One of the most important things agents can do to deliver high satisfaction levels for clients is to share more information about the market with them in their listing presentation, the 2018 Vendor Perceptions of Real Estate Agents Report New Zealand showed.
The survey showed that agents who were more open and transparent and provided their vendors with Local Auction Clearance Rates and the Average Time on Market were overwhelmingly likely to rate their overall experience selling their home as Excellent.
The data showed that 50% of those vendors who were given Local Auction Clearance Rates by their agent reporting their sales experience as Excellent, as did 49% of those who received Average Time on Market information. This was 14% higher than the general response where 34% of vendors rated their overall experience as Excellent.
The value of sharing important market information was underlined by additional results which demonstrated the role of data in helping agents develop trust and an understanding of the sales experience with their clients.
Agents who provided their clients with Local Auction Clearance Rates and Average Time on Market information were significantly more likely to stay in touch with their agent or use him or her again. The survey showed 61% of vendors who received Local Auction Clearance rates from their agent reported they would definitely stay in touch or use their agent again, while 56% of vendors who received Average Time on Market information said they would do use again. This compared to 36% of vendors on average who said they would stay in touch with their agent.
When “maybe” was added to the count, the survey showed a huge 82% of respondents who received Local Auction Clearance Rates were likely to stay in touch with their agent or use him or her again, while 76% of those who received Average Time on Market information would do similar.
The third piece of evidence about the importance of sharing market information was evidenced in the question “Would you recommend your agent to friends or family?”. While 68% of respondents generally said they would recommend their agent, this number jumped 15% to 83% of those vendors who received Average Time on Market information from their agent, and by 18% to 86% of those vendors who received Local Auction Clearance Rates.
The survey identified a correlation between the level of information a vendor received and their sense of preparedness about the sale process. While only 59% of respondents generally said they felt Very Well Prepared for the sale process, 78% of vendors who received Local Auction Clearance Rates felt Very Well Prepared, and 85% of those who received Average Time on Market data reported feeling Very Well Prepared.