Real Estate Agent Perceptions: By Icee Griffin A Voice of the Consumer Study

 Background  Objectives  Methodology  Key Findings  Implications  Summary Agenda

Background  5+ coworkers buying houses  Agent issues  Non-responsive  Showing wrong types of houses  Rushing decisions  Firing agents  What makes a good real estate agent?

Objectives  Develop a profile of a “best in class” real estate agent  Uncover some “nice to have” qualities  Discover what homebuyers actually prefer from their agents  Produce guidelines for agents entering the field

Methodology  In-depth interviews  4 IDIs  minutes  Sample Criteria  Purchased within past 3 months  Utilized real estate agent/realtor  Were not building

Methodology  Text Analytics  Online reviews  TextAnalyst  Summarization

Key Findings In-Depth Interviews

Key Findings  Profile:  Michelle, 38  Divorced, no children  Home took one outing to find  Currently Renting previous home Reason for purchasing home: Move closer to work Found agents through: Referrals

Key Findings  Needs from Agent:  A partner, not an order taker  Proactive in contacting  Asked about more than the basics, asked about lifestyle  Scheduled listings based on needs She did not ask me the basics, like how many bedrooms or bathrooms. Instead she asked me how I envisioned using the space. “ ”

Key Findings  Agent Dislikes:  Did not focus in the area  Nonresponsive  Reliance on her to find properties It’s like comparing it to a personal shopper who knows you and picks out things that they know you’re going to like, versus the high school chick in the mall who’s like just bring it to me and I’ll ring you out. “ ”

Key Findings  Profile  Alex, 25  Living with boyfriend, no children  First time homebuyer  Home took ~3 months to find Reason for purchasing home: Good time to enter the market Found agents through: Referrals, online reviews

Key Findings  Needs from Agent:  Should send regular listings matching her criteria  Should respond within a day  Understand how fast market is moving  Follow up afterwards A good realtor, I think, should respond to you within the day. Especially with houses flying off the market as quickly as they were... “ ”

 Agent Dislikes:  Bumped around team  Not consultative  Don’t make assumptions  Not responding fast enough Key Findings I’m looking for someone to be consultative. That’s their job to know what’s out there and available and he wasn’t really willing to work with me… “ ”

Key Findings  Profile  Joe, 39  Divorced, 1 child  Second time homebuyer  Home took ~2 months to find Reason for purchasing home: Divorce Found agent through: Chance meeting

Key Findings  Needs from Agent:  Quick to respond  Has a backup person if not available  Focuses on you  Makes suggestions She was very quick to respond to my s. She also had a partner so that if she couldn’t respond to me, he responded. “ ”

Key Findings  Agent Dislikes:  Handed off to partner  Not thoroughly reading contract  Didn’t make solid recommendations They recommended the finance person that I went through, and that was a small operation, which delayed closing a couple of weeks. “ ”

Key Findings  Profile:  Stacy, 35  Married, expecting first child  Home took ~5 months to find  Currently Renting previous home Reason for purchasing home: Upgrading Found agent through: Referral

Key Findings  Needs from Agent:  Good at giving information  Understood what she was looking for  Thought about the future of home  Not pushy  Good personality We needed someone that was going to help us out with things like: is this a good resale property? He knew the market well and was very helpful. “ ”

Key Findings  Agent Dislikes:  Didn’t communicate often  Not proactive  communication poor & brief There was a disconnect between his communication and talking with him in person. “ ”

Key Findings Online Reviews

Key Findings  Online Reviews (300+)  Taking the time to show a lot of properties  Showing neighborhoods, restaurants, etc.  Being available in person rather than just by phone/

Implications

Objective: “Develop a profile of a ‘best in class’ real estate agent”  Know the market  Focus in one area  Can read their clients  Respond quickly  Willing to negotiate  Discuss future value  Make solid recommendations

Implications Objective: “Uncover some ‘nice to have’ qualities”  Have an assistant/partner  Offer to show neighborhood  Follow up after closing  Send thank you notes for recommendations

Implications Objective: “Discover what homebuyers actually prefer from their agents”  Be personable  Communicate often  Pick up the phone/schedule a visit  Be proactive  Make suggestions

Implications Objective: “Produce guidelines for agents entering the field”  Don’t try to rush your clients  Don’t pass clients off  Don’t miss anything

Summary  Keep the client in mind  Be observant  Have the right team  Get reviews

Thank you!