Buyer Feedback on Agent Performance: 2022

Every year, NAR (National Association of REALTORS®) publishes a ‘Homebuyers and Sellers Generational Trends Report’. 

Most real estate agents use this information to better understand the current market and how it relates to their client base. What we don’t see agents doing often, is using this information to better understand and improve their performance. As a real estate agent, this is a gold mine you don’t want to overlook!

Take a look at some of the highlights regarding agent performance from this year’s report:

REPRESENTATION: First and foremost, let’s talk about AGENCY. As REALTORS®, we know that the agency disclosure must be provided at first substantive contact - and we also know how crucial it is to have an agency relationship established. We also know, however, that many agents do not prioritize this. Notice how 27% of all buyers said they did NOT have buyer agency established - and even worse than that, 16% of all buyers said they don’t know! Agents, we don’t need to tell you how important this is, not just for your sake, but also for your buyers. EVERY PERSON you work with should know whether or not they are (legally) represented by you! 

WHAT’S IMPORTANT TO BUYERS: If you’re not taking advantage of this information as an agent, what are you doing?! We’ve literally been given a list of the things that buyers want from their agent. You would be silly not to implement these things. Notice how “Agent is friend or family member” is NOT in first place here… this is why networking and building a trusted brand are so important. There ARE people who don’t just want to choose who they know best - they want to choose who is BEST, for them. 

You may not be able to change how long you’ve been in the business, but you can always change how you do business. It’s clear, and not surprising, that honesty, integrity, knowledge, dedication and responsiveness are most important to buyers, so make those things important to YOU.

BENEFITS PROVIDED & SATISFACTION: This one is crazy - only 63% of all buyers said their agent helped them understand the process?! This should be one of our top priorities. What may be even more concerning is the fact that 5% of all buyers said their agent didn’t provide any of those benefits!

We also can’t ignore the fact that only 77% of all buyers were satisfied with their agent’s negotiation skills. We all know this market has been tough on buyers (and agents of course), but we’ve got to do better than that!

NUMBER OF AGENTS INTERVIEWED: We were pretty shocked to learn that most people only interviewed one agent. We’ve all got it in our heads that we are one of many - and while that may be true only 27% of the time, we might as well act like it’s not. This information tells us that most people actually will choose the first agent they interview, so let’s keep making those first impressions count! You never know if the person interviewing you is one of the 27% who has others lined up.

WOULD USE AGENT AGAIN OR RECOMMEND: It seems like most people remained confident in their choice by the end of the transaction, with 75% of all buyers saying they would definitely use their agent again! That means, however, that 25% of people were not happy with that choice come closing time. This is important to consider, because it shows follow through. You’ve got to be the agent you promised them from start to finish and beyond - otherwise, you’ll be giving someone else a chance to do better in the future. 

This is why creating a relationship that goes far beyond the transaction is so important! We, as agents, should all be striving to provide a client experience that is unmatched. We don’t just want our clients to use our services again, we want them to be so impressed that they’ll even send their loved ones our way. 

The market has been a wild ride the last couple of years, and while there will always be room for improvement, it's equally as important to acknowledge our efforts and achievements. With home prices as high as they have been, it’s a miracle any buyer had a positive experience! (insert laughing/crying emoji) Despite what many seem to think these days, being a real estate agent is NOT easy. 

With that being said, let’s all agree to not just do better, but to always do our BEST! We know our value as REALTORS®, and it’s our job to provide our clients with such.