YES
VENDORS
32%
NO
25%
YES
BUYERS
43%
NO
Recommend Agent
68%
YES
32%
NO
57%
YES
43%
NO
VENDORS
BUYERS
12
The proportion of buyers and vendors who rated agents as excellent
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 29
The true surprise of the Buyer
Perceptions survey was just
how similar the concerns of
buyers are to the concerns of
vendors - and how simple it is
for agents to address these.
The research identifies that
the behaviours and skills
that buyers see as being
hallmarks of Excellent
service are the same as
those identified by vendors.
Both vendors and buyers
want good communication,
help, empathy, fast response
times and a transparent
process from end to end
that recognises both the
emotional and financial
enormity of buying and
selling property.
The only difference is the
degree to which buyers
are likely to experience
Excellence – which the
survey identified was less
than half as likely as vendors.
Indeed, an average 14% of
Buyers experience Excellence
across the key skills and
behaviours of agents with
most relegated to average
experiences.
The survey shows that buyers
understand agents are there
to serve the vendor and as
they do not pay an agent,
they have limited power to
demand better treatment.
But it also reveals how
genuinely confused they are
as to why so many agents –
always on the hunt for their
next listing – just don’t seem
to comprehend that good
service creates referrals and
new business.
The survey delivers some
extraordinary insight into the
depth of feelings that buyers
have around the legacy
method of selling property,
based as it is in opaque
processes and complicated
negotiations. Comments
in the survey identify the
frustration so many feel
and how they are no longer
prepared to be silently
mystified – especially when
they are the ones spending
many hundreds of thousands
of dollars. Agents who seek
to defend or propagate these
methods are most likely to be
labelled Poor or Disastrous
by buyers.
Inevitably, it is agents who
are the losers in this scenario.
Only 25% of Buyers expect to
stay in touch with the agent
they bought from, and only
57% would recommend their
agent to friends of family.
These figures start to identify
the extraordinary client
‘churn’ rate that so many
agents tolerate by turning
their back on buyers while
simultaneously chasing their
next listing elsewhere.
The survey confirmed the
insight extracted from the
Vendor report that buyers are
assessing and ‘auditioning’
agents from the minute they
meet the agent – usually at
the first open for inspection.
As such, it is the way agents
treat buyers is a critical
decider in whether the agent
will ever get an interview and
opportunity to pitch for the
client’s business when they
make the decision to sell.
But equally, the survey
reveals the extraordinary
opportunity agents have
every time they hold an
open for inspection. When
an agent delivers a quality
service to a buyer, three
things happen – they are
extraordinarily grateful, they
become a client for life and
they tell all their friends.
This makes buyer-care one
of the most powerful and
affordable – yet undervalued
assets - any real estate agent
can own.
To this end, the survey
confirms the view that the
sales funnel for real estate
agents is significantly larger
than the majority of agents
realise. It confirms that those
who expend their energy
and training on improving
conversion rates of vendors,
are focusing on the wrong
end.
Providing an excellent
experience for buyers can
add significant numbers
of genuine future sales
opportunities when
managed correctly. While
the immediate financial pay
off for agents comes from
vendors, having a process
for supporting and helping
buyers can become a highly
valuable asset that sustains
the economic growth of
a successful real estate
business.
Conclusions13
“At the end of the day, the agent works for
the seller – but treating the buyer as a client
as well can only help grow their business.”
– Survey Respondent
General Advertising & Sponsorships
Listings Advertising
Open for Inspections/
Potential Buyers
Agent Website
Client Referral
Vendor Pitch
Service
Delivery
AWARENESS
NEED
FULFILMENT
DECISION
CONFIRMATION
VALIDATION
POINTATWHICHCLIENTSISINAGENT
DATABASE
New Model: Role of buyers in
lead generation funnel
30 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents
What Agents
Did Well
Quotes from buyers
“He had a good
knowledge of the
neighbours, their
names and jobs
and made us feel
comfortable about
the neighbourhood.”
“She knew the ages and the schools
the kids in the street went to which was
personal and allowed us to know it was a
good fit for our family.”
“Our agent
was very
knowledgable
and honest
and always
got back to
me when
promised.”
“Constant
communication
and wonderful
negotiating
skills.”
“Our agent provided
information about the local
council, businesses, local
schools and public transport.”
“Our agent was patient
with my lack of knowledge
and they educated me
about the process.”
“She kept me up to date
throughout the negotiation
stage and answered any
questions before and after
settlement.”
“To be totally honest I was
just impressed with the
service they provided and
the fact they got back to
me when I made initial
contact as so many agents
didn’t.”
“Our agent gave us
multiple access times
to review the property
and detailed responses
to questions.”
“Our agent was very supportive
to both us as buyers and the
seller. He took a photo of us
all together and sent us a
professional document with
photos and congratulations. It
was a good experience for both
parties.”
“Constant
communication
and wonderful
negotiating
skills.”
How agents can be
honest with buyers –
without undermining
their loyalty to the
vendor
Listen to what the
buyer is looking for
and make viewing
recommendations based
on what you know is on
the market, not just on
your books
Provide lists of
comparable sales rather
than price guides so
that buyers can make
informed judgments
about what to offer
Be flexible on viewing
times to accommodate
genuine but time
challenged buyers
Provide vendor
approved quotes for
repairs or remediation
work on properties with
issues so that buyers go
in with their eyes open
Respond quickly to
inquiries and requests
for further detail
Know the property
inside out including
building materials, block
size, renovation dates,
rates, strata fees (if
applicable) and running
costs and have these
available at opens.
2016 CoreLogic Buyer Perceptions of Real Estate Agents | 31
Kylie Davis
The Author
Follow her on:
kyliecdavis
@KDavisCoreLogic
kylie.davis@corelogic.com.au
Kylie Davis is Head of
Property Solutions Marketing
at CoreLogic, responsible
for content, social, and go-
to-market strategies. She
has a 25-year career as a
content marketer, editor and
entrepreneur and has held
executive editor roles at both
Fairfax Media and News Corp.
Prior to joining CoreLogic,
Kylie was National Network
Editor of Real Estate at
News Corp responsible for
the data-enabled editorial
strategy that played a critical
role in turning around the
print publication losses
in real estate. At 25, Kylie
was founder of hyper-local
newspaper The Village Voice,
growing it to 3 newspapers
over 10 years before selling.
Kylie has an MBA (UNSW).
About CoreLogic
CoreLogic is the largest and most
comprehensive provider of property
information, analytics and property-related
risk management services in Australia and
New Zealand.
We have more than 17,000 customers
and 150,000 end users including, finance
and real estate professionals, mortgage
brokers, banking, valuers and corporate
and government bodies, including some of
the country’s biggest policy and decision
makers.
