The National Association of Realtors® Profile of Home Buyers and Sellers 2009 again shows the power of a referral and responsiveness.
p. 62, National Association of Realtors® Profile of Home Buyers and Sellers 2009
p. 94, National Association of Realtors® Profile of Home Buyers and Sellers 2009
Over fifty percent of buyers and forty-nine percent of sellers who used a real estate agent found their agents through a referral by friends or family, another real estate professional, or from an employer or relocation company. What attributes lead to increased referrals? Let’s look at some more NAR data below to find a plausible answer.
p. 60, National Association of Realtors® Profile of Home Buyers and Sellers 2009
p. 96, National Association of Realtors® Profile of Home Buyers and Sellers 2009
These charts reinforce what we already know: buyers and sellers want knowledge experts. Help with negotiations, finding the right home, competitively pricing a home, and marketing expertise are among the most important attributes to your potential clients (and likely your past clients, too). What other attributes do buyers and sellers find important?
p. 64, National Association of Realtors® Profile of Home Buyers and Sellers 2009
p. 97, National Association of Realtors® Profile of Home Buyers and Sellers 2009
These charts show that reputation, honesty, and integrity are among the most important attributes for an agent. Responsiveness and listening skills are also important. As you plan for the next 90 days and for next year, ask yourself whether you want a reputation as a lackadaisical agent or a consummate and engaged professional, ask yourself what skills (like negotiation) should I build-up to reinforce my reputation, ask yourself what attributes I need to hone to increase positive recommendations and referrals from current and past clients.
p. 63, National Association of Realtors® Profile of Home Buyers and Sellers 2009
p. 94, National Association of Realtors® Profile of Home Buyers and Sellers 2009
Sixty-six percent of buyers and sixty-four percent of sellers contacted just one agent to assist them with the purchase or sale of a home. What this tells me is that responsiveness, already a key point in selecting an agent, is likely a key factor in gaining business too. The first agent to pick up the phone, answer an email, respond to a chat, reply to a Tweet, comment on a status update, etc, increases their odds of gaining a new client or retaining an existing one.
Are the charts above simply a representation of common sense? Treat people like you like to be treated? Likely. But it’s also useful data to use to ensure that you’re providing as superior and meaningful and remarkable (as in Seth Godin’s definition) and memorable experience as you can to your current and past clients, which will inevitably have a positive impact on your business.
Posted By: 
Eric Bryn
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Interesting information, and well-presented. You definitely illustrate the benefits of paying attention to the details. Unfortunately, too many agents feel that it is too much hard work, maybe because it means going outside of their comfort zones and exploring new, different ideas.
There are some who are using the internet and social media to good effect. Time and again I hear from agents who are regularly attracting customers through their Facebook presence and yet most of their colleagues refuse to consider Facebook as a serious marketing tool. Research constantly shows that people prefer to do business with those that they know, like, and trust. All three factors must be present in order for someone to become a customer for life, and yet one of the most effective methods of enhancing “reputation, honesty, and integrity” is being ignored, be it through ignorance or apathy.
Those that “get it” are the ones who will thrive when the market eventually gets back to normal.