Home Sellers & Their Home Sellers & Their REALTOR ® Nearly three-quarters of...

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  • Home Sellers & Their REALTOR®

    Nearly three-quarters of Houston-area home sellers used a Realtor® to sell their home, and more than 90 percent were satisfied with their Realtor®’s overall performance. More than 80 percent of sellers said they would benefit from

    accessing Realtor® ratings by previous customers.

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  • Houston Association of Realtors® | www.HAR.com22

    2008 HAR Survey of Home Sellers & BuyersHome Sellers & Their Realtor®

    METHOD EXHIBIT 3.1 - METHOD USED TO SELL HOME

    Three-quarters of Houston- area sellers used a Realtor® to sell their home, underscoring the importance of the real estate professional in today’s market.

    REASONS EXHIBIT 3.2 - REASONS GIVEN BY SELLERS WHO DID NOT USE A REALTOR®

    For those sellers who did not use a Realtor® to sell their home, the largest number did not use a Realtor® because they said they did not want to deal with a Realtor®.

    Did not want to deal with a REALTOR® 22%

    Have own real estate license 15%

    Sold home to a relative, friend or neighbor 15%

    Did not want to pay a commission fee 13%

    Buyers contacted directly 13%

    Sold it using a REALTOR® 73%

    Sold it without using a REALTOR® 21%

    First tried selling it yourself, but then used a REALTOR® 2%

    First listed home with a REALTOR®, but then sold it yourself 1%

    Other 3%

    METHOD USED TO SELL HOME

  • 2008 HAR Survey of Home Sellers & Buyers

    Houston Association of Realtors® | www.HAR.com 23

    Home Sellers & Their Realtor®

    REALTOR® COMPENSATIONEXHIBIT 3.3 - HOW REALTOR® WAS COMPENSATED FOR HOME SALE

    Sellers took responsibility for paying the cost of using a Realtor® to sell their home. Nearly 80% of sellers who used a Realtor® compensated the Realtor® themselves. The compensation tended to be based on a percentage of the sales price.

    By home seller, based on a percentage of the price 77%

    By home seller, based on a flat fee 5%

    By combination of buyer and seller 7%

    By home buyer 3%

    By home seller, based on menu of services 0%

    Other 1%

    REALTOR® COMPENSATION

  • Houston Association of Realtors® | www.HAR.com24

    2008 HAR Survey of Home Sellers & BuyersHome Sellers & Their Realtor®

    FINDING A REALTOR® EXHIBIT 3.4 - HOW SELLER FOUND REALTOR® WHO HELPED SELL THEIR HOME

    Referrals were the dominant factor for sellers as they selected their Realtor®. The only other significant response was that nearly one-quarter of the sellers knew the Realtor® personally.

    A referral from friends/neighbors/co-workers 52%

    I knew the REALTOR® personally, had used before 24%

    I identified the REALTOR® from a “For Sale” sign 3%

    I was contacted by REALTOR® 4%

    I was referred by my employer/relocation company 3%

    I visited an open house 1%

    Referred by another REALTOR® 2%

    The newspaper 0%

    Web sites 1%

    Other 4%

    Not Sure 4%

    FINDING A REALTOR®

  • 2008 HAR Survey of Home Sellers & Buyers

    Houston Association of Realtors® | www.HAR.com 25

    Home Sellers & Their Realtor®

    IMPORTANT FACTOR

    SEARCH

    EXHIBIT 3.5 - MOST IMPORTANT FACTOR TO SELLERS IN CHOOSING A REALTOR®

    EXHIBIT 3.6 - NUMBER OF REALTORS® CONTACTED BY SELLERS

    The most important factor sellers relied upon in choos- ing their Realtor® was the Realtor®’s reputation, honesty and trustworthiness. More than one in five sellers said the Realtor®’s knowl- edge of the market area was their main reason for selecting the Realtor® to work with them.

    Most sellers relied upon the Realtor® they knew. More than a quarter indicated that they did not seek out other Realtors®, while just over half contacted one other Realtor® prior to making a decision.

    Reputation, honesty, and trustworthiness of REALTOR® 29%

    The REALTOR® was the most knowledgeable in the market area 21%

    A referral from family/friends/co-workers 20%

    REALTOR® offered the lowest fee 6%

    First REALTOR® to respond to my inquiry 3%

    The REALTOR®’s affiliation with a particular firm 2%

    The professional designations held by the REALTOR® 0%

    REALTOR®’s community or charitable involvement 0%

    Or other factors 14%

    0

    10

    20

    30

    40

    50

    60

    CHOOSING A REALTOR®

    58%

    27%

    11% 7%

    2%

    I knew the REALTOR®

    personally, had used before

    Two Three Four Five or more

  • Houston Association of Realtors® | www.HAR.com26

    2008 HAR Survey of Home Sellers & BuyersHome Sellers & Their Realtor®

    PURCHASE EXHIBIT 3.7 - SELLERS USED SAME REALTOR® TO PURCHASE ANOTHER HOME

    More than half of sellers responded that they used the same Realtor® who helped them sell their home to pur- chase another home.

