2015
Perceptions of
Real Estate Agents
Contents
What impressed you about your real estate agent?
worked
marketing
strategy
experience
advertise
provided
agent
local
existing nothing
bidding
process
good styling
talk
sold
auction
area
sell
contact
skills
whole
communications
sales
knowledge
weekly
day market
quick
expected
constant
service
negotiation
fee
advertising
honesty
home
organised
house
price
property sale
touch
agents
made
organising
help
feedback
gift
offered
1. Executive summary 4
2. Respondent Profile and Methodology 8
3. Introduction 9
4. Vendor sale insights 10
5. Agent selection process 11
6. Agent profile 12
a. Male and female agents: is there a difference? 13
7. Agent market knowledge 15
8. Agent skill levels 17
9. Vendor knowledge and market awareness 18
10. How Vendor’s feelings about Agents changed throughout the sales process 19
11. Vendor satisfaction with the price achieved 20
12. Vendor rating of the overall sale experience 21
13. Vendor recommendations 23
14. The impact of data on the quality of the vendor experience 24
15. Conclusions 27
a. The surprises b. What agents do poorly c. 6 Behaviours to Improve Service 2 | 2015 Perceptions of Real Estate Agents
2015 Perceptions of Real Estate Agents | 3
1. Executive Summary
Market research company, Roy Morgan
has been polling Australians about the
trustworthiness of different professions
since 1975. Real estate agents have
always polled poorly - in its 2015 Image
of Professions* only 9% of those surveyed
rated them as “very high” or “high” ethics
and honesty. Only advertising people and
car salesmen score worse.
The key finding was that the majority of
vendors reported positive experiences
with their agents with 31% rating the
experience as Excellent and 35% rating
it as Good. 34% said the service had
underwhelmed and even angered them.
The survey also highlighted behaviour that
made vendors satisfied that is easy for
agents to deliver.
The 2015 Consumer Perceptions of
Real Estate survey wanted to test this
stereotype by going directly to people
who had experience of agents and their
performance.
Beating the stereotype - 8 lessons for impressive service
1. 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.
2. Regular feedback
Vendors stressed the value of agents who were proactive about delivering a
transparent sales process and who used data-based insights to support their
processes.
3. Be friendly and approachable
Vendors appreciated agents being easy to talk to and with whom they felt safe to
ask questions at any time.
4. Know your market
Vendors felt confident they were in good hands when agents demonstrated
their market expertise, showed them the data they had used to determine price
estimates and took the time to explain market behaviour to anxious vendors.
5. Provide advice and help
Vendors highly valued advice on presenting their homes in the best possible
light especially when it was supported by recommending and helping coordinate
tradesmen.
6. 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.
7. 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.
8. 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.
*Source: Roy Morgan
4 | 2015 Perceptions of Real Estate Agents
2015 Perceptions of Real Estate Agents | 5
Key Statistics
Regardless of market conditions the majority of
vendors – 66% – rated their overall experience
when selling their home as either Excellent (31%)
or Good (35%) with 20% claiming the experience
was average and 14% below expectations.
68%
said they would
recommend their agent
to friends or family
The survey identified that real estate agents are
managing price expectations well with 23%
of those surveyed selling above the expected
price and 50% selling for the expected price.
One in four sold below the expected price.
38%
said they interviewed just one agent
before making their decision on
which agent to use.
6 | 2015 Perceptions of Real Estate Agents
Excellent:
Good:
31%
Average:
35%
20%
Poor:
14%
68% of respondents said they would recommend
their agent to friends or family. Separately, 36%
of respondents claimed they expected to stay in
touch with their agent or use him or her again and
an additional 26% saying they would consider it.
23%
50%
sold above the
expected price
Female agents had higher scores when it came
to exceeding the expectations of their clients and
were more likely than male agents to have their
sales skills rated as Excellent. However, female
agents also had a higher proportion of clients who
reported being disappointed with their service.
45%
of female agents were
rated Excellent at
providing feedback.
The more information an agent shares with their vendor, the more satisfied the vendor is likely to be
with the end result – and the more likely the vendor is to recommend the agent. Local auction clearance
rates and average time on market were the least shared information points by agents.
50% of vendors who were given Local Auction Clearance Rates by their agent reported
their sales experience was Excellent, as did 49% of those who received Average Time
on Market information.
This was 14% higher than the general response where 34% of vendors rated their overall experience
as Excellent.
sold for the
expected price
38% of respondents said they interviewed just one
agent before making their decision on which agent
to use. 55% chose to interview two or three agents
before making their decision. Only 8% interviewed
more than three agents.
The survey showed few real estate agents
demonstrated their market knowledge using
technology. Only 17% used an iPad or video to
share market information, and 12% received market
information in an email.
17%
of Agents demonstrated
on iPad or video
12%
of Agents delivered
market info via email
2015 Perceptions of Real Estate Agents | 7
2. Respondent Profile & Methodology
The 2015 Consumer Perceptions of Real Estate
Agents Report is based on the responses of 300
vendors who sold property across Australia. The
survey was designed on the basis that people
who had used an agent were the most qualified to
reflect on the behaviour their agent demonstrated
and comment on their professionalism.
