National research has revealed widespread vendor satisfaction with agents – even though a surprising number of agents make basic mistakes.
Only 14 per cent of vendors reported receiving poor service, according to a Roy Morgan Research survey of 300 vendors.
Of the remainder, 31 per cent received excellent service, 35 per cent received good service and 20 per cent received average service.
According to Roy Morgan’s annual survey of professions, just 9 per cent ranked agents highly for ethics and honesty.
This new survey was commissioned by CoreLogic RP Data, which wanted to test whether people still had a negative view of agents after using their services.
The survey found that 68 per cent of vendors would recommend their agent – but it also found that vendors typically lose confidence in their agent during the sale process.
According to the survey, 58 per cent of vendors felt confident about their agent before the sales process, but that fell to 50 per cent during and 41 per cent after.
Another 4 per cent of vendors were dubious before the sales process, while 11 per cent were dubious during the process and 17 per cent were upset after the process.
CoreLogic RP Data said the issue of managing price expectations was flagged by vendors, identifying the need for agents to have hard price conversations earlier in the process.
However, most vendors were satisfied with the price their agent achieved, which was above expectations for 24 per cent, level with expectations for 50 per cent and below expectations for 21 per cent. No sale was achieved for the other 5 per cent.
One surprise finding was that significant numbers of agents miss basic opportunities to demonstrate their local knowledge.
According to vendor testimony, 89 per cent of agents failed to provide local auction clearance rates, 72 per cent failed to provide average time on market and 49 per cent failed to provide recent sales by their agency.
Vendors also said they weren’t given recent comparable sales 46 per cent of the time, relevant suburb information 44 per cent of the time and a price estimate 26 per cent of the time.