Previously known as RP Data, our
combined databases cover the entire
property lifecycle – from zoning to
planning, design and construction, sale,
lease, re-sale and demolition – across both
residential and commercial properties.
We have more than 660 sources of data
which are received from a combination of
public, contributory and proprietary data
sources suppliers. CoreLogic is the only
independent data company in Australia
not owned by any real estate, media or
banking interests.
www.corelogic.com.au

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Buyer Perceptions for Real Estate Agents 2016 FINAL

  • 1. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 1 Buyer Perceptions of Real Estate Agents 2016 Consumer Perceptions Series
  • 2. 2 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents In May 2015, CoreLogic released the Vendor Perceptions of Real Estate Agents report. The report was the first to examine - and challenge - the reality behind the popular stereotypes that real estate agents are untrustworthy smooth-talkers who put their own needs above those of their clients. The 2015 vendor survey found the urban myth to be largely false in the eyes of vendors with 66% of property sellers claiming to have had an Excellent (31%) or Good (35%) experience when selling their home. It further found that 68% of vendors would recommend their agent to their family or friends. But the vendor survey also gave some insight into where real estate agents go astray and the behaviours that need to be addressed to remove the stigma of being untrustworthy or selfish. Prime amongst these was the abhorrence by vendors of the agent practice of ‘managing down’ on price with the survey revealing that while the proportion of vendors who were dubious and disappointed about their agent’s skill level was extremely low at the start of the sale process (4%), this leapt to 17% by the end of the sale. Feedback about the value of the research from the industry was so strong, we decided to follow up with a second survey examining the perceptions of buyers who are the focus of this new report. Buyers do not pay for the services of real estate agents when purchasing property (unless they use a buyers’ agent which was not part of this survey) and in most instances – especially in the currently buoyant market – there are many more buyers than there are homes to purchase, so disappointment can be rife. At CoreLogic, we wanted to understand how large a part the ‘missing out factor’ played in the perception of real estate agents in the eyes of buyers. We also wanted to understand the expectations of buyers and to what degree it is realistic to expect sales agents to fulfil these expectations. Most importantly, we wanted to overlay the expectations of buyers with the expectations we saw from vendors in the original report. Within the common ground of these two separate pieces of data come the insights of what service excellence truly looks like for real estate agents. At a time when the industry is being significantly disrupted by technology, understanding new expectations around delivering best practice service levels is the most powerful way to ensure the industry has a viable future. The 2016 Buyer Perceptions of Real Estate Agents attracted 546 respondents, a proportion of whom were still looking to purchase at the time of the survey. Respondents were asked to rate their experiences and rank behaviours and skills that they thought agents had excelled at, or had conducted poorly across their buying process. For those respondents who had successfully bought a new property, they were also asked to rank how the agent they finally purchased from performed across the same criteria as the agents they experienced generally. The results are telling. At CoreLogic, it is our belief the industry needs to embrace transparency and rigorous examination to demonstrate where professional services are meeting and exceeding or failing to deliver to consumer expectations. In such a way, we will be able to identify and stamp out both the practices and reputation of the unreliable salesman once and for all. The report helps us understand what excellence in real estate service looks like through the eyes of buyers and how to lift standards more broadly across the industry. The report delivers insights into agent market knowledge, professionalism, and agent training standards and helps provide a roadmap for improvement. Lisa Claes Managing Director Australia and New Zealand CoreLogic Welcome01
  • 3. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 3 Contents 01 09 Welcome Page 2 Specific vs General Agent Behaviour Page 18 How my agent performed Page 19 What buyers want Page 20 Hallmarks of service excellence Page 21 02 Executive Summary Page 4 Key Findings Page 6 Key Statistics Page 7 03 10 Methodology Page 8 Cynicism Of Those Still Searching Page 22 04 Buyer Insights Page 9 05 11 Buyer Research Page 10 Buyer Recommendations & Repeat Business Page 24 Behaviours that alienate buyers Page 25 The power of follow up Page 26 06 Buyer Satisfaction Page 11 Are buyers harder to please than sellers? Page 12 07 12 Agent Skill Levels Page 14 Buyer comments on price guides Page 15 How Buyer & Vendor Perceptions Compare Page 28 08 13 Agent Behaviour Page 16 Buyer comments on honesty Page 17 Conclusion Page 29
  • 4. 4 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents There is an old saying that when a service is free, it’s probably worth the amount you’re paying - nothing. Certainly many property buyers feel this way when dealing with real estate agents. The Buyer Perceptions of Real Estate survey identifies that the stereotype of the white-shoe clad, untrustworthy smooth talkers is strongest amongst buyers (rather than sellers), and especially amongst those who are yet to find their dream property. The Buyer Perceptions of Real Estate is the second survey CoreLogic has conducted. Its aim is to better understand the customer experience consumers have with real estate agents with a view that what is measured can be improved and be part of a dialogue that works to lift industry standards. Last year, we produced the Vendor Perception of Real Estate Agents and in this report we contrast and compare the results of both to capture a fuller picture of how key behaviours and skills affect the ability of agents to list and sell properties and develop valuable repeat business in the process. This new Buyers Perceptions report identifies that while the proportion of negative experiences are fairly even for both vendors and buyers, buyers are more likely to have an Average experience with real estate agents. The report shows that while 33% of vendors rated their real estate experience as Excellent, only 14% of buyers felt it deserved such a ranking. Buyers understand that agents are there to serve the vendor and as they do not pay an agent, they have limited power to demand better treatment. But equally, they are genuinely confused why so many agents – always on the hunt for their next listing – just don’t seem to comprehend that good service creates referrals and new business. The survey delivers some extraordinary insight into the depth of feelings that buyers have around the legacy method of selling property, based as it is in opaque processes, complicated negotiations and political one-upmanship. Comments in the survey identify the frustration so many feel and how they are no longer prepared to be silently mystified – especially when they are the ones spending many hundreds of thousands of dollars. But equally, the survey reveals the extraordinary opportunity agents have every time they hold an open for inspection. When an agent delivers a quality service to a buyer, three things happen – they are extraordinarily grateful, they become a client for life and they tell all their friends. This makes buyer-care one of the most powerful and affordable – yet undervalued assets any real estate agent can own. 33% of Vendors rated their real estate experience as Excellent, but only 14% of Buyers felt it deserved such a ranking. Executive Summary02
  • 5. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 5
  • 6. 6 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents 1. A transparent process from end to end – both buyers and sellers want to understand the process in advance, be advised where issues are likely to occur and understand how these issues will be dealt with. They also want agents to recognise that the process finishes at settlement once they have all happily moved in to their new property. 2. Honesty – buyers and sellers want an agent who is upfront with them and straightforward in their dealings. Customers smell bull$&*7 a mile off. It is the fastest way to guarantee disengagement from buyers and fury in vendors. 3. Empathy and care – listen and understand the needs of your clients. Take their personal circumstances into account when recommending properties or sales methods. Don’t try to force fit them into listed stock or sales methods that put the agents’ business ahead of the client’s circumstances. 4. Be proactive – Look at ways to delight clients by pre-empting their needs. Avoid the stress of common mistakes by identifying them in advance. Have a process that explains how issues will be rectified. Be proactive about picking up the phone. 5. Transparent pricing – both buyers and vendors want agents to demonstrate pricing expectations with data proof points. Provide recent sales and data to support asking prices. Direct clients to tools and reports so they can sanity check their thinking. 6. Communication and accountability – Clients want agents to do everything they say they will do. Regular contact and follow up at every stage is essential. Always give buyers the option to make one final offer in a negotiation. 7. Be friendly and approachable – clients appreciate agents who are easy to talk to and with whom they felt safe to ask questions at any time, or who could coach and mentor them. 8. A relationship, not a transaction – buyers and vendors are impressed by agents who demonstrate they are interested in the relationship with them as a long term client, not just a lead or a transaction. Key Findings A compilation of the findings from the Vendor and Buyers reports, identifies the following standards to delight both buyers and sellers. The New Standard The power of delivering excellent service to buyers. When agents deliver excellent service to buyers, three things happen: 1. The agent stands out from their competitors and the buyer is extremely grateful. 2. Buyers become clients for life and choose agent to sell through. 3. Buyers refer the agent to friends and family who are selling.