Respondents were sourced from recent users
of MyRPData via email, and a call out on social
media over six weeks. There were 254 fully
completed surveys received and an average of 266
respondents answering each question. Each state
was represented with 108 vendors in NSW, 63 from
Queensland and 53 from Victoria. No state-based
assumptions have been made with the data.
The majority of respondents (54%) had sold within
the past two years, with 38% selling their property
in the past 12 months and 26% selling in the past
six months (to end January 2015), ensuring their
experiences with agents were fresh in their minds.
How long ago did you sell your home?
Within the last
six months
As a consumer survey, 300 respondents, while
small, delivers an acceptable quantity of data
from which we can start to identify insights about
the industry. The expectation was that as a selfselected survey, respondents would be likely to
skew towards those who had had very bad, or very
good experiences – especially very bad, as these
people would be attracted to the opportunity to
vent.
But analysis of the responses challenge this
hypothesis as the responses clustering consistently
in the mid-range.
Respondents were also asked to provide
comments on key questions which resulted in a
further 450 pieces of qualitative data. As such, the
conclusion is that achieving the expected price is
only part of what defines an agents success with
a client. Over coming months, we will continue to
survey vendors to increase the sample size and
report every six months on the findings.
In which state did you sell your home?
One to
2 years ago
12%
16%
63
37
19
108
53
More than
2 years ago
46%
8 | 2015 Perceptions of Real Estate Agents
3
‘My agent organised a dinner voucher for my husband at a local
restaurant while I was away during a weekend of inspections –
I was touched by their thoughtfulness as it was a stressful time.’
– SURVEY RESPONDENT
Popular mythology stereotypes real estate agents
as being untrustworthy smooth-talkers who put
their own needs above those of their clients. This
perception is highlighted in the Roy Morgan 2015
Image of Professions survey where only 9% of
those surveyed rated them as “very high” or “high”
ethics and honesty. Only advertising people and
car salesmen score worse.
58% of vendors were
influenced to choose their
agent after seeing them
successfully sell a local
property
At CoreLogic, we wanted to understand whether
this perception had any bearing on reality, or was it
an urban myth? No industry can truly understand
itself by simply talking about change - the only way
to counter such criticism was to gather the data
and take a measurement.
26%
1
Six months
to a year ago
3. Introduction
8
The report helps us start identifying what
excellence in real estate sales service looks like
and how to lift standards more broadly across the
industry. The report delivers insights into agent
market knowledge, professionalism, and agent
training standards and ways to improve these.
CoreLogic is the number one provider of property
data to real estate and property-related industries
with insights into property values and markets,
but this is the first time we have sought to collect
and analyse vendor experiences in the market.
This survey will be ongoing and added upon twice
a year as additional data becomes available.
It is our passionate belief that it is only through
transparency that we can ensure the ongoing
success of the industry by demonstrating how
professional services are meeting – and exceeding
- consumer expectations if we are to change the
reputation of the industry once and for all.
Kylie Davis
Head of Real Estate Solutions
kylie.davis@corelogic.com.au
The 2015 Consumer Perceptions of Real Estate
Agents is a new report that seeks to understand
the quality of real estate agent performance and
service in Australia and how it matches - or misses
- the expectations vendors have when selling their
homes.
The survey attracted nearly 300 respondents
– identified through our consumer data base
and through call outs on social media - who had
recently sold a property, asking them to rate their
experiences and rank behaviours and skills that they
thought their agents had excelled at, or done poorly.
2015 Perceptions of Real Estate Agents | 9
4. Vendor sale insights
5. Agent selection process
‘We had a high debt, bad neighbours and prices were strong.
It seemed like a good time to get out.’
– SURVEY RESPONDENT
The most common reason stated by respondents
for selling was to Upgrade (41%) with “moving
for work” cited by 15% of respondents while 24%
chose Other and outlined reasons such as selling
investment properties and family reasons including
divorce.
The majority of respondents (77%) chose to sell by
private treaty/normal sale while auction was the
preferred method chosen by 20% of respondents.
Just 3% of vendors sold by “other” means including
tenders.
Making the most of strong prices was cited by 10%
of respondents while an additional 10% chose to
sell to Downsize.
Speed of sale was notable with 63% of those
surveyed selling in less than 45 days and 12%
selling between 90 days and a year. Only 5% of
respondents took more than a year to sell their
property.
How long did it take to sell your home?
What was the main reason for selling your home?
5%
12%
24%
39%
41%
21%
10%
15%
24%
10%
Between 90 days and a year
Upgrading
Moving for work
30-45 days
More than a year
Making the most of
strong prices in my area
Downsizing
Other
20%
Private treaty/
normal sale:
77%
The sale of a property as one of the most valuable
assets in most families is arguably one of the
most important transactions many of us will ever
undertake. For this reason, as well as the effort and
time it takes to prepare a property for sale and
the myriad of decisions required, the process is
regarded as highly stressful.
