A survey published in the September issue of Consumer Reports shows that most consumers are pleased with the services of their real estate practitioner.
The survey of 9,141 readers who bought or sold a home (or tried to) found that 71 percent were very or completely satisfied with their practitioner, while only 12 percent said they were dissatisfied.
Practitioners with most of the larger real-estate chains and independent brokers earned reader scores of 79 or higher, which indicated that respondents found these professionals provide "very satisfying" service.
Eighty-six percent of those surveyed who put their homes on the market made a sale; only 8 percent of would-be sellers eventually gave up and took their homes off the market. (The rest were still trying to sell when the survey was completed.)
What Sellers Said
Eighty-two percent of respondents who sold with the help of a practitioner received $5,000 less, on average, than their original asking price.
Almost all of the 17 percent who sold their homes without professional help said they received about what they originally asked.
What Buyers Said
Sixty-six percent of Consumer Reports' readers who used a practitioner to help them buy a home paid an average of $5,000 less than the listing price, and the 34 percent of buyers who negotiated their own deals, without representation, paid close to the asking price.
Lower Commission = Happier Seller
The survey also found that many real estate professionals would negotiate commission rates if sellers haggle. Sellers who paid commission rates 3 percent or lower were just as satisfied with their brokers' performance as those who paid 6 percent or more, the survey reported.
Forty-six percent of sellers surveyed attempted to negotiate a lower commission rate. About 71 percent succeeded.
Source: Consumer Reports (08/04/2008)
This article is from REALTOR® Magazine Online Edition Daily Real estate News for August 5, 2008
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