    CHOOSING A REALTOR®

    46% No

    52% Yes

  • 2008 HAR Survey of Home Sellers & Buyers

    Houston Association of Realtors® | www.HAR.com 27

    Home Sellers & Their Realtor®

    MOST IMPORTANTEXHIBIT 3.8 - WHAT SELLERS WANTED MOST FROM REALTOR®

    Sellers interviewed most wanted help from their Real- tor® finding a buyer for and marketing their home. A large number also wanted help sell- ing the home within a specific time frame and pricing the home competitively.

    All First Time Not First

    Time

    Help in finding a buyer/marketing the home 28% 33% 26%

    Help in selling home within specific time frame 17% 8% 21%

    Help in pricing home competitively 16% 12% 18%

    Help with paperwork, inspections, closing 9% 9% 9%

    Help in negotiating, dealing with potential buyers

    11% 13% 10%

    Advice on how to fix up the home to sell it for more 2% 1% 2%

    Help in finding other homes available to purchase 1% 3% 1%

    SELLERS’ PREFERENCE

  • Houston Association of Realtors® | www.HAR.com28

    2008 HAR Survey of Home Sellers & BuyersHome Sellers & Their Realtor®

    COMMUNICATION

    OFFICE VISITS

    EXHIBIT 3.9 - SELLERS’ MOST IMPORTANT MEANS OF COMMUNICATION WITH REALTOR®

    EXHIBIT 3.10 - SELLER’S NUMBER OF VISITS TO REALTOR®’S OFFICE

    Telephones are still the most prevalent means of commu- nication between sellers and their Realtor®. E-mail was also an important means of communication, particularly with experienced sellers, as was in-person communica- tion.

    Nearly one-half of all sellers surveyed never visited their Realtor®’s office. Less than 15% of sellers visited the of- fice three or more times. This indicates that expansive (and expensive) office space may be an unneccessary overhead expense for real estate brokers.

    All First Time to

    Sell Not First Time

    Telephone 71% 75% 69%

    E-mail 15% 12% 17%

    In Person 11% 11% 11%

    Fax 0% 1% 0%

    Text Messages 0% 0% 1%

    Other Means 0% 0% 1%

    Not Sure 2% 1% 2%

    COMMUNICATIONS WITH THE REALTOR®

    48% Never

    35% Once or

    twice

    11% Several times

    3% More than

    several times

    3% Not sure/

    No answer

  • 2008 HAR Survey of Home Sellers & Buyers

    Houston Association of Realtors® | www.HAR.com 29

    Home Sellers & Their Realtor®

    WEB SITES LISTEDEXHIBIT 3.11 - DID REALTOR® NOTIFY SELLER OF INTERNET SITES HOUSE WAS LISTED

    COMMUNICATIONS WITH THE REALTOR®

    50% Yes

    38% No

    11% Not sure/

    No answer

    Half of the sellers surveyed were told by their Realtor® on what Internet sites their home would be listed.

  • Houston Association of Realtors® | www.HAR.com30

    2008 HAR Survey of Home Sellers & BuyersHome Sellers & Their Realtor®

    REALTOR® FOLLOW UP

    REALTOR® FOLLOW UP

    EXHIBIT 3.12 - REALTOR® CONTACTED SELLER AFTER CLOSING

    EXHIBIT 3.13 - VALUE OF REALTOR® FOLLOW UP

    FOLLOW-UP

    More than two-thirds of the Realtors® used by the sellers surveyed had some form of follow-up after the closing.

    Less than 40% of the sellers surveyed found the follow- up of their Realtor® to have been of value, while another quarter thought it was some- what valuable.

    6% Not sure/

    No answer

    25% No

    68% Yes

    39% Very

    valuable

    25% Somewhat valuable

    10% Not very valuable

    5% Not at all valuable

    19% Not sure/

    No answer

  • 2008 HAR Survey of Home Sellers & Buyers

    Houston Association of Realtors® | www.HAR.com 31

    Home Sellers & Their Realtor®

    OVERALL SATISFACTION

    REASONS

    EXHIBIT 3.14 - SELLERS’ OVERALL SATISFACTION WITH REALTOR®

    EXHIBIT 3.15 - REASONS FOR SELLERS’ LEVEL OF SATISFACTION WITH REALTOR®

    Overall, sellers who used a Realtor® were satisfied with their Realtor®’s performance, with more than three-quarters saying they were very satisfied.

    Most sellers felt their Real- tor® did a good job and fol- lowed through on their com- mitments. A few respondents indicated their Realtor® did not get the job done, was not honest, or was not responsive to requests.

    POSITIVE COMMENTS

    They did a good job, did