Contrary to popular stereotype, many vendors are actually happy with the level service they receive from their real estate agent. This insight was reached from a survey of 300 vendors undertaken in 2015 by CoreLogic.
Of those surveyed, 74% vendors achieved the price they wanted or higher for their property.
But there were some more interesting insights that revealed what vendors really think about agents, and lots of key areas where good agents could stand out from the crowd. We thought sharing these could be helpful so you know you’re ticking all the right boxes.
If you are doing these already you can rest assured your vendor will be singing your praises and, most importantly, referring you to everyone they know.
What Sellers Really Think About Agents
Professionalism is essential
Not surprisingly, the number one behaviour highlighted by vendors as essential was professional behaviour by their agent. They thought this could be best demonstrated by agents being proactive and delivering on their promises.
The survey found that 13% of vendors that sign up the least experienced agents were more likely to sell their properties above the expected price. This suggests there is definitely an opportunity for new agents to shine here, showing that professionalism, enthusiasm, commitment can win out against years of experience.
But all agents selling real estate can benefit if they know what things impress vendors the most. Some of the elements that vendors rated agents highly on included:
- advising on work needed to spruce up the property
- organising minor renovations,
- styling recommendations,
- negotiating hard on their behalf
- offering to assist them with the purchase of their next home.
Said one vendor commenting on her agent’s professional service “She provided advice on homes we were looking to buy in an area outside her agency area which we found enormously helpful.”
Above all, vendors thought an imperative part of being professional was honesty and this was needed from the start of the process to build trust.
Work on your customer service skills
Strong customer service skills were highly valued by vendors, who rated agents ‘excellent’ if they were proactive with sales data, provided regular feedback, and gave home presentation advice.
Successful real estate agents were those who demonstrated the following thoughtful gestures:
- organising a dinner voucher
- ensuring multiple agents were located around the home during opens
- offering bottles of waters to viewers on hot days
- giving thank you gifts at the conclusion of the sale.
Vendors said they were more likely to recommend an agent to friends who stayed in touch after the sale, rather than one who dropped off the radar after the sale was signed.
Said one, “My agent rang me about six months after the sale just to chat to make sure all was well and we had settled in. It was a very nice touch.”
Demonstrate your local knowledge
One surprising find highlighted by the survey was the lack of agents not demonstrating their local knowledge effectively. Nearly 50% didn’t show vendors any recent sales their agency had achieved.
Since 58% of vendors said they were influenced by seeing an agent successfully sell a local property, there’s a real chance here to wow your vendor. By using key data and market insights displayed professionally you can obtain a high level of vendor satisfaction.
While agents may say they don’t want to confuse people with data when trying to set a price, vendors say they’d much rather have data and market conditions explained to them. If you do this with your vendor you’re guaranteed to gain their respect and ease their anxiety. This is what top agents do, as well as providing a fact-based update if sales data changes.
“My agent offered great advice,” said one vendor. “He suggested a marketing strategy which I wasn’t aware of and it worked wonderfully. Obviously the strategy had been developed by him through his experience and local knowledge.”
Interestingly the survey highlighted that very few real estate agents are tech savvy, despite the advancement of technology in the industry. Just 17% used an iPad or video to share market information, and 12% of vendors received market information in an email.
For agents, technology is a real opportunity to connect with your vendors through a variety of different mediums, including text, email, social media and video. At Bricks + Agent we believe agents who embrace real estate technology have a great future in the industry.
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