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J.D. Power and Associates Reports: Despite “Buyers’ Market” Conditions, Real Estate Company Satisfaction Improves Among Sellers, But Declines Among Buyers

WESTLAKE VILLAGE, Calif. July 27, 2011

http://photos.prnewswire.com/prnh/20050527/LAF028LOGO-a

customer satisfaction of home buyers sellers

Home-Buyer Satisfaction

Overall satisfaction among home buyers averages 797 on a 1,000-point scale in 2011—a decrease of six points from 2010. The decrease is primarily due to lower satisfaction with the agent/salesperson, which is the most influential aspect of buyer satisfaction with the real estate company. Agent/salesperson satisfaction averages 814 in 2011, compared with 828 in 2010.

Jim Howland

Coldwell Banker Coldwell Banker

Home-Seller Segment

Among home sellers, satisfaction with real estate companies has improved substantially to an average of 779 in 2011 from 742 in 2010. While satisfaction with each of the factors has improved from 2010, the greatest gain has occurred in the marketing factor, which has increased by 62 points in 2011.

In 2011, the variety of additional services and office factors have increased in importance to overall satisfaction, while the importance of the agent/salesperson and marketing factors have declined. According to Howland, many real estate companies have made cutbacks in additional services and offices during recent years, and the increasing importance of these areas reflects that sellers may be missing these amenities, which provides an opportunity for companies to improve satisfaction.

Among home sellers, RE/MAX ranks highest with a score of 791 and performs particularly well in the agent/salesperson and office factors.  Following RE/MAX in the rankings are Prudential (786) and Century 21 (785). Century 21 performs particularly well in the variety of additional services factor.

March 2010 April 2011 May 2011

Additional Industry Findings

The study findings include the following key trends:

  • Recommendations and referrals play a key role for both buyers and sellers in choosing an agent and real estate company. In 2011, six in 10 buyers and sellers say their agent asked for a referral or recommendation—up from 47 percent in 2010.
  • The average number of homes that buyers were shown prior to making a purchase is 9.0 in 2011, down notably from 17.5 in 2010.
  • The average number of home showings in 2011 is 8.6, on average, prior to sale, down considerably from an average of 12.1 showings in 2010.
  • In 2011, just 58 percent of sellers indicate using a website listing to market their home, compared with 82 percent in 2010.

Home-Buyer Segment

Customer Satisfaction Index Ranking

J.D. Power.com Power Circle Ratings

(Based on a 1,000-point scale)

For Consumers

RE/MAX

805                                  

5

Coldwell Banker

802                                  

5

Better Homes & Gardens

801                                  

5

Keller Williams

799                                  

5

Prudential

797

3

Home-Buyer Segment Average

797

3

Century 21

796

3

ERA

773

2

GMAC/Real Living

743

2

Home-Seller Segment

Customer Satisfaction Index Ranking

J.D. Power.com Power Circle Ratings

(Based on a 1,000-point scale)

For Consumers

RE/MAX

791

5

Prudential

786

4

Century 21

785

4

Home-Seller Segment Average

779

3

Better Homes & Gardens

778

3

Coldwell Banker

763

3

Keller Williams

745

2

Power Circle Ratings Legend:

5 – Among the best

4 – Better than most

3 – About average

2 – The rest

About J.D. Power and Associates

Westlake Village, Calif. home building and home improvement car reviews and ratings car insurance health insurance cell phone ratings JDPower.com

About The McGraw-Hill Companies

$6.2 billion http://www.mcgraw-hill.com

J.D. Power and Associates Media Relations Contacts:
John Tews Troy, Mich. [email protected]
Westlake Village, Calif. [email protected]

www.jdpower.com/corporate

SOURCE J.D. Power and Associates

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