July 5th - 2003

How do REALTORS rate?

REALTORS need to develop their own “brand,” and clearly specify the value of the services they provide to consumers, according to a recent Consumer Branding Study commissioned by the Canadian Real Estate Association.

REALTORS need to develop their own “brand,” and clearly specify the value of the services they provide to consumers, according to a recent Consumer Branding Study commissioned by the Canadian Real Estate Association.

The three-part study consisted of a national telephone survey of 1,500 people, an online survey that was completed by almost 7,000 visitors to the MLS web site, and focus groups conducted in Vancouver, Montreal and Toronto. In each part, only consumers who had purchased a property in the past five years or were actively shopping now were included.

The study looked at the overall perception of REALTORS, awareness of the MLS, and the impact of the Internet on real estate. Respondents were asked what they considered to be the traits of a good REALTOR and what recommendations they would give to improve their satisfaction with the level of service provided by REALTORS.

About 34 per cent of the national telephone survey respondents described themselves as being extremely satisfied with their last real estate transaction and just under half (45.4%) of the online survey respondents gave their most recent REALTOR a rating of eight or better on a ten point scale.

“The REALTORS who stood out to participants in the focus groups were people who did so because they had built the strongest reputation or brand, “ the study concluded. The “brand” the study referred to is contained in a special blend of talents, skills, knowledge and personal characteristics.

“There are clear messages that the industry needs to get out to its members” the Branding Study report says. They are:

  • REALTORS add value to the process through their unique expertise which includes market knowledge, product knowledge and negotiating skills.
  • REALTORS are governed by a code of ethics which is strictly enforced.
  • MLS is a product that is unique among listing services because of its many attributes including, but not limited to, accuracy, thoroughness, trustworthiness and broad distribution.”

Traits of a good REALTOR 

Participants in the study identified the following traits as being present and desirable in a good REALTOR:

Expertise – Buyers wanted REALTORS to inform them of what to expect from the process. REALTORS with years of credible experience were generally preferred over people just starting out.

Specific market knowledge – Beyond commenting on the structure itself, consumers wanted REALTORS to provide insights into the neighbourhood.

Good listeners – Described as one of the most frequently missing attributes, buyers and sellers could not emphasize the importance of this trait enough.

Strong negotiators – Negotiating was the one part of the process that most people felt they could not successfully do on their own.

Patience – Selling a house can be an emotional experience and buying can be very stressful. One of the attributes highly prized in a REALTOR was patience.

Flexible – Some participants said that after being in the market for a while, their interests and needs changed. They needed their REALTOR to recognize their new interests and didn’t want to have to argue with their REALTOR to change direction.

Hardworking – Good REALTORS were described as doing their homework. They were seen to be working hard to promote a property or alternatively, pouring over listings to find a suitable purchase option.

Networked – A good REALTOR was connected throughout the real estate world and could bring clients to homes before they hit the market. A good REALTOR also had connections in a range of related fields like financing, repairs, landscaping etc.

Trustworthy – The more balanced a REALTOR was in their home presentation and comments, the more trustworthy they were perceived to be.

Diligent – Buyers and sellers wanted to know that their REALTOR had a passion for the business and could be counted on to be looking out for their clients 24/7.

Helpful – The distinction between helpful and intrusive was made clear by participants. Helpful provided useful insight when appropriate. Intrusive provided endless insights and smothered their clients.

Hungry – Even though participants preferred the expertise that generally comes with years of experience, they were interested in having a REALTOR who had not achieved a level of success associated with complacency.

To view the results in their entirety, visit www.realtorlink.ca. The report is posted on the front page of the site.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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