Real estate research results from 2009 indicate buyers/sellers opinions regarding Realtor Services & Importance
~ As I began reading an article in the Vancouver Sun this morning regarding how the public views Realtors and the need for the profession I honestly prepared to hear the worst. The recent negative media coverage regarding the fact that Realtors don’t give consumers enough options in terms of commissions and services has me concerned. In all fairness this study is from last year, but it was encouraging for me to read that nearly 75 per cent of Vancouverites view realtors as knowledgeable professionals and that seventy per cent indicate that realtors adhere to a high standard of professional conduct and enjoy a positive public image!
~ Realtors are around for a reason and do provide a professional and valuable service
~ Please remember that there are always going to be Excellent Realtors, Good Realtors, Average Realtors & Poor Realtors in the system… Just like there are good mechanics & bad mechanics, good doctors & bad doctors… Just because you have 1 bad experience with one Doctor doesn’t mean that next time you need stitches you try to do it yourself; rather, you try a different clinic or doctor.
In all fairness, Realtors deserve the same respect, opportunity & second chance.
If you’ve had a bad experience with a Realtor in the past, next time sit down with several different ones until you find one that you get a good feeling from… that has a good business plan… and that supports your Real Estate goals!
Realtors do exist for a reason. A housing purchase is the most complex transaction you will ever make. Let a professional take on the legalities, and help you secure the best price possible whether you are buying or selling a home in Vancouver.
Here is a portion of the article from Today’s Vancouver Sun:
The Real Estate Board of Greater Vancouver (REBGV), the professional association for nearly 10,000 realtors, conducts research annually to help its members gain a greater understanding of these emerging trends and to heighten awareness of changing public expectations of realtors.
In 2009, the REBGV commissioned Skunkworks Creative Group Inc. to conduct its latest body of research, Understanding Expectations, in partnership with the BC Real Estate Association and the Fraser Valley Real Estate Board. The research takes a close look at what consumers expect from their realtors, and what gaps may exist between client and realtor expectations.
The study found that, with improved technology and the increased availability of information, homebuyer expectations of their realtors are shifting away from traditional norms.
Today's homebuyers use the internet to familiarize themselves with the market and begin a property search. They don't expect their realtors to be an exclusive source of property information. While the property search is still an important role they expect from realtors, homebuyers say it's even more important to work with a realtor who will guide them through the intricacies of making an offer and negotiating an acceptable purchase price on their behalf.
In contrast, according to the research, the majority of realtors believe their most important function to a buyer is providing property information.
This difference presents an opportunity for greater symmetry in the realtor-client relationship.
The study also found that realtors may underestimate the importance sellers place on the realtor's role in establishing proper pricing levels for their home. Consumers reported they are twice as likely to rely on their realtors as the most trustworthy source of information rather than themselves.
Research is also conducted to determine whether the professional and regulatory framework in real estate protects and satisfies the home buying and selling public.
In each of the past five years, the REBGV has commissioned Ipsos Reid to conduct polling of the public (groups who have and have not used a realtor). The survey consists of five statements about realtors, and respondents are asked to indicate whether they agree, disagree or hold a neutral viewpoint.
The results show that the public generally holds a positive view of the real estate profession. About 75 per cent of respondents typically say they view realtors as knowledgeable professionals. Seventy per cent indicate that realtors adhere to a high standard of professional conduct and enjoy a positive public image, and just under 70 per cent say realtors are highly skilled professional service providers.
The same survey results indicate that 58 per cent of public respondents believe a legislative framework exists that supports consumers in the buying and selling of real estate.
Research is critical for understanding how buying habits can change the type of homes built in our communities. For example, 2003 marked the first time that the number of annual condominiums sales in Greater Vancouver outpaced sales of single-family detached homes.
Today, nearly 60 per cent of homes purchased in the region each year are either condominium or townhome properties.
Through these polls, surveys and studies, realtors aim to ensure their efforts align with the needs of their clients.
Complete article available here
Blog by Kelsie Struch, Century 21 In Town Realty
Vancouver Realtor, 778.387.6090