The approach vendors took to selecting an agent
was an insight into the disconnect between some
vendor expectations, their behaviour and their
experience with real estate agents.
38% of respondents to the survey said they
interviewed just one agent before making their
decision on who to use, 55% chose to interview
two or three agents before making their decision.
Only 8% interviewed more than three agents.
How many agents did you interview/meet
with before you chose who to use?
38%
Which sale method did you choose to sell your property?
Auction:
– SURVEY RESPONDENT
The insight is telling because when vendors were
asked what they would do differently the next time
they sell, a significant number stated they would
interview more agents.
Less than 30 days
45-90 days
‘Next time I will interview several agents, look at the sales
record of the office and chat to friends for word of mouth
recommendations. We will not sign a long contract with an
agent, but tell them we expect regular updates. And we’ll make
sure they do what they say they turn up to open for inspections
by parking outside and watching.’
Tender or other:
3%
28%
27%
8%
Only 3% of vendors
were influenced by
social media
When asked to choose which influences had
helped them decide upon their agent, 58% were
influenced by seeing an agent successfully sell a
local property and 36% relied on recommendation
by friends.
These two elements were significantly more
influential than traditional marketing such as seeing
the agent on a property website or newspaper
advertising, or signboards. Only 3% of vendors said
they had been influenced by an agent’s
social media*.
Which of the following influences helped you
decide which agent to choose?*
Recommendation by a friend
36%
Seeing the agent successfully sell a
local property
58%
Newspaper advertising
5%
Seeing the agents website/listing on a
real estate portal
18%
Local signboards
12%
Seeing the agent on social media
3%
*Multiple options selected
10 | 2015 Perceptions of Real Estate Agents
2015 Perceptions of Real Estate Agents | 11
6. Agent Profile
‘The age of our agent surprised us. He was just 20 years old.
But he did a great job.’
– SURVEY RESPONDENT
According to the most recently available data (2011
Census), the real estate industry is fairly evenly
balanced in terms of gender equity, with 52% of
agents men and 48% women making up its ranks
although the ABS does not identify what roles they
hold.
On this basis The Consumer Perceptions of Real
Estate skewed with 70% of respondents stating
they had chosen a male agent and 30% using a
female agent.
While the survey showed that the sex of the agent
had no discernible difference in the final result of
the sale, there were some marked differences in
satisfaction levels achieved by male and female
agents in other key areas (see separate section: )
What gender was your real estate agent?
Regardless of sex, the majority of agents selected
by vendors were highly experienced with 40%
having more than 10 years in the field and 33% with
five to 10 years. Agents with less than five years’
experience were chosen by just 13% of vendors.
Interestingly, a further 13% claimed to be unaware
of the experience levels of their agent.
Male and female agents –
40% of vendors chose
agents with 10 years
or more experience
How much experience did your agent have?
Male:
13%
Female:
33%
70%
30%
40%
13%
* Footnote: Responses add up to more than 100%
due to allowance of multiple answers
12 | 2015 Perceptions of Real Estate Agents
is there a difference?
When it comes to achieving an expected or better
price for a property, the survey shows there is
no difference between the sexes. But price is not
everything.
The survey shows 24% and 22% of male and female
agents respectively sold the vendors property
above the expected price and 49% of male agents
selling around the expected price compared to
52% of female agents. Both sexes were evenly
represented at 21-22% in selling below expectations.
Nevertheless, the survey revealed a difference in
the satisfaction levels vendors experienced when
dealing with a female agent compared to a male
agent: female agents were more likely to deliver a
consistent experience for vendors.
This does not mean female agents were better at
various elements of the sale process simply because
they were women. It does however correlate the
finding that the better the skill levels of the agent,
the more satisfied vendors are likely to feel.
Female agents outperformed their male
counterparts in the skills of handling open for
inspections (41% women agents rated as excellent
compared to 33% men), providing regular feedback
(45% of female agents rated as excellent compared
to 31% of male agents), following up of potential
buyers and leads (43% of female agents rated as
excellent compared to just 29% of male agents) and
negotiation skills (38% of female agents rated as
excellent compared to 28% of male agents). Female
agents were more likely to be identified as Excellent
at managing the sales process – 42% for female
agents compared to 28% for male agents.
Female agents were more likely to deliver an
Excellent quality presentation (33%) compared to
22% of the male agents.
Preparation levels of vendors who used female
agents were also higher with 66% feeling very well
prepared before going through the sales process,
compared to 56% of vendors with a male agent.
The take out of this insight is not to assume an
agent will be better at various skills of selling simply
because of their sex, but for vendors to be clear
about the type of selling experience they expect,
and to select an agent who demonstrates these
skills.
2015 Perceptions of Real Estate Agents | 13
CONFIDENT
58%
48%
39%
44%
5%
12%
17%
During
the sale
59%
55%
45%
After
the sale
– SURVEY RESPONDENT
36%
36%
The survey identified a high level of market
knowledge and skill in presenting key data to
vendors while at the same time highlighting the
slowness with which real estate agents appear to
be embracing technological change.
