Reflective of the real estate buyers’ market conditions in many regions in the US, satisfaction with real estate companies among home buyers has improved from 2009, while satisfaction among home sellers has declined, according to [pdf] the J.D. Power and Associates 2010 Home Buyer/Seller Study.
Agents, Salespersons Boost Buyer Satisfaction
The study measures customer satisfaction of home buyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent/salesperson; office; and variety of additional services. Four factors are examined for the homeselling experience: agent/salesperson; marketing; office; and variety of additional services.
Overall satisfaction among home buyers averages 803 on a 1,000-point scale in 2010, increasing by 12 points from 2009. This improvement is primarily driven by increased satisfaction with agents and salespersons.
Marketing, Add’l Services Hit Seller Satisfaction
In contrast to home buyer results, overall satisfaction among home sellers has declined by 40 points from 2009 and averages 742 in 2010. Among home sellers, satisfaction has decreased in all four factors, with the largest declines observed in marketing of the home and the variety of additional services offered.
Buyers Prefer Keller Williams
In the home-buyer segment, Keller Williams ranks highest for a third consecutive year, with a score of 817 on a 1,000-point scale. Keller Williams performs particularly well in the agent and office factors.
Following in the rankings are Prudential (811) and Coldwell Banker (805). Prudential performs well in the additional services category.
Sellers Praise Prudential
Among home sellers, Prudential ranks highest with a score of 760 and performs particularly well in the marketing and agent factors. Prudential is the only company to improve in home seller satisfaction in 2010, compared with 2009.
Following Prudential in the rankings are Keller Williams (751) and RE/MAX (744). Keller Williams performs particularly well in the office factor.
Agents Neglect to Get Referrals
Fewer than one-half of home buyers and sellers indicate their agent asked them to provide a referral or recommendation to a friend or family member, according to study results. J.D. Power & Associates advises agents to proactively seek referrals, especially during current difficult economic conditions.
Young Professionals Ready to Make a Housing Deal
Despite widespread consumer pessimism about the near-term housing market, more than half (55%) of young professional homeowners are confident they would get the asking price for their house at this point in time, according to results of a recent American Express Spending & Saving Tracker study. Yet they (31%) remain more flexible than the general population of homeowners (21%) in willingness to sell their house for less than the asking price.
In comparison to the general population of homeowners, young professional homeowners are also more willing to negotiate to close a real estate deal. Eighty-seven percent of young professional homeowners are willing to make concessions to sell their homes, compared with 60% of the general population and 70% of affluent homeowners.
About the Data: The 2010 Home Buyer/Seller Study includes more than 3,000 evaluations from 2,817 respondents who bought or sold a home between March 2009 and April 2010. The study was fielded between April and May 2010. J.D. Power & Associates is the publisher of the attached charts, which originated from the 2010 Home Buyer/Seller Study.