  • 7. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 7 58%of buyers rated their experience of buying a home as positive but only 14% said it was Excellent 33%of buyers said the post purchase follow through of the agents they dealt with was negative. 68%of buyers stated agents had little to no interest in helping them find a suitable property to buy. Key Statistics 9%of Buyers claim the honesty and trustworthiness of agents is Excellent. But 28% claim it is negative. 28%of buyers said the price guide offered by agents was negative. Only 9% of buyers said agents were Excellent in this area. 46%of buyers are using property reports to help them understand pricing. 57%of buyers would recommend their agent to family or friends. 25%of buyers expect to stay in touch with their agent and use him or her again.
  • 8. 8 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Methodology The 2016 Buyer Perceptions of Real Estate Agents Report is based on the responses of 546 respondents who bought or were looking to buy property in Australia in the 12 months of September 2015 to August 2016. Respondents were sourced from subscribers to Propertyvalue.com.au, OnTheHouse.com.au and via various call outs on social media. The survey examined attitudes and experiences of buyers who had successfully purchased (84% of those surveyed) as well as those who were still searching (16% of respondents). Respondents were overwhelmingly female (68%). Each state was represented with the most responses received from buyers in NSW, Queensland and Victoria. The majority of respondents (57%) had purchased within 12 months of filling in the survey with 22% buying between one to three years from the time of understaking the survey and just 6% purchasing more than three years ago. Time of purchase/search was collected primarily to check their experiences of Buyers with agents were fresh in their minds at the time they filled in the survey. Due to the extended collection period of the survey and size of the sample it was not possible to compare the time of searching against market conditions. Note that in this report all responses are the combined totals of those who had successfully purchased and those who were still searching with the exception of chapter ten which examines those who were searching in greater detail. Successful buyers represented 84% of responses. 03 15% 57% 22% 6% How long ago was your property search? Currently looking Past 12 months 1 - 3 years ago More than 3 years ago Where buyers searched 36% 20% 29% 6% 4% 1% 2% 2%
  • 9. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 9 Buyer Insights The majority of survey respondents came from NSW (37%) followed by Queensland (29%) and Victoria (20%) but despite the differences in the property markets, the proportion of respondents who had successfully purchased versus still looking was similar across all states. In NSW and Queensland, 83% had successfully purchased, while in Victoria the number was only slightly higher at 85%. Upgraders represented 27% of respondents, followed closely by First Home Buyers with 26% and Investors with 25% of respondents. The remaining respondents were moving for Lifestyle reasons (10%), Downsizing (7%) or Moving for Work (5%). The overwhelming majority of those who had successfully purchased (91%) bought their property by private treaty with just 9% buying at auction. Most respondents to the survey who successfully purchased took less than 6 months to find their property with 34% finding something to buy between three and six months, 26% finding a property to purchase in up to three months and 15% finding a suitable property in under a month. It took 14% of respondents about a year to purchase and 11% took more than a year. The number of properties inspected before purchase was fairly evenly split with 27% inspecting 10 to 19 properties before purchasing and 28% inspecting between five and 9. Twenty or more properties were inspected by 21% of purchasers, while 18% inspected between two and four and just 6% inspected only one property. For those who were still searching, 40% have been looking for three months or less with 12% searching for about a month and 28% searching for up to three months. The survey showed 29% had been searching between three to six months, 12% had been hunting for around a year and 13% for more than a year. 04 What was the main reason behind your decision to buy a property? Upgrading First Home Investment Lifestyle Downsizing Moving for work 27% 26% 25% 10% 7% 5% How long did you search for a property to buy? About a month Up to 3 months 3 - 6 months About a year More than a year “Our agent went above and beyond in the negotiating process to make both parties happy. It was difficult to please everyone but he got there in the end.” – Survey Respondent. How many properties did you inspect before you successfully purchased? Just the one 2 - 4 5 - 9 10 - 19 20 or more 6% 18% 28% 27% 21% 12% 28% 29 % 17% 13%
  • 10. 10 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents “I researched the market over the 12 months while I looked and when I finally found the perfect property, I did my due diligence in knowing everything I could – previous sale prices and dates, spoke to the neighbours and agents who inspected the property and went as far as talking to the vendor. It took a lot of hard work and effort but it was worth it.” – Survey Respondent The observation that buyers are doing more research and accessing data to better understand their target markets was borne out by the survey, which showed that 46% of buyers were using property reports with 28% obtaining one for free from a bank or mortgage broker, and 18% independently purchasing a report. Buyers in NSW were most likely to purchase reports with 23% going down this path compared with 16% in Queensland and 15% in Victoria. The survey identified that buyers are hungry for knowledge with 90% of all respondents claiming they had looked online and in newspapers to see past sales in the area they were looking to purchase, and 68% saying they had read up on local market conditions. (Totals are greater than 100% due to multiple responses being permitted for this question.) Receiving advice from family and friends is also popular with 48% claiming to have researched their local market in this manner. The report also reveals the extent to which technology has disrupted traditional searching methods for property with 95% of property hunters using property portals such as realestate.com.au or domain. com.au to find a suitable property and 54% using a real estate agent website. Newspaper property supplements were used by 33% of respondents while 38% used real estate agent emails and a further 33% saw the signboard or identified a property from an agent window. Social media was used by 14% of respondents to find their dream property. (Totals are greater than 100% due to multiple responses being permitted for this question.) The degree to which real estate agents are helping buyers research their decisions however gives some insight into the gap between consumer and industry behaviour with one quarter (25%) or buyers saying they were offered no information from agents they dealt with. Of those who did receive information from agents, 55% were emailed newsletters, 44% were given a flyer or brochure and 22% were directed to a website by the agent. Video was offered by just 7% of agents while 10% of agents invited buyers to connect on social media to find out more information. Buyer Research05 What types of research have you done during your property search? What sources have you used to find a property to buy? 90% Looked online/ in newspapers to see past sales in my area 95% Property portal such as realestate.com.au or Domain 68% Read up on local market conditions 48% Spoke to friends and family 54% Real estate agent website 37% Real estate agent email What information have agents you approached offered you to help your property search? 55% Property portal such as realestate.com.au or Domain 45% Brochures/flyers 25% Nothing Are Buyers Smarter than Sellers? A comparison of the data between the Buyer Perception and earlier Vendor Perception reports, identifies that buyers are more likely to be better prepared than sellers and have done more homework. The survey comparison shows that 11% of vendors purchased a property report when selling compared with 18% of buyers. Buyers were also more likely to seek out free reports with 28% agreeing that they had received a free report from their broker or financial institution, compared with just 15% of vendors. Buyers were also more likely to do general homework and ask the opinions of friends and family. The comparison shows that 48% of buyers asked friends and family for advice while just 21% of vendors admitted to doing the same. 68% of buyers read up on local market conditions compared to 55% of vendors.
