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Buyer perceptions of real estate agents

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Real estate agents who improve their care of buyers stand out from agents in general leading to stronger listing growth.

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Buyer perceptions of real estate agents

  1. 1. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. May 2016 Buyer Perceptions of Real Estate Agents Kylie Davis Head of Property Services Marketing
  2. 2. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. 2 10%of respondents in the Roy Morgan Image of Professions Survey claim Real Estate Agents are trustworthy. * Image of Professions 2016 based on general sample of 655 respondents Is this guy the industry?
  3. 3. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. 3 So Let’s Get This Over With… You want to know how much buyers hate you, don’t you?
  4. 4. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. SURPRISE!!! 4 14%14%OF BUYERS & SELLERS HAD TRULY AWFUL EXPERIENCES WITH REAL ESTATE AGENTS Based on Poor or Disastrous experiences buying or selling a home
  5. 5. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. But That Doesn’t Mean They Love You 5 14%14% OF BUYERS RATED THEIR BUYING EXPERIENCE AS EXCELLENT ONLY
  6. 6. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Housekeeping: Who We Surveyed 546 buyers – 82% of whom who had successfully purchased 6
  7. 7. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Why You Should Care 7 25%25%OF BUYERS SAID THEY WOULD DEFINITELY USE THE AGENT THEY BOUGHT FROM TO SELL THEIR HOME ONLY
  8. 8. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. If You Sell 100 Properties a Year . . . Are you really okay with a 75% churn rate? 8
  9. 9. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. What are you doing wrong? Failing to see the value of Buyer Care 9 68%68%OF BUYERS SAID AGENTS HAD LITTLE TO NO INTEREST IN HELPING THEM FIND A SUITABLE PROPERTY TO BUY
  10. 10. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Why Open for Inspections are So Important Weekly auditions for agents 10
  11. 11. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. The Power of Excellent Buyer Service How to stand out from the crowd 11 Buyers are astonished and grateful Buyers become clients for life Buyers refer you to their friends and family 14% Experience excellence 25% Will definitely use you again 57% Will recommend you
  12. 12. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. But Buyers are Always Unhappy – Right? 12
  13. 13. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. What Agents Are Good At Product knowledge 13
  14. 14. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Where do you need to improve? ‘Soft’ skills and service behaviour 14
  15. 15. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Buyers Versus Vendors Don’t be one thing to one but behave differently to the other 15
  16. 16. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. What Buyers & Vendors Want Surprisingly - the same thing 16 COMMUNICATION AND ACCOUNTABILITY A RELATIONSHIP, NOT A TRANSACTION A TRANSPARENT PROCESS FROM END TO END
  17. 17. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. The cynicism of those still looking The data suggests that they are jaded but you can win them over 17 Successfully purchased Still looking
  18. 18. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. The Tricky Issue of Price When you get price wrong, you waste time and erode trust 18 9%9%OF BUYERS SAID THE QUALITY OF THE PRICE GUIDES THEY RECEIVED WAS EXCELLENT
  19. 19. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Buyers Are Better Researchers than Sellers So they are increasingly catching you out 46%46%OF BUYERS BOUGHT OR ACCESSED A PROPERTY REPORT COMPARED TO 26% OF VENDORS
  20. 20. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. The Issue of Honesty 20 9%9% OF BUYERS SAID THE HONESTY AND TRUSTWORTHINESS OF AGENTS WAS EXCELLENT Agents should be honest. 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.
  21. 21. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Win Buyers Without Undermining Vendors 21 Provide lists of comparable sales rather than price guides to help buyers make informed judgments Be flexible on viewing times to accommodate genuine but time challenged buyers Respond quickly to inquiries and requests for further details Know the property inside out including building materials, renovation dates, strata fees etc Provide Vendor approved quotes for repair or remediation works
  22. 22. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Would you tolerate it? 22
  23. 23. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. If You Do Any of These Things – STOP NOW! 23 Refuse to advertise prices or provide suitable price guidance Waste buyers time by sending them to blatantly unsuitable properties Hiding faults or failing to address them with vendors Failing to return calls – especially during a negotiation Advertising open home inspections when the property has a committed under offer Poor post sale experience. Making buyers pick up their own keys
  24. 24. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Wouldn’t You Like Clients for Life? 24
  25. 25. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. What Agents Did Well 25 Our agent was very supportive to both us as buyers and the sellers. He took a photo of us all together and sent us a professional document with the photos and congratulations. It was a good experience for both parties. She kept me up to date throughout the negotiation and answered any questions before and after settlement Our agent provided information about the local council, businesses, schools and public transport. 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. Constant communication and wonderful negotiation skills Our agent gave us multiple access times to review the property and detailed responses to questions. Our agent was patient with my lack of knowledge and they educated me about the process She knew the ages and the schools of the kids in the street went to which was personal and allowed us to know the area was a good fit for our family. He had a good knowledge of the neighbours, their names and jobs and made us feel really comfortable with the neighbourhood. Our agent was very knowledgeable and honest and always got back to me when promised.
  26. 26. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. So what should you take away? Buyer-care is one of the most powerful assets you have access to 26 Have a transparent process and take time with buyers Make buyers feel they are part of a community Provide information that is emotional as well as transactional. Acknowledge the emotional importance of the purchase Demonstrate empathy and thoughtfulness
  27. 27. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. How much it will cost you 27 $0
  28. 28. ©2016 RP Data Pty Ltd t/as CoreLogic Asia Pacific. All rights reserved. Confidential. Thank you! 28 Download the full report: http://www.corelogic.com.au/buyersperception

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