Just released home buyer’s data suggests tough times for limited services brokers and for sale by owners. 94% of home buyers used a real estate agent in the home buying process. Those same buyers also used the Internet as a tool to find their home 94% of the time as well.
Limited Service brokers are brokers who provide limited services to sellers to sell their home, presumably for a reduced fee. This is not what the typical home buyer is looking for. If anything, they require increased services. They become frustrated at people who cannot answer their questions; all their questions.
The typical home buyer searches for 10 weeks before making their purchase. This is a big reason why buyers shy away from For Sale by Owners and limited service brokers. When they stumble upon a home, they’re not ready to decide for a while. And when they do become ready, they want someone to help them with all the details.
The most difficult steps for buyers who purchased was finding the right property (47%) paperwork (27%) understanding the process and steps (15%) mortgage (13%) saving for down payment (9%) and appraisal of the property (4%)
Warning for Real Estate Agents
Your job is not to find the buyer their home. In fact, even though buyers predominantly use real estate agents to purchase their home, only 40% found the home they bought from the agent. 51% of buyers want help in selecting the “Right” home. Buyers love to search on their own. They do so on average 3 weeks before contacting an agent. Even then they love searching on their own, but they get overwhelmed with all the choices. They don’t necessarily need an agent to find the home. They need help selecting the best home amongst the choices.
Sure, buyers love websites like www.LeeCountyOnline.com that gives them a competitive advantage over other websites. However, being notified of that hot new listing before anybody else, or that property that came back on the market, or a recent price change won’t help until they’re ready.
This is when an agent shines, and this is what buyers look for. They want someone that will be with them those next 7 weeks while they search, and the weeks after that to help them close. They want an agent who has a great reputation, is trustworthy, and knows the market, in that order.
This report from Florida Realtors is 198 pages and is filled with every imaginable demographic, statistic, chart, and insight you can think of. It truly helps real estate agents determine what buyers are looking for and how they go about finding and purchasing it.
The report also covers sellers and what they look for in an agent. If you’re a seller and not sure you’re asking all the right questions, or covering all the right angles, we’d be happy to show you this report. Did you know only 19% of home sellers use their previous agent? 64% of home sellers contacted 1 agent to sell their home, while 20% contacted 2, and 10% contacted 3. Page 194 has some particularly shocking information regarding how sellers perceived their home was marketed.
It’s shocking to us because the agent either did more than the seller realized, or they didn’t market to the standards that we do on the Ellis Team.
If you’re thinking of selling, please call Brett or Sande Ellis at 239-489-4042. If you’re looking to purchase, our team can help, and we definitely provide what buyers are looking for in this report. Or feel free to search our website www.LeeCountyOnline.com We know you may not be ready today, and that’s OK. It’s a process. We’re here when you need us, and our website is here 24/7 even when you don’t.
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