Effective Communication Drives Satisfaction: First-Time Buyers/Sellers Want to Be Kept Informed,
and Repeat Buyers/Sellers Want Responsiveness
(Press Release for Aug.5/15)
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WESTLAKE VILLAGE, Calif.: 5 August 2015 — CENTURY 21 ranks highest in customer satisfaction among real estate brokerages across all home buyer/seller segments, according to the J.D. Power 2015 Home Buyer/Seller Satisfaction StudySM released today.
The study, now in its eighth year, measures customer satisfaction with the nation’s largest real estate companies among customers in four segments: first-time buyers, repeat buyers, first-time sellers and repeat sellers. Overall satisfaction is measured across four factors of the home-buying experience: agent/salesperson; real estate office; closing process; and variety of additional services. In the home-selling experience, the same four factors are evaluated plus a fifth factor, marketing. Satisfaction is measured on a 1,000-point scale.
According to the study, satisfaction is significantly higher when real estate companies meet four key performance measures related to communication. These include receiving a timely response to questions and concerns; being informed at all important contact points; receiving follow-up communications after the close of the home; and being shown sales information for comparable properties. Gaps in satisfaction are substantial across all customer segments when these measures are met vs. when they are not met.
Among first-time buyers and sellers, satisfaction is 125 points higher among buyers and 107 points higher among sellers when they are kept informed vs. when they are not (850 vs. 725 and 839 vs. 732, respectively). Among repeat buyers and sellers, satisfaction is 130 points higher among buyers and 217 points higher among sellers when they receive a timely response to questions and concerns vs. when they do not (851 vs. 721 and 835 vs. 618, respectively).
“Knowing how and when to communicate with customers is essential for real estate companies,” said Christina Cooley,director in the diversified services industries practice at J.D. Power. “To satisfy first-time customers, it is really about holding their hand by keeping them informed at key points throughout the purchase or selling process to ease their anxiety. For repeat customers, satisfaction hinges more on the timeliness of the response by their real estate agent when questions or concerns arise with the process.”
First-Time Home-Buyer Satisfaction Ranking
- CENTURY 21 (832) ranks highest for a second consecutive year and performs particularly well in the agent/salesperson and closing process factors.
- RE/MAX (827) ranks second, on par with industry average.
- Overall satisfaction among first-time home buyers is 827.
Repeat Home-Buyer Satisfaction Ranking
- CENTURY 21 (853)ranks highest for a second consecutive year and performs particularly well in all four factors.
- Coldwell Banker (841) ranks second, on par with industry average.
- Overall satisfaction among repeat home buyers is 841.
First-Time Home-Seller Satisfaction Ranking
- CENTURY 21 (841)ranks highest for a second consecutive year and performs particularly well in all five factors.
- Overall satisfaction among first-time home sellers is 827.
Repeat Home-Seller Satisfaction Ranking
- CENTURY 21 (835)ranks highest for a second consecutive year and performs particularly well in all five factors.
- Coldwell Banker (810) ranks second.
- Overall satisfaction among repeat home sellers is 814.
The 2015 Home Buyer/Seller Satisfaction Study includes 6,059 evaluations from 5,066 customers who bought and/or sold a home between March 2014 and April 2015. The study was fielded in February through April 2015. For more information about J.D. Power solutions for the home improvement industry, visit http://www.jdpower.com/industry/home-improvement
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