Buyer Perceptions of Real Estate Agents Report Summary

©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

©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
So Let’s Get This Over With…
You want to know how much buyers hate you, don’t you?

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

But That Doesn’t Mean They Love You
5
14%14%
OF BUYERS RATED THEIR
BUYING EXPERIENCE AS
EXCELLENT
ONLY

Housekeeping: Who We Surveyed
546 buyers – 82% of whom who had successfully purchased
6

Why You Should Care
7
25%25%OF BUYERS SAID THEY
WOULD DEFINITELY USE THE
AGENT THEY BOUGHT FROM
TO SELL THEIR HOME
ONLY

If You Sell 100 Properties a Year . . .
Are you really okay with a 75% churn rate?
8

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

Why Open for Inspections are So Important
Weekly auditions for agents
10

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

But Buyers are Always Unhappy – Right?
12

What Agents Are Good At
Product knowledge
13

Where do you need to improve?
‘Soft’ skills and service behaviour
14

Buyers Versus Vendors
Don’t be one thing to one but behave differently to the other
15

What Buyers & Vendors Want
Surprisingly - the same thing
16
COMMUNICATION
AND
ACCOUNTABILITY
A RELATIONSHIP, NOT
A TRANSACTION
A TRANSPARENT
PROCESS FROM END
TO END

The cynicism of those still looking
The data suggests that they are jaded but you can win them over
17
Successfully purchased Still looking

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

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

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.

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

Would you tolerate it?
22

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

Wouldn’t You Like Clients for Life?
24

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.

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

How much it will cost you
27
$0

Thank you!
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Download the full report:
http://www.corelogic.com.au/buyersperception

Buyer Perceptions of Real Estate Agents Report Summary

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