The Gift of Knowing

Using NAR Buyer & Seller Statistics for Success

By Theresa Barnabei & Len Elder, Course Creators

Arizona REALTOR® Magazine — July 2011

Year after year, our clients give us a true gift by telling us who they are, where we can find them and what they expect from us.  This gift of knowing allows REALTORS® to embrace the clients and exceed their expectations, causing clients for life!

So you’re probably thinking, “How do I get to know this?” The answer couldn’t be simpler.  The National Association of REALTORS® conducts an annual survey of buyers and sellers and packages all their tremendously useful feedback in “The Profile of Home Buyers and Sellers.”  Let’s take a quick look at a few key insights that we know you will find valuable.

How Do Clients Find You?

If you are wondering about growing business, know that you don’t need to go far for clients. According to the profile, 57% of your next buyer clients and 64% of your next seller clients will be referred to you from a friend, neighbor or family member or are folks you have done business with already. 

These numbers are strong for one very simple reason.  The number one, most important factor in choosing a real estate agent is the agent’s reputation for honesty and trustworthiness (52% of the time for buyers and 58% for sellers).  You see, the real estate consumer looks to the people who will attest for you and your character.  They want to know who they can trust with the largest investment of their lifetime.  So if you are wondering what you can do today to attract more business, focus your time and energy nurturing the relationships you already have with people because the referral process is alive and well in the real estate industry.

Who Is Your Next Buyer?

Let’s say that a buyer was referred to you.  There is better than a 50% chance that they will be a first-time homebuyer, married, between the ages of 25-34, who is buying a home out of a sheer desire to live in a place of their own.  And what they want most from their agent is to help them find the right home to purchase!  Who do you know that looks like this?  Who do you know that knows someone just like this?  Put yourself in front of these buyers.  They need you to help them realize their all-American dream.

Do You Want to Work with Sellers?

If you want to work with sellers, the key is to schedule listing appointments. 66% of the time, sellers will select the first agent they interview!  Evidently they don’t buy into the old adage that they should interview three agents.  Only 10% of them do.

What situations will you find when you do go on the appointment?  If the potential seller is between the ages of 18-54, their main motivation for selling is that the house is too small.  If they are 55 or older, they want to move closer to where their friends and family are.  Yes, they want to move back to the folks they wanted to get away from in their earlier years.

Not only do they tell NAR why they are moving, but they say what services they wish for from their agent.  In this order of importance, they want help with pricing their home competitively, finding the right buyer, marketing their home and selling it in a specific time frame.   These are all doable service offerings!  And it would prove successful to note in your presentation just how you would meet or exceed those expectations.  How can the listing not be yours?

One more thing about sellers: Don’t leave their buying business on the table.  Only 51% of them used the same agent on their purchase.  This is curious because the median distance moved from their current home is only 18 miles. 

With just this small glimpse into the most recent “Profile of Home Buyers and Sellers,” you can change or enhance the way you do business.  It is easier to attract and serve the buyers and sellers in the real estate market today when you know just who they are and what they want.  After all, it is all about them!

Theresa Barnabei and Len Elder are co-owners/CEOs of Course Creators, a group of national speakers and trainers committed to helping clients and students “Get It! Use It! And Become More Successful Because of It!” Theresa brings with her 14 years of corporate experience, 12 years of classroom instruction and training and 7 years of management and personnel motivation. Len utilizes his background as a debate and communications coach combined with the education of a law degree. Learn more at www.coursecreators.com.