  • 11. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 11 Buyer Satisfaction The survey showed a significant difference between the satisfaction levels of buyers compared to the satisfaction levels of vendors from the previous survey with fewer buyers compared to sellers experiencing excellence from agents. The 2015 Vendor survey showed that 66% of vendors rated their overall experience as positive with 31% claiming their experience with their agent was Excellent and 35% describing it as Good. The experience of buyers however was not as encouraging with 58% rating it as positive and just a small proportion claiming it was excellent. Just 14% of buyers rated their experience as Excellent and 44% said it was Good. On the opposite end of the scale, 43% said their experience was Average or worse with 29% claiming it was Average, 11% saying it was Poor and 3% describing it as Disastrous. This compared to 34% of Vendors who described their experience as Average or worse where 20% of those selling described their experience as Average, 10% described it as Poor and 4% described it as Disastrous. 44% Good 29% Average 14% Excellent 11% Poor 3% Disastrous How would you rate your overall experience buying your property? 06 33% Good 22% Average 31% Excellent 11% Poor 3% Disastrous BUYERS VENDORS How buyers and vendors compare
  • 12. 12 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Give a vendor a bottle of champagne to congratulate them on the successful sale of their home, and they are likely to see the gesture as the icing on the cake of a positive experience. But give a buyer a similarly decent vintage at contract exchange, and while they’ll thank you, they’re more likely to take it in their stride. Perhaps it’s because they have just shelled out hundreds of thousands of dollars, rather than receiving a bonanza. Perhaps, it’s because the dollars involved for most represent a life of mortgage servitude. Or perhaps it’s because their participation earned you 2.5% even if they’re not paying you directly. But a bottle of bubbles in most instances is seen as the least you could do. While buyers do not pay for the services of agents, the Buyer Perceptions of Real Estate Agents identified that buyers are a tougher bunch to please compared to vendors when it comes to delivering excellent service. Just 14% of buyers described their buying experience as Excellent, compared to 31% of Vendors and few buyers nominated gift baskets as the differentiator. In comparison, 44% of buyers described their experience as Good (compared to 36% of Vendors), and many in this category identified that their agent had given them a gift. Rather, what stood out for buyers to determine excellence was the quality of the service they received from the agents they engaged with, with professionalism, market knowledge and excellent communication skills over and above a big marketing budget. “The agent we bought from met with us at the properties after hours to accommodate my husband who works long hours, and worked through to late at night to put together our offer paperwork,” wrote one buyer. “She kept us up-to-date and informed with each step, and showed complete transparency. She was the complete opposite to what we experienced with the agent we first made an offer on a home with previously!” Buyers valued agents who were prompt and responsive to their queries or special needs. “Arranged open houses and after sale visits and inspections readily and quickly,” wrote one buyer who gave his agent an Excellent rating. “The service overall impressed me,” wrote another. “He was very prompt at getting back to us and following up.” “Always got back to me when promised. Very knowledgable and honest,” commented a fourth. Buyers also rated communication and negotiation skills, identifying that those agents who were skilled in this area made them feel safe. “She was always professional, friendly and not pushy,” wrote another respondent. “We always felt we were in good hands.” They also highly valued agents who made themselves available and guided them through the process ensuring it all went smoothly. “Our agent was in constant communication and had wonderful negotiating skills,” wrote one buyer. “He made himself available to answer questions and provided the sufficient detail to satisfy the banks requirements.” Buyer comments from the survey identified that gifts for their own sake were not enough. But when agents got the communication, follow up and purchasing process right, gifts guaranteed clients for life. “After purchasing the house, he surprised me with a carton of wine and keeping touch by sending mails and current market situations within the area,” said one buyer. “Negotiated the price well and once purchased he made everything run as quickly as possible to get us into the property. He even gave us champagne, chocolates and a gift bag!” wrote another. Are Buyers Harder to Please than Sellers? Just 14% of buyers described their buying experience as Excellent, compared to 31% of vendors and few buyers nominated gift baskets as the differentiator.