1%
9%
19%
Before
the sale
During
the sale
After
the sale
42% of vendors with female agents said their agent had
excellent skills in managing the sales process compared to
28% of male agents.
Female Agents and Excellence
50%
‘Our agent suggested a marketing strategy which I wasn’t aware
of and it worked wonderfully. Obviously the strategy had been
developed by him through experience and local knowledge,’
40%
HOPEFUL
40%
DOUBTING
DOUBTING
HOPEFUL
38%
Before
the sale
7. Agent market knowledge
Female Agents
CONFIDENT
Male Agents
When asked what information the agent had
provided to show their market knowledge when
seeking to win the vendor’s business, 79% said
they have been shown information about recent
sales and 74% were given an estimated value of
the property in the presentation. Nevertheless this
does call out the surprising finding that one in 4
vendors were not provided with information about
their property value during the presentation.
Even fewer agents (52%) demonstrated to
potential vendors recent sales they had personally
made, and just over half the agents (54%)
demonstrated their ability to sell homes similar to
the vendors by showing recent sales of homes of a
similar nature.
Just over half (55%) the agents delivered
commonly available information about the suburb
such as median prices, growth rates. Only 28% of
agents delivered information on the current time
on market to vendors as part of their presentation.
How did the agent demonstrate his or her knowledge of your local market?*
High quality printed
presentation:
Video:
Low quality printed
presentation:
Email:
Presentation on a
computer or iPad:
Spoken presentation:
45%
3%
40%
30%
10%
20%
12%
10%
0%
Marketing
Open for
inspections
Providing
regular
feedback
Excellent Ratings Male Agents
Following
up leads
Negotiation
skills
Handling
the process
14%
71%
Excellent Ratings Female Agents
*Multiple options selected
14 | 2015 Perceptions of Real Estate Agents
2015 Perceptions of Real Estate Agents | 15
8. Agent skill levels
Nevertheless, 66% of vendors rated the standard
of presentation that was given by the agent about
their property as Very Good or Excellent. Only 7%
said the standard was poor.
The gift of the sales gab is still a prevalent
agent skill however with 71% saying their agent
demonstrated their knowledge about their
local market mainly by talking about it and 55%
presenting printed material of some kind.
Only 28% of agents shared
current time on market
with their vendors.
The survey showed real estate agents are slow
to embrace even now common technology to
demonstrate and share their market knowledge
- only 17% used an iPad or video to share market
information, and 12% received market information
in an email.
What information did the agent demonstrate to you in the presentation to show their market knowledge?*
79%
Recent sales in your area (general)
74%
An estimated value of your property
51%
Recent sales by their agency
55%
Suburb information - median prices etc
11%
Local auction clearance rates
– SURVEY RESPONDENT
The survey showed that the customer service and
response time delivered by agents was rated as
Very Good or Excellent by 65% of respondents.
The skill that most agents excelled at was Confidence
(41% of respondents said their agent’s confidence
levels were Excellent), followed by Market Knowledge
(40% rated it as Excellent). Only 28% of vendors
rated their agent’s ability to Negotiate as Excellent.
(32% said they were Very Good, while 28% said their
ability to negotiate was Good).
Agents were consistently rated very highly
by vendors at their ability to handle open for
inspections (35% rated as Excellent and a further
How did you rate the skills of the agent you finally
chose to sell your property?
54%
Recent sales of homes similar to yours
‘Our agent followed up on everything and was proactive with
all communications to me. I never had to initiate contact to
find out information – she provided feedback regularly and
promptly.’
Excellent:
25%
Good:
42%
*Multiple options selected
16 | 2015 Perceptions of Real Estate Agents
Average:
26%
Poor:
7%
How well did your agent handle the following
elements of the sales process?
Agent knowledge
about the market
Open for Inspections
Providing regular
feedback
Follow up of potential
buyers and leads
Negotiation skills
How did you rate the standard of the presentation about your property by the agent you finally chose?
The survey showed that 65% of agents were
rated as either Good or Excellent at following up
potential buyers and leads.
Marketing
Marketing materials
and presentation
28%
The skill that agents were the least effective at was
“providing regular feedback about progress” with
13% of agents rated as Poor in this area and 13%
identified as Poor at “keeping me up to date on
what to expect”.
Agent confidence
Follow up
Average time on market
32% rated as Very Good) and the sales process.
However, these were seen by vendors as part of the
minimum service level that agents were expected
to achieve in order to do the job.
Negotiation skills
Agent experience
Keeping me up-to-date
Track record of sales
Customer service/
response time
Handling sales process
0
Excellent
20
Very good
40
60
Good
80
Poor
100
0
Excellent
20
Very good
40
60
Good
80
100
Poor
2015 Perceptions of Real Estate Agents | 17
9. Vendor knowledge and market awareness
‘Next time I sell, I will do more research myself and ask a lot
more questions in order to be sure the agent achieves the best
price.’
