Real estate changes in a short period of time
In the J.D. Power and Associates 2011 Home Buyer/Seller Study released today, RE/MAX took the top spot with overall satisfaction in the buyer and seller category, with sellers’ satisfaction increasing from 2010 levels and buyers’ satisfaction decreasing.
In addition to studying consumer sentiment toward real estate brands and agents in general, J.D. Power analyzed some of the inner workings of real estate, finding that some major changes have taken place in just one year.
Realtors are hustling
In 2011, 60% of buyers and sellers were asked for a referral or recommendation by their real estate agent, up 28% from 2010. We are finding that the majority of agents are realizing that stamping “I’m never too busy for referrals” on a business card isn’t enough to win referrals, but actually asking for those referrals and recommendations face to face or digitally is the winning tactic.
Number of homes shown
Real estate professionals are learning to work in the lean housing environment, not only by actually asking for referrals but possibly communicating more effectively in a way that reduces the “lookie lou” effect common in real estate.
The average number of homes shown to buyers is nine as of 2011, nearly half of the 2010 average. The average number of showings also fell in 2011 to 8.6, down from 12.1 in 2010. It is possible that Realtors are coping more effectively with the struggling housing market and are better equipped to explain the realities of the market with buyers.
Reduced website use?
J.D. Power reports that only 58% of sellers indicate using a website listing to market their home in 2011, down from 82% in 2010. This is shocking. While the wording of the question is unclear and we cannot tell if this pertains to whether or not a homeowner places their own listing online or if it pertains to their agent publishing listings on any website, but any reduction of digital media is shocking as it has risen in prominence so quickly.
The scene is certainly changing. Realtors are doing more with less and most are actually asking for referrals. The report reveals that the real estate industry is hustling more in 2011 than in 2010.