  • 13. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 13
  • 14. 14 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Agent Skill Levels The survey asked buyers to rate their experience of real estate agents across a variety of professional skills including their professionalism at open for inspections, post purchase follow through and the quality and accuracy of price guides. The results provide telling indications that there is a significant mismatch between agent skills and buyer expectations and provide some of the strongest insights into where agents can lift their game. The survey found the skill most likely to be rated as Excellent by buyers was Professionalism at Open for Inspections/Open Houses. Nevertheless, only 20% of buyers rated agents as Excellent at this skill, while 48% said they were Good and 25% rated them as Average. Professionalism however was the ‘least bad’ skill with just 5% executing it to a Poor degree and 2% reporting Disastrous levels. The skill executed the most poorly by agents was Post Purchase Follow Through with 22% of Buyers describing this service as Poor and a further 11% claiming Disastrous – exactly a third of those surveyed. Only 15% of buyers described Post Purchase Follow Through as Excellent with most tending to identify it as Good (25%) or Average (28%). Price guides was also an area of disappointment to buyers with 18% claiming agents did this Poorly, and an additional 10% describing agents skill in this area as Disastrous. The majority of respondents (66%) claimed agents were Good (30%) or Average (33%) but only 9% said the agents they dealt with had Excellent skills in this area. Buyers lamented agents that failed to understand the value of quality price guides, claiming the wasted time and dishonesty amplified the profession’s reputation and created an environment of mistrust. “Quoting $100,000 less than the purchaser wants for a property is dishonest and does not encourage a purchaser to trust an agent,” one wrote. “Agents need more empathy and honesty,” wrote another. “They should stop lowering the price guide just to bring in more people as it’s really unfair and just ends up wasting everyone’s time.” Buyers recognised that agents work for vendors and this was evident in the scores they gave agents in relation to their interest in their property search and the level of help that was offered to help them find a new property. The majority of buyers (55%) had an Average (33%) or worse (Poor – 18%, Disastrous – 3%) experience with agents in terms of the level of interest that was exhibited in their property search, while 46% of buyers had a positive experience with 34% describing that level of interest as Good and 12% describing it as Excellent. Buyers lamented that only a minority of agents were genuinely helpful at finding them a suitable property to buy with just 9% rating the performance of agents in this area as Excellent and 23% describing it as good. The overwhelming majority of agents (68%) delivered Average (34%) or worse experience in this space. (Poor – 29%, Disastrous – 5%). “Agents could at least return phone calls,” wrote one buyer. “I realise they are working for the seller and their own commission but considering the buyer is the one that is paying for the property, you think they’d at least make an effort to seem interested.” The much vaunted skill level of agents as negotiators has also suffered a blow from Buyers with 41% describing it as positive (13% - Excellent, 28% - Good). Negotiation skills were described as Average by 29% of respondents and Poor or Disastrous by 24% and 6% respectively. “We put in an offer and heard nothing,” wrote one buyer. “Then it sat on the market until it was reduced to a price that was lower than our offer – at which point I rang the agent. It would have been nice if they’d kept in touch. They’d have got more money for their vendor!” 07 “Agents should be honest about prices. We’d turn up for inspections of ‘offers over $350,000’ then be told the owner wouldn’t consider anything under $450,000. So many weekends wasted!” – Survey Respondent
  • 15. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 15 Buyer comments on price guides “Agents should be honest and accurate when talking about prices. Quoting $100,000 less than the purchaser wants for a property is dishonest and does not encourage the buyer to trust the agent.” “Agents need to advertise price guides so I don’t waste time ringing agents all the time. It is very frustrating. They should also provide recent sales in the area – not just their own sales. I don’t care about what they sold.” “Agents need to provide more accurate estimates of value because more than anything, this impacts the image of agents.” Professionalism at Open for Inspections/ Open Houses 20% Excellent 48% Good 25% Average 5% Poor 2% Disastrous 9% Excellent 30% Good 33% Average 18% Poor 10% Disastrous Quality and accuracy of the price guides you were given 9% Excellent 23% Good 34% Average 29% Poor 5% Disastrous Helping you find a suitable property to buy 13% Excellent 28% Good 29% Average 24% Poor 6% Disastrous Negotiating the purchase 15% Excellent 47% Good 30% Average 6% Poor 3% Disastrous Post purchase follow through How would you rate your experiences of real estate agents in general during your property search?
  • 16. 16 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Agent Behaviour The survey showed that while the majority (61%) of buyers found the Friendliness and Empathy of the agents they dealt with was positive, only a small proportion (14%) rated it as Excellent with 47% rating it as Good. More than a third of the market however found there was room for improvement with 30% claiming it was Average and 6% and 3% respectively claiming it was Poor or Disastrous. Buyers in general found that agents had very strong local market knowledge with 69% claiming their agent was Good (59%) or Excellent (18%) in this regard. However, knowledge levels fell off somewhat when it came to individual properties with just 57% of buyers describing their agent as Good (45%) or Excellent (15%) and this was a source of frustration for many buyers. Buyers rated 31% of agents as Average at property knowledge while 6% said it was Poor and 3% Disastrous. “Agents should have a checklist of all the basic questions that they will be asked including land size, recent renovation dates, what structural work has been done – I’m amazed that some agents don’t have this,” wrote one buyer. “Agents need to have better knowledge about the property they are selling,” wrote another. “Most agents I dealt with had no idea about the building materials that were used on various property and even told me incorrect information.” The survey revealed however that where agents really fell down in the eyes of buyers was in their Response Time, Follow Up and Honesty and Trustworthiness. Just 9% of buyers rated Agents level of Honesty and Trustworthiness as Excellent, and 25% rated it as Good, making a total of just 34% claiming that the Honesty and Trustworthiness of agents was positive. The majority of 66% described the Honesty and Trustworthiness of agents was Average (37%), Poor (17%) or Disastrous (12%). “Agents should be honest,” wrote on respondent. “Buyers know that agents are working for the seller which will be us one day and then we’ll certainly want an agent who is working hard to achieve the best selling price. But calling a tired, old house “immaculate” and postage stamp gardens “huge” only alienates buyers. We eventually stopped viewing the listings of some agents as we were disappointed at every open home. They may have gotten a lot of people through but those same houses sat on the market 08 How did you rate the behaviours of agents generally that you interacted with during your property search across the following areas: Positive Average Negative Marketing materials quality Agent knowledge about the local market Agent knowledge about the property Friendliness and empathy “Our agent was as good as his word. I didn’t feel like he tried to manipulate the situation. He was selling for the vendor – that was clear – but when I asked questions, he answered honestly and was always helpful. I felt comfortable with him in all aspects of the purchase. He was so much better than the agent I’d bought through 12 years ago who made me wary of all agents.” – Survey Respondent 61% 30% 9% 60% 3 1% 9% 69% 23% 8% 59% 32% 9% Positive = Excellent + Good Responses Negative = Poor + Disastrous Responses
