As a reminder about Clever Real Estate and its latest research, here’s a recap from Part I of this three-part series:
What is Clever?
Clever Real Estate is a national online brokerage that matches traditional agents who already work for/with other traditional brokerage firms with housing consumers who want to buy and/or sell a house. Rather than paying for leads, agents pay a referral fee to Cleverwhen that agent helps a client buy or sell a house.
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Clever offers full-service listings for $3,000 or 1% if the home sells for more than $350,000. Agents typically receive a standard commission of 3% since Clever does NOT alter agents’ commissions.
Clever offers consumers a cash-back payment of .5% of the sale price at the closing of the transaction.
According to Houwzer, Clever relies on a referral network of agents who have track records of being…
- Professional, full-time agents
- Positively reviewed from past clients
- Experienced negotiators
- Strong on local market expertise
- Tech-savvy.
Clever’s Insights into Sellers’ Fears
Clever’s most recent survey of approximately 1,000 sellers who intend to list their homes within the next 12 months found that a whooping 74% of sellers are more than concerned their house may take too long to sell. This concern/border-line fear suggests, according to Clever, that the window of opportunity for getting a high price or return on their investment in the home is temporary, not long-term, and these sellers don’t want to miss out, also known as fear of missing out (FOMO.”
Clever has summarized sellers’ main concerns/fears as:
- 74% of sellers worry the house may take too long to sell
- 69% of sellers worry about settling for a lower price than wanted/expected
- 67% of sellers worry about strangers coming into the seller’s home
- 66% of sellers worry about having to move out of the house too soon
- 62% worry about a home inspection discovering a “major” problem
- 60% worry about an appraised value being lower than the purchase price
- 58% worry that the seller’s next home purchase may fall through due to bad timing.
Sellers Flocking to Agents to Sell Their Homes
Because sellers’ expectations are so high about selling their homes, sellers are turning more and more to real estate agents. As of 2022, according to Clever, 77% of sellers plan to use an agent to sell their home, up from 54% in 2019. Millennial sellers are even more bullish about agents…80% of Millennials plan to use an agent to sell their homes, up from just 47% in 2019.
Why the uptick in turning to agents? Sellers, and particularly Millennials, want to rely on an agent’s expertise to get the best price possible for their house. According to Clever,“sellers are so confident they’ll make money on their home sale that they’re more willing to delegate the process to an agent.”
For the scant 8% of sellers who plan to sell their homes without a real estate agent, 56% of that 8% think real estate commissions are too expensive and are confident they can sell their house on their own due to their past real estate experience. 49% of that 8% want more control over the process; 39% of that 8% have had bad past experiences with agents and 16% of that 8% don’t trust agents.
Sellers Biggest Challenges, according to Clever’s Research
- 30% consider preparing the house to sell a “nightmare”
- 20% pricing the house correctly
- 19% finding a qualified real estate agent
- 11% attracting buyers
- 10% negotiating with buyers
- 8% filling out paperwork
Because today’s sellers consider social media and online connections as being the most effective ways to sell houses, sellers are seeking real estate agents who are tech savvy.
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Thanks to listwithclever.com.
