Saturday, November 8, 2008

What Buyers Want!

Survey of California First Time Home Buyers

California Association of Realtors conducted 500 telephone surveys with California consumers who purchased a home within the past six months. What I found interesting about the survey was the Buyers’ perception of their real estate agents and what they really wanted from an agent.

The three top reasons for selecting their agent had to do with competence (no surprise) – the real estate agent seemed like they would be the most aggressive on their behalf, the agent seemed like they would obtain the lowest price and they were the best prepared. The areas most Buyers needed the most help from their agent was price negotiation, determining what comparable homes were selling for, finding the right home to purchase and negotiating the terms of the sale.

When asked one thing the Buyer would like to change about their home buying experience, most Buyers wanted a better understanding on where the market is going, have their agent negotiate better on their behalf and have escrow close on time. The three top reasons Buyers were happy with their agent were that the agent worked hard on their behalf, was always quick to respond and listened to what they needed.

This is interesting – Advice to Give to Real Estate Agents to Improve their Service:

1) Improve the quality of your communications
2) Provide references for lenders who will perform
3) Provide Buyer references
4) Show how you can negotiate aggressively for the Buyer
5) Provide references for lenders who will recommend the best product for them
6) Improve the speed of communications
7) Listen to their needs better
8) Provide quality information on where the market is going and why
9) Find out about listings before they do
10) Pre-qualify homes before showing them
11) Provide information on where interest rates are going

I’d love to hear your experiences or advice – feel free to comment!

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