  • 17. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 17 Follow up much longer than those that were advertised honestly.” Failing to follow up and do what the agent said they would do was a key irritant to buyers with less than half (42%) rating this behaviour as positive amongst the agents they dealt with during their buying journey. Just 11% of buyers ranked the follow up skills of agents as Excellent and 31% ranked them as Good. A much higher proportion (58%) said these skills were mediocre to poor with 36% claiming they were Average, 15% Poor and 7% Disastrous. Slow response time was another major peeve for buyers with just 46% claiming to have had a positive experience in this regard with the majority of agents that they were exposed to. Just 13% ranked agents as Excellent in this field. The split between Good and Average was equal at 33% while 14% were Poor and 7% Disastrous. “Agents need to return phone calls faster,” wrote one respondent. “While I realise they are working for the seller and their own commission, the buyer is the one who is paying for the property so they could at least make an effort to seem interested.” Buyers also pointed out that failing to respond frequently disadvantaged vendors. “I wish they’d stop with the “how much are you willing to pay – make me an offer,” wrote one. “You make an initial offer and then they never get back to you. Eventually you find out that the property sold for a price that was less than what you would have offered – if only they’d responded. It made me feel like contacting the vendors and telling them.” Buyer comments on honesty Agents should just be honest and list the property in the ballpark of what it is expected to go for. Don’t try and be clever. I can smell a manipulator and it really turns me off. I just like honest interactions and I like a person that just helps the process through smoothly. Most people don’t buy and sell that often so just help us understand the process and be honest. Agents should be honest and genuine and treat it like they’re talking to a friend. While they are acting for the vendor in obtaining the best price, remember that the purchaser will also need the same service down the track and this could be a great partnership for future dealings. Agents need to be honest and give accurate price guides. I hate how they fluff around and don’t answer questions properly. I wish they would not try to get me in with a lower price when they know that it’s going to go higher. Honesty and trustworthiness 34% 37% 24% 42% 36% 22% Response time 46% 33% 21%
  • 18. 18 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Specific vs General Agent Behaviours One of the hypotheses we wanted to test during the survey was whether successfully purchasing a property was likely to predispose buyers more favourably towards an agent. We also wanted to explore what proportion of buyers purchased the property even if agent behaviour was suboptimal and the degree to which that behaviour coloured the buyer’s perceptions of agents. Did it make their perception worse or was it regarded as par for the course? As such, we asked those who had successfully purchased to rank the key skills and behaviours of “agents in general” with whom they had interacted through their search. We then separately asked them to rank the key skills and behaviour of the agent that they finally purchased through to compare the difference. The findings were telling. The research showed that the service levels offered by the agent that they finally purchased from were more likely to be perceived by buyers to be superior to those they experienced in general while searching. The survey found that on average nearly twice as many buyers ranked the skills and behaviours of the agent they finally purchased from as Excellent compared to agents in general. 09 “The agent we bought from went above and beyond to ensure I was kept in the loop with their processes and to make sure I had a good understanding of everything that was going on.” – Survey Respondent Next time I will... The following comments are a selection made by survey respondents about what they will do differently the next time they buy a property. “Go to open for inspections in the area and start assessing agents and how they interact with me.” “Stick with the agent I now know and trust.” “I will stand up for myself more. I am more familiar with the process now and I won’t allow a crappy agent not to do their job properly.” “Network with more agents and try to forge stronger working relationships with them so as to hopefully create better opportunities and get access to properties before others.” “Do more research.” “I would call the agent we used to sell our house for his advice. He rang us by chance when we had already exchanged but still gave us a lot of insight and was very helpful despite having nothing to gain out of this purchase.
  • 19. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 19 When it came to the behaviours of the individual agents that helped them purchase, buyers were between two to three times more likely to rate ‘their’ agent’s behaviour as Excellent compared to agents in general. This supports the hypothesis that one of the most powerful things a selling agent can do to obtain new listings is to develop strong life-long relationships by looking after their current buyers. How my agent performed 23%MY AGENT 13% THE REST HELPING FIND SOMETHING TO BUY 20%MY AGENT THE QUALITY & ACCURACY OF THE PRICE GUIDES 10% THE REST 23%MY AGENT AGENT’S ABILITY TO NEGOTIATE THE PURCHASE 15% THE REST 22%MY AGENT POST PURCHASE FOLLOW THROUGH 16% THE REST 33%MY AGENT 15% THE REST FRIENDLINESS AND EMPATHY 35%MY AGENT AGENT RESPONSE TIME 13% THE REST 24%MY AGENT HONESTY AND TRUSTWORTHINESS 10% THE REST 30%MY AGENT KNOWLEDGE ABOUT THE PROPERTY 13% THE REST
  • 20. 20 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents What Buyers Want To be taken seriously – even if they look like something the cat dragged in at an open Realistic recommendations of properties to view that will meet their needs and are within their budget (even if you’re not the agent selling them) A heads up on issues with the property so that they can budget accordingly for repairs A transparent process – especially around making offers and negotiating Follow up calls to let them know what else is available if they miss out on the property they’re interested in Prompt notification when things change without them having to chase down details Recognition that they have just made one of the most expensive purchases of their lives A relationship with an agent they trust that they can go to when they are ready to sell or buy again
  • 21. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 21 Hallmarks of Service Excellence Always return calls – even after hours and be a proactive communicator Know the neighbourhood and provide useful supporting information that is emotional as well as transactional Know the property intimately and provide prompt and detailed responses to queries Have a transparent process and take time with buyers Make buyers feel they are part of a community Pre-empt issues and identify how you’ll solve them in advance Demonstrate empathy and thoughtfulness Acknowledge the emotional importance of the purchase
  • 22. 22 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Cynicism Of Those Still Searching There is absolutely no doubt that strong markets, high prices and low affordability has now made the property buying game higher stress than ever. The survey separated buyers who were still searching to understand whether successfully purchasing influenced the perception of agents. Response numbers were too low to identify any definitive observations that could compare length of time of searching to the degree of satisfaction, however the survey did identify that purchasers who were looking were likely to be more dissatisfied with agents than those who had successfully purchased. Within the survey, 31% of respondents were enduring a long term search of about a year (18%) or longer than a year (13%). The survey found that 29% had been searching for 3-6 months, while 28% had been searching for two to three months and 12% had searched for about a month. Just over 16% of respondents had looked at more than 20 properties as part of their search, 29% looked at between 10 and 19 and 26% inspected between five and nine properties. The survey identified that 22% had inspected between 2 to 4 while 7% had only just commenced their search looking at one property. Respondents who were still looking were significantly more likely to describe their experience of agent skills as Average or negative than those who had successfully purchased, and most of their outrage was directed at agent skills in quoting accurately with price guides which correlated to perceptions about honesty and trustworthiness. The survey showed that 41% of respondents who were still searching rated the quality and accuracy of price guides given by agents as Average. This compared to a 32% Average rating