Clever Real Estate matches buyers and sellers with agents. Part III of this three-part series focuses on how sellers find agents.
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.
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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.
How Do Home Sellers Find Agents to Represent Them?
The top two ways home sellers in 2022 find real estate agents are through online real estate platforms and through review websites like Yelp and Goggle. Take a look:
- 54% of home sellers use real estate platforms such as Zillow, Realtor.com, Clever Real Estate
- 48% of home sellers use online reviews such as Google and Yelp
- 42% of sellers rely on referrals/world-of-mouth from friends
- 42% rely on personal relationships (friend, family member, etc.) with an agent
- 32% rely on online searches
- 29% rely on social media
- 22% rely on “traditional” advertising such as TV, print, for sale signs
- 22% rely on open houses
- 18% rely on referrals from a lender
How Do Sellers Gauge an Agent’s Trustworthiness and Performance Level?
90% of sellers seek and prefer a real estate agent with at least four years of experience. However, having a solid 4-9 years of tenure as an agent doesn’t automatically translate into a seller’s trust of that agent.
In hopes of creating that trust, 54% of sellers say they intend to interview two or three agents either in-person (53%) and then follow up with a video call (21%). In reality, however, most people “hire” the first realtor they meet.
Sellers tend to gauge an agent’s performance and trustworthiness levels by the following criteria:
- 33% base an agent’s performance and trustworthiness on whether or not the agent is well known locally and/or online
- 25% on verified only realtor reviews
- 19% recommendations from people they know
- 13% on online reviews whether or not those reviews are verified
- 10% the number of recent home sales
Biggest Risks in Choosing Wrong Real Estate Agent
The biggest seller’s risk in choosing the wrong agent is, according to Clever, losing out on a higher sale price. Take a look:
- 57% of sellers say they risk losing out on a higher sale price
- 56% risk the house taking too long to sell or not selling at all
- 54% risk contracts falling through due to errors or shoddy negotiations
- 51% risk overpaying on commissions
- 45% risk miscommunication that leads to delays
- 35% risk conflicts involving personality clashes
Pay attention agents to all three parts of this Clever series. Sellers are telling you what is and is not important to them.
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Thanks to Clever Real Estate.