If you were thinking tech and for-sale-by-owner real estate transactions might replace real estate agents, new data should put this notion to rest: in the first half of 2018, 90% of home buyers and sellers used an real estate agent, according to the REAL Trends 2018 Consumer Study released on Monday,
That’s the highest rate of consumers using a real estate agent since the report’s inception in 2001 (when 81% of consumers used an agent) and a 5% point increase from the last REAL Trends consumer study in 2014 (85%).
More than 90% of Millennials (91%) and Gen-Xers (94%) used a real estate agent as part of a transaction, about 10% points more than their older counterparts aged 55 and over (81%).
The survey ran online between June 20 and July 12, 2018, and included 1,000 people age 18 or older who either bought a home or sold a home in the first six months of 2018. Demographic figures including age, gender, ethnicity, religion and household income were weighted to make the survey’s proportions reflect the general population.
Consumers said the biggest reasons for using a real estate agent during a transaction were:
- Help negotiating a buying/selling price (86%),
- The need for a higher level of professionalism (80%),
- Help managing the stressful process of buying or selling a home (80%),
- Help narrowing down the list of potential homes (77%)
- Access to a comparative market analysis (CMA) (74%)
- Need someone to educate them about the home buying/selling process (72%)
When it comes to finding the right agent to meet their needs, all consumers said referrals from people they trust (69%) was ‘important’ in their decision-making process.
Next, buyers and sellers searched for agents who had listings similar to what they were looking for (64%), scoured through websites with agent performance ratings (62%) or simply used an agent they already knew (57%).
Although 92% of buyers and sellers used real estate websites to find information about real estate agents, Millennials and Gen-Xers (66-67%) tended to surf the web for information more often than those aged 45 and over (47%).
Realtor.com, Zillow, Google, and Facebook were the most popular online sources for consumers, while local real estate websites lagged behind in fifth place. For the first year ever, Amazon and the neighborhood social network, Nextdoor, also made the list.
Moreover, more than 70% of consumers said they’re “extremely likely or very likely” to use one of these sites to find their next agent.
“A great deal of the findings of the research point to the importance of relationships, both in the selection of a real estate agent for the task of selling or buying a home and the importance consumers place on the delivery of personal service rather than the reliance on technology solutions,” said REAL Trends president Steve Murray of the results.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Downtown Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Galena 43021 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington 43147 Polaris Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235