Some differences between the sexes? CoreLogic RP Data estate agent satisfaction survey results
When it comes to achieving an expected or better price for a property, a new survey shows there is no difference between the sexes.
But price is not everything, the 2015 Consumer Perceptions of Real Estate survey found.
Kylie Davis, head of Real Estate Solutions at CoreLogic RP Data, commissioned the survey that shows 24% and 22% of male and female agents respectively sold the vendors property above the expected price.
And 49% of male agents were found to sell around the expected price compared to 52% of female agents.
Both sexes were evenly represented at 21-22% in selling below expectations.
But the survey revealed a difference in the satisfaction levels vendors experienced when dealing with a female agent compared to a male agent: female agents were more likely to deliver a consistent experience for vendors.
"This does not mean female agents were better at various elements of the sale process simply because they were women.
It does however correlate the finding that the better the skill levels of the agent, the more satisfied vendors are likely to feel.
Female agents outperformed their male counterparts in the skills of handling open for inspections (41% women agents rated as excellent compared to 33% men), providing regular feedback (45% of female agents rated as excellent compared to 31% of male agents), following up of potential buyers and leads (43% of female agents rated as excellent compared to just 29% of male agents) and negotiation skills (38% of female agents rated as excellent compared to 28% of male agents).
Female agents were more likely to be identified as excellent at managing the sales process – 42% for female agents compared to 28% for male agents.
Female agents were more likely to deliver an excellent quality presentation (33%) compared to 22% of the male agents.
Preparation levels of vendors who used female agents were also higher with 66% feeling very well prepared before going through the sales process, compared to 56% of vendors with a male agent.
The take out of this insight is not to assume an agent will be better at various skills of selling simply because of their sex, but for vendors to be clear about the type of selling experience they expect, and to select an agent who demonstrates these skills.
Regardless of market conditions the majority of vendors – 66% – rated their overall experience when selling their home as either excellent (31%) or good (35%), according to recent research, though some 20% claimed the experience was average and 14% below expectations.
Some 68% of respondents said they would recommend their agent to friends or family, according to market research company, Roy Morgan which has been polling Australians about the trustworthiness of different professions since 1975.
Real estate agents have always polled poorly - in its 2015 Image of Professions only 9% of those surveyed rated them as “very high” or “high” ethics and honesty. Only advertising people and car salesmen score worse.
"The 2015 Consumer Perceptions of Real Estate survey wanted to test this stereotype by going directly to people who had experience of agents and their performance," the report advised.
"Popular mythology stereotypes real estate agents as being untrustworthy smooth-talkers who put their own needs above those of their clients," said Kylie Davis, head of Real Estate Solutions at CoreLogic RP Data, who commissioned the report.
"At CoreLogic, we wanted to understand whether this perception had any bearing on reality, or was it an urban myth?
"The 2015 Consumer Perceptions of Real Estate Agents is a new report that seeks to understand the quality of real estate agent performance and service in Australia and how it matches - or misses - the expectations vendors have when selling their homes.
"It is our passionate belief that it is only through transparency that we can ensure the ongoing success of the industry by demonstrating how professional services are meeting – and exceeding - consumer expectations if we are to change the reputation of the industry once and for all," she said.Some 36% of respondents claimed they expected to stay in touch with their agent or use him or her again and an additional 26% saying they would consider it.
The survey identified that real estate agents are managing price expectations well with 23% of those surveyed selling above the expected price and 50% selling for the expected price. One in four sold below the expected price.
Some 38% of respondents said they interviewed just one agent before making their decision on which agent to use. Some 55% chose to interview two or three agents before making their decision. Only 8% interviewed more than three agents.
The survey showed very few real estate agents demonstrated their market knowledge using technology. Only 17% used an iPad or video to share market information, and 12% received market information in an email.
