Study Shows Buyers are Not Satisfied with Real Estate Service

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The real estate market conditions show it’s a good buyers’ market in Miami, but results from the J.D. Power and Associates 2011 Home Buyer/Seller Study show buyers this year are not satisfied.

According to these results, home buyers indicate they are less satisfied with real estate company services this year when compared to 2010. Their satisfaction was determined by three factors: agent/salesperson, office and variety of additional services.

The average satisfaction among home buyers this year is 797 on a 1,000 point scale, a six point decrease from 2010. Buyers seem to be least satisfied with their agent/salesperson, averaging 814 this year compared to 828 in 2010.

Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates, says that even though interest rates and home prices are low, there’s still traditional barriers to purchase in place, which could be negatively affecting buyers satisfaction with their agent.

“Agents who properly manage client expectations around the home buying process and communicate with clients about potential challenges—such as higher requirements for down payments, tighter loan standards and additional costs on top of the monthly mortgage—may be better able to keep clients satisfied,” Howland said.

However home sellers indicate they are more satisfied with real estate company services this year when compared to 2010. Their average satisfaction this year increased 37 points up to 779 on a 1,000 point scale. Sellers seem to be most satisfied with marketing factors, which increased 62 points in 2011.

According to Howland, many real estate companies have cutback additional services and offices during recent years, and the increasing importance of these areas reflects that sellers may be missing these amenities.

Recommendations and referrals play an important roll when buyers and sellers chose an agent and real estate company.

In both buyer and seller satisfaction, RE/MAX ranks highest with a score of 805 in the home buyer segment and 791 in the home seller segment.

The 2011 Home Buyer/Seller Study includes more than 4,200 evaluations from more than 3,680 respondents who bought or sold a home between March 2010 and April 2011. The study was fielded between March and May 2011.

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