Last year, 88 percent of home buyers and sellers used a real estate agent, according to the National Association of REALTORS®. When selecting an agent, 67 percent of buyers choose the first one they interview; and 20 percent of buyers interview only two agents. Forty percent of buyers select an agent referred by someone they know, 12 percent retain the agent who helped them buy or sell in the past, and only 5 percent select an agent through an open house or for-sale sign.

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This means agents want to be the first one interviewed, and their top marketing strategy should involve obtaining referrals from past clients. Agents who do not have many previous clients should build networks within the real estate profession and with family, friends, neighbors, and anyone else who could give them a word-of-mouth referral. After they secure the interview, they should focus on what prospects mainly hope to get out of the interview, with 91 percent of buyers wanting an agent with in-depth knowledge of the local real estate market.

In addition to knowing the market dynamics and available inventory, buyers want agents who can show them homes that closely match their needs. As for sellers, 70 percent choose the first agent they interview, 38 percent choose an agent referred by family or friends, and 22 percent opt for the agent with whom they did previous business. Thirty-six percent of sellers say reputation is the most important attribute in a listing agent, followed by sales activity, attitude, integrity, honesty, and trustworthiness.

Source: “How Important is Word of Mouth Advertising for Agents?” RealtyBizNews (Jan. 15, 2015)

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