The role of the real estate agent has been under the microscope of late as a result of class-action litigation over agent commissions, but the feedback agents want most about their practices comes from two sources — home buyers and sellers.
A new report from the National Association of Realtors (NAR) surveyed buyers and sellers on what they want from their real estate agents. And for all talk about getting a good deal on a purchase or sale, people still just want to find the right home and have a smooth process.
This was unambiguous among homebuyers. When asked what they want their real estate agent to help with, the most common response was “finding the right home,” cited by 49% of buyers.
This concern even outweighed factors related to money. It might be surprising to learn that only 11% said that help with price negotiations is the No. 1 need, while only 14% said they wanted help in negotiating the terms of the sale.
Responses from home sellers suggest they’re more concerned about monetary issues than buyers, but they still have practical matters that take priority.
Help with marketing their home was the top response from sellers at 22%, while pricing the home competitively was a close second at 20%. Help negotiating with buyers registered at just 13%. Logistics such as selling the home on the right timeline (18%) and preparing the house for sale (15%) also registered frequently among sellers.
The survey also shed light on the different methods by which agents are marketing homes for sale. The hotly debated Clear Cooperation Policy (CCP) — a NAR rule that requires Realtors to post a home on a NAR-affiliated multiple listing service (MLS) within a day of signing a listing agreement — is likely playing a role in the responses.
In response to a “select all that apply” question about marketing methods, 86% of sellers said their agent posted the listing on an MLS, by far the highest option. More antiquated methods like yard signs (61%), open houses (58%) and direct mail (8%) showed up in the survey as well.
