Study – Prudential Real Estate Affiliates Ranks Highest in Seller Satisfaction

RISMEDIA, Oct. 2, 2008-Prudential Real Estate Affiliates Inc. (PREA), a Prudential Financial Inc. company and Prudential Network Realty announced that Prudential Real Estate ranks “Highest Satisfaction for Home Sellers Among National Full Service Real Estate Firms” in J.D. Power and Associates’ 2008 Home Buyer/Seller Study.

The inaugural study measures customer satisfaction of home buyers and sellers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home selling experience: agent (43%); marketing (38%); office (12%); and services (7%).

Among home sellers, Prudential Real Estate achieved a score of 793 on a 1,000-point scale – and Prudential Real Estate received particularly high ratings from customers in the marketing and office factors.

“We are very proud of this distinction, as it underscores the quality of our affiliates and their hard-working sales professionals,” said Laurie Keenan, president of PREA. “Our sales professionals are local experts and sellers appreciate their ability to market and price homes right – along with providing exceptional, attentive service.”

The team at Prudential Network Realty works hard to not only meet, but exceed the expectations of its sellers and buyers, explained Linda H. Sherrer, founder, president and CEO of Prudential Network Realty.

“Our clients want all the expertise and market knowledge we can offer,” Sherrer said. “By leveraging Prudential’s brand strength, its wide array of product and service offerings and its strong Internet marketing programs, we can provide sellers with the increased exposure they need.”

The J.D. Power and Associates study found that despite the popularity of home buying and selling resources on the Internet, the real estate sales professional remains key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68% of buyers saying they used Internet tools to help them in the purchase process. About 61% of sellers reported they used a website listing to market their home. Among sellers, online methods were the most important aspect of marketing.

However, the sales professional carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers. According to J.D. Power and Associates, although the Internet provides home buyers and sellers with the ability to perform some essential tasks – such as listing a home for sale or researching a neighborhood in which to purchase a home – it still does not replace the importance of a good sales professional. The knowledge and expertise provided by experienced sales professionals is an important benefit of using a full-service real estate company.

The study also found that the average time a respondent’s home remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for less time – approximately five and a half months, on average.

Satisfaction averages 794 among those customers whose homes sold within five months or less, but declines considerably to an average of 730 among customers whose homes took seven months or longer to sell, the study showed. A real estate company providing sales professionals who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time clients’ homes remain on the market – which can save the seller money and inconvenience.

Nearly on-half of respondents in the study (46%) reported using recommendations from family or friends to find their real estate sales professional. Approximately 28% used the Internet, while 23% used a sales professional they had used previously and 11% used a printed real estate guide.

The study also reported that home buyers were shown an average of 13 homes before they made a purchase. Home sellers reported that, on average, their home was shown 11 times and about five open houses were conducted before a sale occurred.

The 2008 Home Buyer/Seller Study included 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008. Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually.

For more information, visit www.JDPower.com and www.Prudential.com.

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