Local Housing "Market Knowledge" Is Most Valuable Attribute Consumers Look for In Hiring An Agent

In today’s changing real estate marketplace, one-third of consumers said in a national survey that local ” housing market knowledge” is the most valuable attribute they look for in hiring a real estate agent. “Commissions” and “communication” tied for second place in the survey. Each received 22%.

Fourteen percent of consumers responding to the random survey said “experience” is the most valuable asset they seek in hiring an agent. Ranked last is “negotiating skills.”

“Market knowledge is critical in all kinds of real estate markets, no matter the location,” observed Michael Bearden, President and CEO. “This is especially true when housing markets are as balanced as they are now between buyers sellers.

“By taking advantage of the free ‘Current Market Conditions’ feature on their websites, our member agents can immediately establish themselves as real estate market experts in their exclusive territories,” Bearden continued. “These quarterly surveys measure such things as days on the market, percentage differences between listing and selling prices, inventories of unsold homes, the ratio between buyers and sellers, local market hotspots, and repeat and first-time buyer activity.”

By participating in the survey, local sales data developed by member agents also becomes part of regional and national housing data released quarterly to the media and publicized both internally and externally.

The importance of communication between agents and their customers is underscored in the survey results. “The Internet has become an important tool in establishing and maintaining good communications with clients, past clients and prospects. The customer expects and demands instant communications.

By ranking “commissions” ahead of agent “experience” and “negotiating skills,” consumers are focusing on the bottom line after a five-year run-up in homes for sale prices in many parts of the country. “We’re talking about bigger commission dollars and higher expectations of services and results by home buyers and sellers in slower markets,” Bearden said. “To be successful, real estate agents must have aggressive marketing plans and have a solid track record of successful results in all kinds of markets. Our system and our marketing tools were designed to do just that for our members.”