What does the 2016 NAR’s buyer and seller profile tell us? It’s important to be one of the first agents a buyer or seller hears about. Here’s why.
Join RE/MAX Professionals
Today I wanted to take you through the NAR’s 2016 buyer and seller profile.
The report shows that 88% of buyers used an agent when buying their home. That figure has increased steadily from 69% back in 2001. How did the 88% find their agent? We see that 69% interviewed only one agent and 19% interviewed just two.
So how can you get to be one of the interviewed agents on the list?
The survey shows that 42% of buyers chose to work with an agent that was referred to them by a friend, neighbor, or relative, 11% chose to work with an agent who they had already worked with to buy or sell a home, and 9% found their agent through a website. Just 6% found their agent from a ‘for sale’ sign or an open house.
In 2016, 42% of home buyers chose to work with an agent who was referred to them by a friend or relative.
This might seem discouraging for new agents. What chance do you have of connecting with a buyer if you haven’t built a referral base or past client list?
Remember that 42% of buyers find their agent through a referral. You might not know a lot of people who are ready to sell, but many of them probably know someone who is ready to sell. So make a list and make sure your contacts know you’re in the real estate business.
In the 2016 survey, 90% said knowledge of the market was a very important quality for their agent to have; buyers want agents who have product knowledge.
If you have any questions, feel free to give me a call or send me an email. I’d be happy to help!
