Partnership Between Buyer and Agent

coaching Jan 04, 2022

For many buyers, agents are a strategic partner who helps with many aspects of the process. There is no part of the process where buyers work alone except more determine on their own whether a home is right for them.

WHERE THE AGENT COMES IN

Most buyers start the home buying process on their own before working with an agent. Buyers ofter begin to research homes and obtain pre-approval for a mortgage before contacting an agent. For buyers who use an agent, 43% of Gen Z and Millennial buyers, 33% of Gen Xers, 29% of Boomers, and 10% of Silent Gen buyers say they find homes themselves to consider during the buying process.

COMPETITION

The average home buyer contacts at least two agents before choosing who to work with. Younger buyers, the majority who are first-time buyers, are more likely to contact multiple agents. Most use an agent referred to them by a friend or family member, yet over 75% will still do their own research of the agents' expertise and experience. Only 10% of buyers use an agent or broker with whom they previously worked with.

Buyers are looking for trustworthiness and an agent that is responsive to them, most also prefer an agent who respects their personal values. Strong negotiating skills and strategic knowledge are also very important.

VALUE OF AGENTS

Overall, agents are highly valued by buyers. The majority of buyers see them as an essential part of the complex home buying process.

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