The days when homes seemingly sold themselves seem very distant today. Now, the average home is on the market more than six months and buyers take four-and-a-half months to complete a purchase.
While both buyers (68%) and sellers (61%) rely on the Internet to help move the whole process of research and marketing along the J.D. Power and Associates 2008 Home Buyer/Seller StudySM found that having the right real estate agent was the most important factor contributing to overall satisfaction for both groups.
Home buyers and sellers ranked major national real estate companies on their ability to deliver overall satisfaction. When purchasing a home, the agent, office and services offered by the realtor determined satisfaction. For home sellers, marketing was added to the list.
The results?
Home buyers:
- Keller Williams ranks highest, performing particularly strongly across all three factors
- Prudential ranks second, performing well in the agent and office factors
- Coldwell Banker rounds out the top three, performing particularly well in the services area
Home sellers:
- Prudential ranks highest and performs particularly well in the marketing and office factors
- Coldwell Banker follows Prudential in the segment rankings and also performs well in the marketing factor
- RE/MAX ranks third, performing particularly well in the agent factor.
For both groups, the expertise that a real estate agent brings to the transaction is key to satisfaction. Buyers were shown approximately 13 homes before making a purchase and valued the professionalism and communication of their realtor. Home sellers in a down market, where a home typically required 11 showings and five open houses, not surprisingly place the most importance in the skill of the agent in negotiating the sale and in assisting with determining a fair market value and listing price for their home.
Other interesting facts:
- Nearly one-half of respondents (46%) report using recommendations from family or friends to find their real estate agent
- Approximately 28 percent used the Internet to find an agent
- 23 percent used an agent they had used previously
- 11 percent used a printed real estate guide
For more information, view our ratings on home buyers and home sellers, and read our press release.
