How important is a real estate agent to homebuyers and sellers? Well, according to new survey, a majority of homebuyers and sellers feel that an agent is more important to them than their therapist.
In fact, the new survey from Century 21 shows that a majority of homebuyers and sellers say they value and confide in their agents more than a therapist, and know them better than their own neighbors.
On average, homebuyers and sellers only interview two agents before they decide on who to hire.
Despite this, 99% of homebuyers said their agent added value during their transaction.
For home sellers, 73% of those who used an agent said they helped them with their transaction rated knowledge of the market, 72% had advice and counsel and 53% said they helped them navigate their stress.
“We’re seeing a real disconnect within the real estate industry today where homebuyers and sellers are extremely invested in the outcome of their transaction, yet they seem to be shortchanging themselves on the front end by rushing the vetting process to find the right agent to help them navigate what for most is the biggest emotional and financial decision in their life,” said Mike Miedler, president and CEO of Century 21.
But consumers aren’t always happy with the agent they use.
According to a survey conducted by Wakefield Research, 34% of homebuyers in 2018 or 2019 said they are not very likely to rehire the agent they just worked with.
According to the survey, 60% of homebuyers said their agent went above and beyond their duties. This included being taken out for a meal or drink (31%); being invited to a social event (29%); being introduced by a potential neighbor (20%) and running errands (13%).
“Defying the mediocrity that still exists in the real estate industry is a major part of our mission and every potential homebuyer or seller should be extremely selective in whom they entrust to shepherd them through this complicated process,” Miedler said.