- “What is important in your agent? Reliability, transparency, authenticity, likeability – then skill.” – Tom Ferry.
- “Successful people in real estate are nicest people you can know.” – Wendy Alexander.
- “Sincerity beats cleverness.” – Michael Clarke
- “The four most powerful words in the English language – please, thanks, sorry and why.” – Wendy Alexander.
- “Are you working for your vendors, or are you working on them?” – Michael Clarke.
- “When you are able to speak from your heart it establishes credibility” – Les Brown.
The AREC15 conference delivered some big, powerful – and deeply personal – messages around the need for change, personal growth and development of real estate agents.
These six quotes from the conference summarise the themes from across the two days – that being a genuine, helpful and humble human being who is committed to providing an excellent service, will always outperform a player who is there to outsell, especially in the long term.
The themes rang particularly true this year as they followed the Perceptions of Real Estate Agents report that identified what vendors really think about agents.
The report identified that 66% of vendors had a positive experience when selling their home and 68% of vendors would recommend their agent.
While it’s great the majority of vendors had good or better experiences, the flip side is that combined, nearly a third of vendors had an average (20%) or bad (14%) experience when selling their home.
Combine this with the experience of many buyers in dealing with agents – who report on a failure to follow up and price underquoting – and it becomes easier to understand why the profession has a reputation that requires work.
But the AREC insights plus the report identify how the benchmark the industry needs to aim for is clear.
- Be professional – the number one behaviour highlighted by vendors as essential was professional behaviour demonstrated by being proactive, pre-empting their needs and delivering as promised.
- Regular feedback – vendors stressed highly the value of agents who were proactive about delivering a transparent sales process and who used data-based insights to support their processes.
- Be friendly and approachable – vendors appreciated agents being easy to talk to and with whom they felt safe to ask questions at any time.
- Know your market – vendors felt confident they were in good hands when agents demonstrated their market expertise, showed them the data that they had used to determine price estimates and took the time to explain market behaviour to anxious vendors.
- Provide advice and support – vendors highly valued advice on presenting their homes in the best possible light especially when it was supported by recommending and helping coordinate tradesmen.
- Be on their side – vendors felt championed by agents who negotiated hard on their behalf and offered to assist them with the purchase of their next home.
- Be thoughtful – vendors were impressed by agents who demonstrated thoughtfulness – either by ensuring multiple agents were located around the home during opens, to offering bottles of waters to buyers on hot days through to thank you gifts at the conclusion of the sale.
- Don’t dump them at the end – many vendors flagged they felt dumped by their agents as soon as the sale was signed, while those whose agents who stayed in touch were more likely to be delighted and recommend their agents to friends.
Kylie Davis is the Head of Real Estate Solutions at CoreLogic. Follow her on Twitter @KDavisCoreLogic