Satisfaction for the home-selling process is also determined by these four factors, as well as how well the home is marketed to prospective buyers. The results of the study reveal that satisfaction is highest among repeat customers, rather than first-time buyers and sellers. This may be the case for a number of reasons.
For example, repeat customers may already be familiar with the process, which can lead to fewer inaccuracies, confusion and mistakes (all of which raise the risk of real estate E&O insurance claims). In addition, repeat buyers may also have an established relationship with a certain agent or agencies, which helps instill trust and lead to a more positive customer experience.
Focusing on the specific needs of new market entrants
Given these scenarios – and the fact that more home buyers are entering the market, it’s essential that today’s real estate companies also focus their attention on first-time buyers and sellers to improve customer acquisition and retention. The study found that the number of first-time buyers entering the market in 2013 is 49 percent, versus 40 percent in 2012. This number is even higher for first-time sellers, which will reach 44 percent this year compared with only 30 percent last year.
By honing in on the needs of these clients, agents can gain a greater market share, get the chance to improve their reputation and exposure and establish relationships with new clients.