{"id":3290,"date":"2017-12-29T11:10:47","date_gmt":"2017-12-29T15:10:47","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=3290"},"modified":"2020-10-20T08:49:51","modified_gmt":"2020-10-20T12:49:51","slug":"consumers-devolving-real-estate","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2017\/12\/29\/consumers-devolving-real-estate\/","title":{"rendered":"Consumers are devolving real estate"},"content":{"rendered":"
\"Consumers<\/a>
Consumers directing real estate industry (infographic from househuntnetwork.com)<\/figcaption><\/figure>\n

The National Association of Realtors annual Profile of Home Buyers and Sellers<\/a> (nar.realtor) reveals insight into consumer real estate trends.\u00a0 It provides an understanding into home buyers\u2019 and sellers\u2019 experiences and what they want.\u00a0 One aspect of focus from the Profile is how consumers choose their real estate agent.\u00a0 The survey consistently indicates that a referral from a friend, neighbor or relative plays a big part in their choice.\u00a0 But how do buyers and sellers view real estate brands?<\/p>\n

There are reams of research about the relationship between brands and consumers.\u00a0 However, recent data regarding millennials suggest that brand loyalty may be changing.\u00a0 Jeff Fromm\u2019s article for Forbes (Why Label Transparency Matters When It Comes To Millennial Brand Loyalty<\/em><\/a>; forbes.com; December 13, 2017) points out what consumers are looking for and what they deem important.\u00a0 Fromm states<\/p>\n

\n

\u201cIf the brand doesn\u2019t provide the information they need,\u00a0millennials\u00a0will look elsewhere… <\/em>when millennials\u00a0make purchase decisions, they\u2019re considering more than the traditional drivers of taste, price and convenience.\u00a0 They value authenticity<\/strong>, and make decisions based on the way they perceive brands to impact their quality of life, society as a whole, and how that brand may be contributing positively to the world<\/em>.\u201d<\/p>\n<\/blockquote>\n

Real estate brokers and agents should pay close attention to the new consumer research.<\/p>\n

This evolution of brand loyalty and how consumers perceive brands may explain the growth of independent brokers.\u00a0 A 2015 Special Report by Inman Select (inman.com) The Shift Toward Independent Brokerages<\/em><\/a> indicates that the number of real estate agents affiliating with independent brokerages (not affiliated with corporate or franchise real estate companies) grew significantly over the last decade.\u00a0 The percentage of agents affiliating with independent brokers jumped from about 45 percent in 2006 to about 55 percent in 2015.\u00a0 About 80 percent of real estate brokerages are independent.\u00a0 And the trend is expected to continue.<\/p>\n

According to the Special Report, the major advantage cited for affiliating with a brand name brokerage is brand awareness.\u00a0 However, there may be a limit to the influence of a real estate brand.\u00a0 Unlike retail brands, real estate brands do not have total control over the consistency and quality of the services provided.\u00a0<\/strong> That is left to the individual agent.\u00a0 Independents, on the other hand, cite the ability to quickly adjust to consumers\u2019 needs and being focused on the local real estate market<\/a> as an advantage.<\/p>\n

Yes, the real estate industry appears to be devolving.\u00a0 Another example of the devolution is a decreasing reliance on the MLS<\/a> for home listings.\u00a0 It\u2019s not to say that home sellers are not listing their homes with agents, because an increasing number of sellers are looking to agents for their expertise.\u00a0 However, brokers and agents are maintaining control over their inventories through alternative means of selling homes, such as pocket listings<\/a>.\u00a0 An increasing number of brokers are also restricting their listings from internet syndication to increase the quality of information provided to consumers.\u00a0 Although it may sound counter-intuitive to not widely broadcast a home for sale on the MLS or internet, however, a lack of transparency remains a problem for some real estate aggregator portals.<\/p>\n

Are real estate brokers and agents listening?\u00a0 The business of real estate is changing and devolving.\u00a0 Control over the industry has slowly been transferred to real estate consumers.\u00a0 Real estate consumers are savvy and intelligent.\u00a0 They know if a broker\/agent is really focused on revenue streams, gimmicks and salesy techniques.\u00a0 Real estate consumers want agents and brokers who are authentic<\/a>, transparent, and provide a quality service.<\/strong><\/p>\n

Original located at https:\/\/dankrell.com\/blog\/2017\/12\/29\/consumers-devolving-real-estate\/<\/p>\n

Copyright\u00a9 Dan Krell
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\nDisclaimer<\/a>. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

The National Association of Realtors annual Profile of Home Buyers and Sellers (nar.realtor) reveals insight into consumer real estate trends.\u00a0 It provides an understanding into home buyers\u2019 and sellers\u2019 experiences and what they want.\u00a0 One aspect of focus from the Profile is how consumers choose their real estate agent.\u00a0 The survey consistently indicates that a … <\/p>\n

Continue reading “Consumers are devolving real estate”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[383,270,382,405,80,13,402,66,23],"tags":[1144,1143,913,1066,1138,490,912,474,797,920,828,803,1145],"class_list":["post-3290","post","type-post","status-publish","format-standard","hentry","category-consumer","category-home-buyer","category-home-seller","category-homebuyer","category-nar","category-real-estate","category-real-estate-agent","category-real-estate-brokerage","category-realtor","tag-attitudes","tag-brand-loyalty","tag-consumer","tag-consumer-satisfaction","tag-customer-service","tag-home-buyer-2","tag-home-seller","tag-nar-2","tag-real-estate","tag-real-estate-agent","tag-real-estate-brokerage","tag-realtor","tag-trans"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-R4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/3290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=3290"}],"version-history":[{"count":10,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/3290\/revisions"}],"predecessor-version":[{"id":6039,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/3290\/revisions\/6039"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=3290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=3290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=3290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}