– SURVEY RESPONDENT
10. How Vendor’s feelings about their Agent
changed throughout the sales process
‘Agents need to be more honest about the price appraisals
upfront so they don’t have to condition you down through the
sale and leave you disappointed,’
– SURVEY RESPONDENT
The survey also flagged the rising importance
of property reports – nearly a quarter of those
surveyed had sourced a report - either free from
their bank or mortgage broker, or purchased one
themselves.
Vendors surveyed identified the importance of
doing their own homework on the market as
part of selling their home with 82% of vendors
conducting their own research to some degree.
Nevertheless nearly one in five were completely
reliant on their agent for insights into their local
market with 18% claiming their source for all real
estate market information came from their agent.
When asked what they would do differently
the next time they sold a property, a significant
number of respondents nominated “more research”
in the comments section or alternatively ask their
agent more questions.
When asked what type of research they had
conducted, 79% said they had looked at properties
online that were similar to their own to see
the competition, 55% read up on local market
conditions and 37% attended open for inspections
of properties similar to their own.*
Many vendors nominated their own research as
the best way to feel confident that their agent was
performing properly and telling them the truth.
more
questions
ask
inspections
choose
time
property
present
agent
photos used
use
internet
longer
sale
get
so
process
home
prices
research
The survey identified that vendors had high hopes
and confidence in the skill levels of their agents
before the sales process commenced at the time
of selecting the agent, however this declined
during the campaign, and was most marked when
compared to post-campaign.
out
Before the sales process began?
prepared
market
There were marked differences in the way male
and female agents performed in this space. (See
Male & Female agents – is there a difference?)
well
sell back
agents
sold
area
houne
During the sales process?
After the sales process?
commission
4%
current
first
consider
selling
price
information
days
best
better
Once the property was sold, only 41% reported
being delighted with the performance of the agent,
42% feeling okay about the experience, and 17%
unhappy with the final result. In this way, the survey
identifies that a significant number of vendors
experience agents who “over-promise and underdeliver”.
How did you feel about your agent...
ads
expectations
local allow
During the sales process, this level of confidence
slipped to 50% with the number of vendors
becoming dubious jumping by 7% to 11%.
Before the sale process began, 57% were confident
the agent would do a good job and they would
get a good price; 39% were hopeful and 4%
What will you do differently next time you sell?
preparation
dubious that the agent would succeed in selling the
property and meet their expectations.
One of the most important findings of the survey
was the decline in confidence that consumers of
real estate agent services experienced as they went
through the sale process. The issue of “managing
down” vendor price expectations was flagged
across comment sections identifying the need for
agents to have “hard” price conversations earlier
with vendors.
11%
17%
nothing
38%
58%
39%
41%
50%
interview
42%
valutaion
auction
Confident
Hopeful
Dubious
Confident
Anxious
Dubious
Confident
Okay
Upset
* Footnote: Responses add up to more than 100% due to allowance of multiple answers
18 | 2015 Perceptions of Real Estate Agents
2015 Perceptions of Real Estate Agents | 19
12. Vendor rating of the overall
sale experience
11. Vendor satisfaction levels with the
price achieved
‘Our agent got us a higher price than even he expected through
good negotiation skills.’
– SURVEY RESPONDENT
‘My high expectations were met by my agent. I didn’t need to
experience anything out of the ordinary to be happy with the
service – I just needed the agent to do what he said he would do.’
– SURVEY RESPONDENT
The survey identified overall consumer satisfaction
with real estate agent behaviour is determined by
more than just achieving the intended sale price.
The survey shows 74% of vendors were satisfied
with the results of their sale in relation to the price
achieved.
Half the respondents stated the sale price achieved
their expectations with 24% claiming the result was
higher than expected.
Only 5% of those surveyed failed to sell with 21%
stating they sold below their price expectations.
Interestingly, vendors with the least experienced
agents were most likely to have sold their
properties above the expected sale price with
some vendors commenting that lack of experience
was made up for by enthusiasm, commitment and
professional behaviour as agents sought to prove
themselves.
The survey revealed 32% of respondents who
chose agents with less than five years’ experience
sold above expectations. This compared to 22% of
vendors who chose agents with five to 10 years’
experience, and 24% of vendors who chose agents
with more than 10 years’ experience. This identifies
that while market experience will always be
important, there is value in energy, enthusiasm and
“fresh eyes” for many vendors.
Perhaps unsurprisingly, market conditions played a
role in the price satisfaction expressed by vendors.
Vendors who sold six months to a year before end
January 2015 were most likely to have sold above
their price expectations (43%), while those who
sold more than two years ago (26%) were most
likely to have sold below their price expectations.
Interestingly, there was no little variance in the
number of vendors who failed to sell at different
periods in the market with the number remaining
stable at around 5%.
Honesty was identified across the survey
as the number one imperative that agents
needed to demonstrate to vendors from day
one to build trust. This was achieved through
regular communication and behaviour that was
accountable and dependable.
