MADISON, N.J., Jan. 7, 2020 /PRNewswire/ -- Today, Century
21 Real Estate released data from its new real estate industry
survey that has uncovered significant insights into what the home
buying / selling process is like for Americans, as well as trends
that the company believes will influence the industry in 2020.
Of the homebuyers who were surveyed, 99% said their agent added
value during their transaction, such as providing information about
the market (23%) and navigating the overall process (22%). On the
homeseller side, those who used an agent to help them complete
their transaction rated knowledge of the market (73%), advice and
counsel (72%) and navigating stress (53%) as the top benefits
provided.
However, despite the significance placed on an agent's value and
the importance of homeownership itself, the survey revealed that,
on average, active buyers and sellers only interviewed two agents
before deciding on who to ultimately hire.
"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, Century 21 Real
Estate LLC. "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."
For those who do not invest time upfront in choosing a qualified
agent, they run the risk of aligning themselves with an advisor
that could leave them less than satisfied with the level of service
provided. According to the survey, conducted by Wakefield Research
that included responses from 500 U.S. homebuyers and 500 U.S.
homesellers who completed a real estate transaction in 2018 or
2019, 34% of recent buyers are not very likely to rehire the real
estate agent they just worked with. This data point highlights the
mediocrity that remains throughout the industry, which is why the
CENTURY 21 brand is focused on helping its independent agents
create extraordinary experiences for their clients.
The survey findings also revealed that nearly three-fourths of
Americans (70%) rank buying a home as one of their top three
greatest life achievements. In fact, buying a home was second only
to getting married (76%) in terms of top life achievements.
Additional survey results include:
- Agree to disagree: Only 17% of couples in a
relationship said the decision on which real estate agent to use
was made perfectly evenly.
- Shoulda, coulda, woulda: When asked to indicate
what could have helped them get a higher price for their home, 29%
of recent sellers said a better negotiation strategy, 25% selected
professional staging and 23% indicated that a knowledgeable real
estate agent would have helped boost their home's sale price.
- Fear of abandonment: Since closing on a home,
almost a quarter (23%) of people who used a real estate agent said
that their agent had not reached out to make contact with them.
When compared to how often an agent makes contact during the
transaction process (3 times per week, on average), recent
homebuyers may be feeling a bit abandoned after they get the keys
to their new home.
- Agent selection is significant: Three-in-5 buyers
(60%) said their agent went above and beyond the normal call of
duty, including taking them out for a meal or drink (31%), inviting
them to a social event (29%), introducing a potential neighbor
(20%) and even running errands (13%).
- Patience is a virtue: 92% of recent homesellers
agree that their agent was very patient throughout the emotional
ups and downs of the homebuying process.
Survey Methodology
The CENTURY 21 Survey was conducted
by Wakefield Research (wakefieldresearch.com) among 500 U.S. home
buyers and 500 U.S. home sellers, between
October 16th and October 23rd, 2019, using an email
invitation and an online survey.
Results of any sample are subject to sampling variation. The
magnitude of the variation is measurable and is affected by the
number of interviews and the level of the percentages expressing
the results. For the interviews conducted in this particular study,
the chances are 95 in 100 that a survey result does not vary, plus
or minus, by more than 4.4 percentage points from the result that
would be obtained if interviews had been conducted with all persons
in the universe represented by the sample.
About Century 21 Real Estate LLC
The approximately
131,000 independent sales professionals in approximately 10,000
offices spanning 83 countries and territories in the CENTURY
21® System live their mission every day: to defy
mediocrity and deliver extraordinary experiences. By consistently
chasing excellence, giving 121% and always elevating, the CENTURY
21 brand is helping its affiliated brokers/agents to be the first
choice for real estate consumers and industry professionals
worldwide. Century 21 Real Estate has numerous websites to help
answer specific consumer needs. They
are century21.com, century21.com/global, century21.com/commercial,
century21.com/finehomes and century21.com/espanol.
Century 21 Real Estate LLC is a subsidiary of Realogy Holdings
Corp. (NYSE: RLGY), a global leader in real estate franchising and
provider of real estate brokerage, relocation and settlement
services.
©2020 Century 21 Real Estate LLC. All Rights Reserved. CENTURY
21®, the CENTURY 21 Logo and C21® are
registered service marks owned by Century 21 Real Estate LLC.
Century 21 Real Estate LLC fully supports the principles of the
Fair Housing Act and the Equal Opportunity Act. Each office is
independently owned and operated.
Contact:
Dana
Hershman
Century 21 Real Estate LLC.
617.222.9191
Dana.Hershman@mullenlowe.com
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SOURCE Century 21 Real Estate LLC