WESTLAKE VILLAGE, Calif. – Aug. 3, 2011 – It’s a buyers’ market, but the sellers seem happier with the real estate company that’s helping them to list a home.
Buyers, however, are less satisfied with their real estate company’s services compared to 2010, according to the J.D. Power and Associates 2011 Home Buyer/Seller Study released yesterday.
The study, now in its fourth year, measures customer satisfaction of home buyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors of the home-buying experience: agent/salesperson; office; and variety of additional services.
Four factors are examined for the home-selling experience: agent/salesperson; marketing; office; and variety of additional services.
Home-buyer satisfaction
Overall satisfaction among home buyers averages 797 on a 1,000-point scale in 2011 – a decrease of six points from 2010. The decrease is primarily due to lower satisfaction with the agent/salesperson, which is the most influential component of buyer satisfaction with the real estate company. Agent/salesperson satisfaction averages 814 in 2011 compared with 828 in 2010.
“Although the current real estate market – with the confluence of low home prices and historically low interest rates – creates the perception of a buyers’ market, there are still traditional barriers to purchase in place, which could be negatively affecting buyer satisfaction with their agent,” says Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “Agents who properly manage client expectations around the home-buying process and communicate with clients about potential challenges – such as higher requirements for downpayments, tighter loan standards and additional costs on top of the monthly mortgage – may be better able to keep clients satisfied.”
Home-seller segment
Among home sellers, satisfaction with real estate companies has improved substantially to an average of 779 in 2011 from 742 in 2010. While satisfaction with each of the components improved since 2010, the greatest gain occurred in the marketing component, which increased 62 points.
In 2011, the variety of additional services and the office components increased, while the agent/salesperson and marketing factors declined. According to Howland, many real estate companies have made cutbacks in additional services and offices during recent years, and the increasing importance of these areas reflects that sellers may be missing these amenities, which provides an opportunity for companies to improve satisfaction.
The 2011 Home Buyer/Seller Study includes more than 4,200 evaluations from more than 3,680 respondents who bought or sold a home between March 2010 and April 2011. The study was fielded between March and May 2011.
Additional industry findings
• Recommendations and referrals play a key role to both buyers and sellers when choosing an agent and real estate company. In 2011, six in 10 buyers and sellers say their agent asked for a referral or recommendation – up from 47 percent in 2010.
• The average number of homes buyers saw prior to making a purchase is 9.0 in 2011, down notably from 17.5 in 2010.
• The average number of sellers’ home showings in 2011 is 8.6, on average, prior to sale, down considerably from an average of 12.1 showings in 2010.
• In 2011, just 58 percent of sellers indicated using a website listing to market their home, compared with 82 percent in 2010.
No comments:
Post a Comment