This was demonstrated through both individual
comments to the question “What do you think real
estate agents should do to improve their services?”
and through the recognisable difference in the
number of survey respondents who reported they
were happy with the price achieved compared to
a lower number of vendors who said they were
happy with the overall sale experience.
Respondent after respondent identified the need
for regular feedback and communication with
their agent. Where agents achieved this personal
connection together with an expected or better
than expected price, their vendors were likely
to describe their performance as Excellent or
Exceeding their Expectations. Where agents were
unreliable with communication and feedback,
even their ability to exceed the price expectation
ensured they earned only a Good or Met
Expectations rating for their performance.
When asked how they rated the overall sale
experience, 69% of vendors claimed it was
Excellent (34%) or Good (35%). Only 14% claimed
the experience was Poor or Disastrous (4%) with
the remainder describing it as Average.
How would you rate your overall experience selling your home?
What was the final result of your sale?
Sold below
expected price
Did not sell
Within the last
six months
Excellent
Six months to
a year ago
31%
Average
Disastrous
24%
21%
50%
35%
20%
26%
4%
5%
Sold above
expected price
Sold for around
expected price
Broken down by when the property was sold
One to
2 years ago
Good
Poor
More than
2 years ago
0
20 | 2015 Perceptions of Real Estate Agents
20
40
60
80
100
2015 Perceptions of Real Estate Agents | 21
13. Vendor recommendations
The timing of the sale and market conditions did
play a role in the overall satisfaction levels with 71%
of those vendors who had sold less than two years
ago rating the experience as Good or Excellent.
This compared to 60% of those who had sold more
than two years ago rating the experience as either
Good or Excellent.
Breaking these numbers down further, 43% of
vendors who sold less than two years ago rated
their experience as Excellent compared to just
17% of vendors who sold more than two years ago.
34% of vendors rated the
overall experience of
selling their home as
Excellent with a further
35% rating it as Good.
‘The next time we sell a home we will use the same real estate
agent – no need for comparison. He’s the one that we highly
recommend to others and would use again, no questions asked.
He is very honest and upfront and provides full information
about the sale, the progress of the sale and the completion
of the sale.’
– SURVEY RESPONDENT
Nevertheless, when identified in terms of a
positive or negative experience, 43% of those
who sold more than two years ago rated their
experience as Good. This shows that regardless of
market conditions, vendors are more likely to have
a positive experience selling their home (60% of
respondents) compared to a Neutral or
Negative one.
Underlining the overall positive experience most
vendors had with their agents, the survey found
68% would recommend their agent to friends or
family with 32% saying they would not recommend
them.
36% of vendors said they
would definitely stay in
touch with their agent
How would you rate your overall experience selling your home?
(Overlaid by how long ago the property was sold)
The score was underpinned by 37% agreeing they
would definitely stay in touch with their agent or
use him or her again, and a further 26% saying they
might use them again. The survey showed 37%
did not expect to stay in touch or use their agent
again.
Do you expect to stay in touch with
your agent or use him or her again?
Within the last
6 months
Excellent
Size months to
a year ago
Good
22 | 2015 Perceptions of Real Estate Agents
One to 2 years ago
Average
More than 2 years ago
Poor
Disastrous
Vendors were more likely to recommend agents
who demonstrated behaviours that “championed”
their needs and took into account the stress of
selling, or recognised a personal situation.
Behaviours singled out as examples included
helping coordinate the work needed to make
improvements to the property, from things
as simple to window washing, small styling
recommendations through to organising minor
renovations, painting and repairs; alternatively,
demonstrating marketing and sales techniques to
get the vendor the desired outcome.
Vendors also highly valued agents who were
empathetic to their situation and offered emotional
support, recognising the stressfulness of selling
their home with the offers of gift vouchers, or
thoughtful touches.
Would you recommend your agent
to friends or family?
36%
68%
26%
31%
37%
2015 Perceptions of Real Estate Agents | 23
14. The impact of data on the quality of
vendor experience
The survey showed that agents who were more
open and transparent and provided their vendors
with Local Auction Clearance Rates and the
Average Time on Market were overwhelmingly
likely to rate their overall experience selling their
home as Excellent.
49% of vendors who received
Time on Market information
from their agent reported
their sales experience as
Excellent.
These data points are not automatically scored as
part of standard agent programs so this data point
correlates to the findings that agents who go the
extra mile to service clients and demonstrate their
expertise have higher satifisfaction levels.
The data showed that 50% of those vendors who
were given Local Auction Clearance Rates by their
agent reporting their sales experience as Excellent,
as did 49% of those who received Average Time on
Market information. This was 14% higher than the
general response where 34% of vendors rated their
overall experience as Excellent.
The value of sharing important market information
was underlined by additional results which
demonstrated the role of data in helping agents
develop trust and an understanding of the sales
experience with their clients.
