The 2007 National Association of Realtors® Profile of Home Buyers and Sellers, based on nearly 10,000 responses to a questionnaire mailed to a large national sample of consumers, is the latest in a series of NAR surveys evaluating demographics, marketing, preferences and experiences of home buyers and sellers.

Lawrence Yun, NAR chief economist, said real estate is a very competitive industry, and the survey findings support that assertion. “The real estate industry is unique in that participants share vital information with their competitors,” he said. “The industry is also very entrepreneurial. Real estate professionals constantly experiment with business models and cater to a wide array of consumer interests and preferences. NAR embraces this competition, and to succeed in this marketplace, Realtors must place a high priority on client satisfaction.”

The survey shows that 79 percent of home buyers and sellers used a real estate professional, up from 77 percent over the past three years, and nearly nine out of 10 buyers were very satisfied with their agent’s knowledge of the process. More than eight out of 10 sellers and nearly nine out of 10 buyers would definitely or probably use the same agent again or recommend him or her to others.  

NAR 2007 President Pat V. Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said people most commonly choose an agent based on word-of-mouth recommendations. “While some consumers shop for the lowest fee, most people are looking for a real estate agent they can trust and who is knowledgeable about local market conditions,” she said. “That knowledge and experience helps Realtors add value to the real estate transaction.”

Forty-one percent of sellers found their agent as a result of a referral, while 23 percent used the agent in a previous home purchase. Similarly, 43 percent of buyers relied on referrals to find an agent, while 17 percent of repeat buyers used an agent from a previous transaction. “Real estate is very much a face-to-face people business,” Combs said.

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