Survey: Sellers Are Happy, But Why Aren’t Buyers?
Daily Real Estate News | Tuesday, August 02, 2011
Home sellers are more satisfied with real estate company services compared to last year, but buyers are less satisfied, according to the 2011 Home Buyer/Seller Study by J.D. Power and Associates, which gauged customer satisfaction of more than 3,500 buyers and sellers among the nation’s largest real estate companies.
So what has buyers unhappy — in a “buyer’s market” no less? Buyers showed less satisfaction with the agent/salesperson, in particular, which was found to be the most influential aspect of buyer satisfaction with a real estate company.
“Although the current real estate market—with the confluence of low home prices and historically low interest rates—creates the perception of a buyers’ market, there are still traditional barriers to purchase in place, which could be negatively affecting buyer satisfaction with their agent,” Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates, said in a statement. “Agents who properly manage client expectations around the home buying process and communicate with clients about potential challenges—such as higher requirements for down payments, tighter loan standards and additional costs on top of the monthly mortgage—may be better able to keep clients satisfied.”
Meanwhile, sellers love their agents. They showed higher marks this year for marketing, office, and the “variety of additional services” real estate companies are providing, Howland says.
Source: “Despite ‘Buyers’ Market’ Conditions, Real Estate Company Satisfaction Improves among Sellers, but Declines among Buyers,” J.D. Power & Associates (July 27, 2011)