for those who had successfully purchased. What is interesting about this comparison is that those buyers who had purchased who had not had an Average experience were more likely to rate agents Good or Excellent across the different skills. Those who were still looking who did not rank agents as Average were more likely to rate agents as Poor or Disastrous across the skills. The survey identified that one of the most important areas that buyers – both successful and those still looking – believe agents need to do better is in quoting prices accurately. The power of poor price guides to irritate potential buyers was hammered home when looking at the Excellent ratings. The survey showed that while just 10% of buyers who had successfully purchased rated the ability of agents to quote accurately as Excellent, this number slumped to just 2% of those who were still looking. “Agents need to stop giving buyers false hope by under- estimating the price guides,” wrote one respondent. Requests for agents to be honest about quoting prices and calls for transparency around pricing were persistent across the survey. There was a correlation between accurate pricing and honesty. The survey showed that 40% of those who were still searching described agents’ honesty and trustworthiness as Average, compared to 37% of those who had purchased. But those still searching were more likely to describe the honesty of agents as negative (38%) compared to those who had purchased (27% negative). Just 22% of those who were still searching described agents’ honesty and trustworthiness as Excellent (4%) or Good (18%) compared to 37% for those who had already purchased with 10% Excellent and 27% Good. *Note - all figures quoted in this section represent responses from buyers who were still searching. 10 “There seems to be two types of agents; ones that won’t leave you alone and you feel smothered, then others that hang back and can’t be bothered.” – Survey Respondent
  • 23. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 23 BUYERS WHO HAD PURCHASED BUYERS WHO WERE LOOKING Professionalism at Open for Inspections 70% 6% 59% 14% Quality and accuracy of price guides given 42% 26% 21% 38% Helping you find a suitable property to buy 35% 33% 20% 38% Negotiating the purchase 45% 27% 18% 42% Post purchase follow through 43% 32% 14% 39% Friendliness and empathy 63% 9% 51% 9% Agent knowledge about the property 57% 11% 59% 13% Agent knowledge about the local market 70% 7% 62% 10% Marketing materials 60% 10% 54% 13% Follow up: doing what they said they would do 44% 19% 32% 36% Response time: getting back to you quickly 49% 18% 31% 35% Honesty and trustworthiness 37% 27% 22% 38% “They were not overly pushy and they returned our calls promptly. He was very honest about issues with the house which helped immensely when we took ownership – there were no surprises and it allowed us to plan for the rectification work.” – Survey Respondent Positive = Excellent or Good Negative = Poor or Distastrous
  • 24. 24 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Buyer Recommendations & Repeat Business One of the key findings to come out of the survey is the value that comes from looking after buyers and delivering a quality service to them. The survey showed that of those buyers who had successfully purchased, listing business was likely to come from 63% of them - with 25% claiming they would definitely use the agent they had purchased from to sell their home and a further 38% stating that he or she would be on the shortlist of agents they would consider. However, the survey also showed the high levels of churn that agents experience, predominantly as a result of their own behaviour with 20% of buyers saying they probably would not use the agent they had purchased from and 17% claiming they would definitely not use him or her again. The survey also identified that buyers have the opportunity to become a formidable force of referrals for agents who are smart about how they cultivate their networks. The survey showed that 57% of buyers would recommend the agent they finally bought from to family and friends. On the flip side, 43% of buyers would not recommend their agent. Staying in touch in a meaningful way with buyers is key to retaining long term relationships and winning listings from them in the future. The survey showed that 25% of buyers expected to stay in touch with the agent they had purchased through with an additional 32% stating that they might (if the agent made the effort). However 43% of respondents said they did not expect to stay in touch with their agent. 11 Would you use the agent you purchased your property from to sell your property in the future? Yes, absolutely Possibly Probably not Absolutely not Do you expect to stay in touch with the agent you bought fromor use him or her again? Yes Maybe No “Our agent followed through with everything he said. He left the keys tied to a lovely box with a beautiful set of Sheridan towels. He lives around the corner, so he popped in a few weeks later to check in on us. We still see him and his family around and have a chat. He’s since sold three houses in our street for record prices.” – Survey Respondent. 25% 38% 20%17 % 25% 32% 4 3%
  • 25. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 25 The following behaviours experienced by buyers were virtual guarantees the relationship would be ranked Average to Disastrous and were roadblocks to a future relationship. Behaviours that Alienate Buyers Failing to advertise prices or provide any realistic price guidance leading to buyers attending unsuitable open for inspections Wasting buyers time by sending them to properties that were blatantly unsuitable Advertising open home inspections when the property is under offer Failing to return phone calls during a negotiation Buyer beware behaviour by hiding faults and failing to respond to defects Poor post sale experience by making buyers collect their own keys or ignoring issues where properties were left in a poor condition by the vendor
  • 26. 26 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents Will your buyer want to stay in touch? One of the sentiments the survey revealed was that when the post negotiation period through to settlement is managed well, buyers welcome the idea of staying in touch with their agent. This in turn correlates with buyers calling the agent- they-bought-from first when it comes time to sell their property. It also makes them more likely to recommend ‘their’ agent to friends and family. This can be a powerful source of business for agents with the Vendor perceptions research identifying that 36% of vendors chose their agent because he or she was recommended by a friend or family member. But equally those agents who botch the post negotiation period are unlikely to ever get another look in and commentary from survey respondents identified that poor follow up service is prevalent in the industry. Many buyers complained that they felt dumped by their agent the minute the offer was accepted. Many complained about needing to chase agents for information about settlement which added to stress when mortgage and financial institutions were involved. “There needs to be quality after purchase service,” wrote one buyer. “We purchased a $900,000 house and had to chase the agent for details about settlement the entire way. We then got the key to our house on a plastic key- ring. It was not okay.” “Our agent ignored phone calls and emails because he didn’t want to answer questions, which we felt put him into the dishonest category,” wrote another. “We had a very long settlement and it got put back twice but we received no notice – not even a phone call!” Other complaints included agents continuing to advertise the property post offer acceptance or failing to remove signboards promptly. But agents who handled the post purchase period professionally were more likely to receive Excellent ratings from their buyers. “Our agent went to extra lengths to make sure that the settlement and exchange went through smoothly,” wrote one buyer when asked to identify what impressed about their agent’s service. While many buyers remarked that they had received a gift from their agent, most commented that they appreciated these because it showed their agent recognised the importance of their new purchase, more than the dollar value of the gift. Even things as simple as phone calls of congratulation upon settlement or framed photos of families on purchase days were valued by buyers because they showed the agent was genuinely interested in a connection. The Power of Follow Up “Our agent organised a pre-inspection before we moved in.” “He arranged for the vendors to be there and they ran us through all the gadgets in the house so we’d know how they worked.”
