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Background
5+ coworkers buying houses
Agent issues Non-responsive Showing wrong types of houses Rushing decisions Firing agents
What makes a good real estate agent?
Objectives
Develop a profile of a “best in class” real estate agent
Uncover some “nice to have” qualities
Discover what homebuyers actually prefer from their agents
Produce guidelines for agents entering the field
Methodology
In-depth interviews 4 IDIs 10-15 minutes
Sample Criteria Purchased within past 3 months Utilized real estate agent/realtor Were not building
Key Findings
Profile: Michelle, 38 Divorced, no children Home took one outing to find Currently Renting previous home
Reason for purchasing home: Move closer to work
Found agents through: Referrals
Key Findings
Needs from Agent: A partner, not an order taker Proactive in contacting Asked about more than the basics, asked
about lifestyle Scheduled listings based on needs
She did not ask me the basics, like how many bedrooms or bathrooms. Instead she asked me how I envisioned using the space.
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Key Findings
Agent Dislikes: Did not focus in the area Nonresponsive Reliance on her to find properties
It’s like comparing it to a personal shopper who knows you and picks out things that they know you’re going to like, versus the high school chick in the mall who’s like just bring it to me and I’ll ring you out.
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Key Findings
Profile Alex, 25 Living with boyfriend, no children First time homebuyer Home took ~3 months to find
Reason for purchasing home: Good time to enter the market
Found agents through: Referrals, online reviews
Key Findings
Needs from Agent: Should send regular listings matching her
criteria Should respond within a day Understand how fast market is moving Follow up afterwards
A good realtor, I think, should respond to you within the day. Especially with houses flying off the market as quickly as they were...
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Agent Dislikes: Bumped around team Not consultative Don’t make assumptions Not responding fast enough
Key Findings
I’m looking for someone to be consultative. That’s their job to know what’s out there and available and he wasn’t really willing to work with me…
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Key Findings
Profile Joe, 39 Divorced, 1 child Second time homebuyer Home took ~2 months to find
Reason for purchasing home: Divorce
Found agent through: Chance meeting
Key Findings
Needs from Agent: Quick to respond Has a backup person if not available Focuses on you Makes suggestions
She was very quick to respond to my emails. She also had a partner so that if she couldn’t respond to me, he responded.
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Key Findings
Agent Dislikes: Handed off to partner Not thoroughly reading contract Didn’t make solid recommendations
They recommended the finance person that I went through, and that was a small operation, which delayed closing a couple of weeks.
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Key Findings
Profile: Stacy, 35 Married, expecting first child Home took ~5 months to find Currently Renting previous home
Reason for purchasing home: Upgrading
Found agent through: Referral
Key Findings
Needs from Agent: Good at giving information Understood what she was looking for Thought about the future of home Not pushy Good personality
We needed someone that was going to help us out with things like: is this a good resale property? He knew the market well and was very helpful.
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Key Findings
Agent Dislikes: Didn’t communicate often Not proactive Email communication poor & brief
There was a disconnect between his email communication and talking with him in person.
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Key Findings
Online Reviews (300+) Taking the time to show a lot of properties
Showing neighborhoods, restaurants, etc.
Being available in person rather than just by phone/email
Implications
Objective: “Develop a profile of a ‘best in class’ real estate agent”
Know the market
Focus in one area
Can read their clients
Respond quickly
Willing to negotiate
Discuss future value
Make solid recommendations
Implications
Objective: “Uncover some ‘nice to have’ qualities”
Have an assistant/partner
Offer to show neighborhood
Follow up after closing
Send thank you notes for recommendations
Implications
Objective: “Discover what homebuyers actually prefer from their agents”
Be personable
Communicate often
Pick up the phone/schedule a visit
Be proactive
Make suggestions
Implications
Objective: “Produce guidelines for agents entering the field”
Don’t try to rush your clients
Don’t pass clients off
Don’t miss anything
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