Agents who provided their clients with Local
Auction Clearance Rates and Average Time on
Market information were significantly more likely
to stay in touch with their agent or use him or her
again. The survey showed 61% of vendors who
received Local Auction Clearance rates from their
agent reported they would definitely stay in touch
or use their agent again, while 56% of vendors who
received Average Time on Market information said
they would use again. This compared to 37% of
vendors on average who said they would stay in
touch with their agent.
How would you rate your overall experience overlaid with the type of information the agent presented
Excellent
Good
Average
Poor Disastrous
31%
35%
20%
26%
4%
One of the most important things agents can do to
deliver high satisfaction levels for clients is to share
more information about the market with them in
their listing presentation, the survey showed.
When “maybe” was added to the count, the survey
showed 82% of respondents who received Local
Auction Clearance Rates were likely to stay in
touch with their agent or use him or her again,
while 76% of those who received Average Time on
Market information would do similar.
The third piece of evidence about the importance
of sharing market information was evidenced in
the question “Would you recommend your agent
to friends or family?”. While 68% of respondents
generally said they would recommend their agent,
this number jumped 15% to 83% of those vendors
who received Average Time on Market information
from their agent, and by 18% to 86% of those
vendors who received Local Auction Clearance
Rates.
The survey identified a correlation between the
level of information a vendor received and their
sense of preparedness about the sale process.
While only 59% of respondents generally said they
felt Very Well Prepared for the sale process, 78%
of vendors who received Local Auction Clearance
Rates felt Very Well Prepared, and 85% of those
who received Average Time on Market data
reported feeling Very Well Prepared.
Do you expect to stay in touch with your agent overlaid with level of data provided
36%
37%
26%
0
50
100
150
200
250
300
350
Recent sales in your area (general)
Recent sales of homes similar to yours
Local auction clearance rates
An estimated value of your property
Suburb information - median prices etc
Average time on market
400
Recent sales by their agency
24 | 2015 Perceptions of Real Estate Agents
2015 Perceptions of Real Estate Agents | 25
15. Conclusions
The surprises:
Would you recommend your agent overlaid with the data provided by an agent
150
Yes
No
NUMBER OF RESPONDENTS
120
The survey identified some surprising behaviours
that many agents do NOT do when working with
vendors, especially when considered in light of
the importance that vendors placed around better
transparency and communication around price.
►►
Nearly one in 5 agents did not present any
information about recent sales to the vendor.
►►
One in 4 agents did not estimate the value
of the property to the vendor as part of their
presentation.
90
►►
Just under half the agents did not present any
recent sales to their vendor that their agency
had achieved.
►►
Just over half the agents (54%) did present
to vendors homes similar to theirs that had
recently sold on the market.
►►
Only one in 5 agents did demonstrate the
average time on market to vendors
60
30
0
n
lue
si
va rty
ale ral)
d
s
te pe
nt ne
ce ge
ma ro
sti ur p
Re ea (
e
o
ar
An of y
ur
yo
f
s
on
so
ale
ati tc
ale urs
t s ncy
m
s
r
n
se
o
yo
nt
ce ge
inf rice
ce r to
Re eir a
b
e
p
r
R ila
th
bu an
im
Su edi
by
ss
e
-m
m
ho
n
tio
uc tes
a
a
l
ca e r
Lo ranc
a
cle
e
im
e t rket
g
a
era
Av on m
How well prepared vendors felt overlaid with quality of data
150
What some
agents do poorly
NUMBER OF RESPONDENTS
120
Just over one in 10 vendors
rated their agents skills as a
negotiator as poor.
90
6 behaviours that improve service
1
No b*&$s*&^ – vendors smell it
a mile off. It is the fastest way
to guarantee an angry and
disappointed client.
2
Be honest, open, transparent
and realistic – especially when
discussing price expectations.
3
Listen and understand the
needs of your vendors - take
them into account when
determining a sales and
marketing strategy – don’t
force fit people into your
model.
4
Be accountable – do
everything you say
you will do.
5
Communicate – regular
contact and follow up is
essential, especially if the
news is not good.
6
Improve customer service
after the sale – the
relationship is not over until
the new buyer has moved into
the home.
60
15% of vendors rated their
agent’s ability to follow up as
poor.
30
0
n
lue
si
va rty
ale ral)
d
s
te pe
nt ne
ce ge
ma ro
sti ur p
Re ea (
e
o
ar
An of y
ur
yo
of
on
les
ati tc
les urs
sa cy
a
t
m
s
n
n
or s e
yo
nt
ce ge
inf rice
ce r to
Re eir a
b
e
p
r
R ila
th
bu an
Su edi
sim
by
s
m
me
ho
Very well prepared
26 | 2015 Perceptions of Real Estate Agents
Prepared but would have
liked to have known more
n
tio
uc tes
a
a
l
ca e r
Lo ranc
a
cle
e
im
e t rket
g
a
era
Av on m
12% of agents were rated as
poor in their ability to handle
the sales process.
Not at all prepared
2015 Perceptions of Real Estate Agents | 27
Vendor Comments:
Impressive service
The following comments are a selection made by survey respondents about the behaviour of their agents
that delighted them.