  • 27. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 27
  • 28. 28 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents There were differences in the Buyer Perception survey and some of its questions when compared with the Vendor Perceptions survey. This was necessitated by the need to recognise the different ‘journeys’ of vendors and buyers and survey refinements to improve clarity and response capture. Nevertheless, there were more than enough data points on key topics to allow direct comparisons on key behaviours, experiences and the skill levels of agents, which in turn has allowed us to identify the similar expectations of Buyers and Vendors. The survey found that while similar proportions of Buyers and Vendors were likely to have negative experiences across key behaviours, Vendors were more likely to have had Excellent experiences compared to Buyers who were more likely to have had Average or just Good experiences. This was marked in that while approximately one third (33%) of Vendors experienced Excellence across most of their agent behaviours and skills, an average of only 14% of Buyers experienced Excellence. The area where Buyers and Vendors were most closely aligned was on the issue of Professionalism at Open for Inspections with 68% of Buyers and 67% of Vendors stating that their overall experience was positive. A comparison of the two surveys shows that while 36% of Vendors expect to stay in touch with their agent, this feeling is reciprocated by just 25% of Buyers. Equally, while 68% of Vendors would recommend their agent, just 57% of Buyers would do the same. How Buyer & Vendor Perceptions Compare Excellent experience comparison 18%BUYERS 40% VENDORS MARKET KNOWLEDGE 11%BUYERS FOLLOW UP 33% VENDORS 13%BUYERS NEGOTIATION SKILLS 28% VENDORS 12%BUYERS RESPONSE TIMES 35% VENDORS 30%BUYERS MARKETING QUALITY 12% VENDORS Stay In Touch 36% YES VENDORS 32% NO 25% YES BUYERS 43% NO Recommend Agent 68% YES 32% NO 57% YES 43% NO VENDORS BUYERS 12 The proportion of buyers and vendors who rated agents as excellent
  • 29. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 29 The true surprise of the Buyer Perceptions survey was just how similar the concerns of buyers are to the concerns of vendors - and how simple it is for agents to address these. The research identifies that the behaviours and skills that buyers see as being hallmarks of Excellent service are the same as those identified by vendors. Both vendors and buyers want good communication, help, empathy, fast response times and a transparent process from end to end that recognises both the emotional and financial enormity of buying and selling property. The only difference is the degree to which buyers are likely to experience Excellence – which the survey identified was less than half as likely as vendors. Indeed, an average 14% of Buyers experience Excellence across the key skills and behaviours of agents with most relegated to average experiences. The survey shows that buyers understand agents are there to serve the vendor and as they do not pay an agent, they have limited power to demand better treatment. But it also reveals how genuinely confused they are as to why so many agents – always on the hunt for their next listing – just don’t seem to comprehend that good service creates referrals and new business. The survey delivers some extraordinary insight into the depth of feelings that buyers have around the legacy method of selling property, based as it is in opaque processes and complicated negotiations. Comments in the survey identify the frustration so many feel and how they are no longer prepared to be silently mystified – especially when they are the ones spending many hundreds of thousands of dollars. Agents who seek to defend or propagate these methods are most likely to be labelled Poor or Disastrous by buyers. Inevitably, it is agents who are the losers in this scenario. Only 25% of Buyers expect to stay in touch with the agent they bought from, and only 57% would recommend their agent to friends of family. These figures start to identify the extraordinary client ‘churn’ rate that so many agents tolerate by turning their back on buyers while simultaneously chasing their next listing elsewhere. The survey confirmed the insight extracted from the Vendor report that buyers are assessing and ‘auditioning’ agents from the minute they meet the agent – usually at the first open for inspection. As such, it is the way agents treat buyers is a critical decider in whether the agent will ever get an interview and opportunity to pitch for the client’s business when they make the decision to sell. But equally, the survey reveals the extraordinary opportunity agents have every time they hold an open for inspection. When an agent delivers a quality service to a buyer, three things happen – they are extraordinarily grateful, they become a client for life and they tell all their friends. This makes buyer-care one of the most powerful and affordable – yet undervalued assets - any real estate agent can own. To this end, the survey confirms the view that the sales funnel for real estate agents is significantly larger than the majority of agents realise. It confirms that those who expend their energy and training on improving conversion rates of vendors, are focusing on the wrong end. Providing an excellent experience for buyers can add significant numbers of genuine future sales opportunities when managed correctly. While the immediate financial pay off for agents comes from vendors, having a process for supporting and helping buyers can become a highly valuable asset that sustains the economic growth of a successful real estate business. Conclusions13 “At the end of the day, the agent works for the seller – but treating the buyer as a client as well can only help grow their business.” – Survey Respondent General Advertising & Sponsorships Listings Advertising Open for Inspections/ Potential Buyers Agent Website Client Referral Vendor Pitch Service Delivery AWARENESS NEED FULFILMENT DECISION CONFIRMATION VALIDATION POINTATWHICHCLIENTSISINAGENT DATABASE New Model: Role of buyers in lead generation funnel
  • 30. 30 | 2016 CoreLogic Buyer Perceptions of Real Estate Agents What Agents Did Well Quotes from buyers “He had a good knowledge of the neighbours, their names and jobs and made us feel comfortable about the neighbourhood.” “She knew the ages and the schools the kids in the street went to which was personal and allowed us to know it was a good fit for our family.” “Our agent was very knowledgable and honest and always got back to me when promised.” “Constant communication and wonderful negotiating skills.” “Our agent provided information about the local council, businesses, local schools and public transport.” “Our agent was patient with my lack of knowledge and they educated me about the process.” “She kept me up to date throughout the negotiation stage and answered any questions before and after settlement.” “To be totally honest I was just impressed with the service they provided and the fact they got back to me when I made initial contact as so many agents didn’t.” “Our agent gave us multiple access times to review the property and detailed responses to questions.” “Our agent was very supportive to both us as buyers and the seller. He took a photo of us all together and sent us a professional document with photos and congratulations. It was a good experience for both parties.” “Constant communication and wonderful negotiating skills.” How agents can be honest with buyers – without undermining their loyalty to the vendor Listen to what the buyer is looking for and make viewing recommendations based on what you know is on the market, not just on your books Provide lists of comparable sales rather than price guides so that buyers can make informed judgments about what to offer Be flexible on viewing times to accommodate genuine but time challenged buyers Provide vendor approved quotes for repairs or remediation work on properties with issues so that buyers go in with their eyes open Respond quickly to inquiries and requests for further detail Know the property inside out including building materials, block size, renovation dates, rates, strata fees (if applicable) and running costs and have these available at opens.
  • 31. 2016 CoreLogic Buyer Perceptions of Real Estate Agents | 31 Kylie Davis The Author Follow her on: kyliecdavis @KDavisCoreLogic kylie.davis@corelogic.com.au Kylie Davis is Head of Property Solutions Marketing at CoreLogic, responsible for content, social, and go- to-market strategies. She has a 25-year career as a content marketer, editor and entrepreneur and has held executive editor roles at both Fairfax Media and News Corp. Prior to joining CoreLogic, Kylie was National Network Editor of Real Estate at News Corp responsible for the data-enabled editorial strategy that played a critical role in turning around the print publication losses in real estate. At 25, Kylie was founder of hyper-local newspaper The Village Voice, growing it to 3 newspapers over 10 years before selling. Kylie has an MBA (UNSW).
  • 32. About CoreLogic CoreLogic is the largest and most comprehensive provider of property information, analytics and property-related risk management services in Australia and New Zealand. We have more than 17,000 customers and 150,000 end users including, finance and real estate professionals, mortgage brokers, banking, valuers and corporate and government bodies, including some of the country’s biggest policy and decision makers. Previously known as RP Data, our combined databases cover the entire property lifecycle – from zoning to planning, design and construction, sale, lease, re-sale and demolition – across both residential and commercial properties. We have more than 660 sources of data which are received from a combination of public, contributory and proprietary data sources suppliers. CoreLogic is the only independent data company in Australia not owned by any real estate, media or banking interests. www.corelogic.com.au