“Our agent followed up on everything and was proactive with all communications
to me. I never had to initiate contact to find out information – she provided
feedback regularly and promptly.”
“She provided advice on homes we were looking to buy in an area outside her
agency area which we found enormously helpful.”
“Our agent kept us informed about everything throughout the process and was
always happy to talk to us about our concerns.”
What vendors say agents should do to
improve service
What vendors will do differently the
next time they sell a home
The following comments are a selection made
by survey respondents about what they believe
agents should do to improve their service levels.
The following comments are a selection made
by survey respondents about what they will do
differently the next time they sell a property.
►►
“Agents need to communicate with the seller.
Keep the seller continually informed with what’s
going on and what needs to be done.”
►►
“More research myself beforehand to make sure
my home appeals to its target audience. I will
do more preparation myself and start earlier.”
►►
Be completely honest with vendors and buyers
– don’t bulls@*!. Our agent didn’t. It was why
we chose him.
►►
“I will do more research and stage my home.”
►►
“I will do more research on prices in my area so
that my expectations are realistic.”
►►
I will do my own research on market price and
only approach an agent after having a solid
opinion of market value.
►►
Next time I will obtain a valuation.
►►
I will spend more time identifying an agents
local profile.
►►
I will meet with more than one agent to
compare their advice, offers and expectations.
►►
Do more research on the experience of the
agent.
►►
I will have a greater say in what photos are used
in advertising.
►►
I will insist on seeing photos before they are put
online and have the right to supply photos if
they are more flattering. I’d also insist on having
some involvement in the wording of the ad.
►►
“Agents need to communicate more honestly
and effectively – even when the news is not
good.”
►►
Agents need to follow up on buyers rather
than just wait for them to contact the office
or walk by an open house. They also need to
communicate what is going on, not just “Oh
well, no one came to the open house.”
“My agent rang me about six months after the sale just to chat to make sure all
was well and we had settled in. It was a very nice touch.”
►►
“My agent offered great advice. He suggested a marketing strategy which I wasn’t
aware of and it worked wonderfully. Obviously the strategy had been developed
by him through is experience and local knowledge.”
►►
“Our agent was extremely thoughtful. He made sure there were cold bottles of
water for people at my open house on a hot day.”
“After selling our home, our agent assisted us with purchasing our new property
and bidding for us at auction.”
“My agent never rushed. He always had time to talk or meet.”
“Our agent supplied a website that we could login to so we could read the
feedback provided by potential purchasers.”
“We received a congratulatory gift following the sale which was a nice touch. He
also offered to attend a subsequent auction with me and advice on the process
and a bidding strategy which I appreciated.”
28 | 2015 Perceptions of Real Estate Agents
Pay more attention to detail with the marketing.
The photographer had to redo the shoot for us
and still shot the bathroom with all the cleaning
products in the shower. This was the image
that was printed on the sale board outside our
house!
►►
Agents need to continually keep both vendors
and buyers informed of progress and let both
sides know if their prices are unrealistic.
►►
They should provide a realistic expectation
of what the property will sell for. I was very
disappointed at the explanation on how to set
the price for our property.
►►
Agents need to be more accountable and
honest about the expected sale price.
►►
Most agents I have dealt with really talk
themselves up and then manage to
underdeliver in some way.
►►
Our agent offered to arrange storage to help
us declutter, which we thought was a fantastic
service. But then he didn’t deliver!
►►
Some of the agents we interviewed only
wanted you to sign up and be their next 2.2% 3.3% commission. Some were openly critical of
other agents which we found disappointing and
unprofessional.
Our agent styled our home and advertised to the Asian market as our local school
was very popular.
Our agents did what they said they would do and they were respectful.
Be open and honest with people and provide
good guidance throughout the process of
selling.
2015 Perceptions of Real Estate Agents | 29
About the survey’s author:
Kylie Davis is the Head of Real Estate Solutions at CoreLogic,
responsible for category business strategy and innovation within
Australia and New Zealand’s largest property data supplier.
Kylie has an MBA from AGSM University of NSW, and 25 years
background in media, working at News Corp, Fairfax and 10 years in
her own newspaper publishing business.
Follow her on LinkedIn (kyliecdavid) or Twitter
@CoreLogic_Kdavis Kylie.davis@corelogic.com.au
►►
To win more sales and rental listings
►►
To measure and improve your performance
►►
To engage your clients using the most innovative tools
►►
To grow your brand as the trusted adviser
Unleash the power of data for your business.
Visit corelogic.com.au or call 1300 734 318.
30 | 2015 Perceptions of Real Estate Agents
About CoreLogic
►►
CoreLogic is the world’s largest property data
and analytics company
►►
Exclusive strategic partnerships with leading
industry players
►►
Operating in 8 countries with 5,000+
employees and revenues over $1.5 billion
►►
Vision: To deliver unique property-level insights
that power the global real estate economy
corelogic.com.au
For more information please call 1300 734 318