Consumers Have Higher Expectations of RESs to Further Improve Their Property Transaction Experience

January 2023 - 3 min read

CEA’s 2021 Public Perception Survey (PPS) provides a gauge of consumers’ satisfaction towards the services rendered by real estate salespersons (RESs). The survey findings allow CEA and the industry to have a better sense of the progress made by the industry in delivering professional service to property consumers.  

This blog post focuses on the services consumers felt their RESs could have offered or done more to improve their transaction experience, as well as the characteristics they feel are important for an RES to possess. It is the third in a series of blog posts where we delve deeper into the 2021 PPS findings and share how the industry can continue to meet evolving consumer expectations.

RESs expected to negotiate better prices, offer advice based on clients’ needs, and act in clients’ best interests

While consumer satisfaction with RESs’ services remained high, more consumers are looking to their RESs to flex their negotiation skills to secure the best prices for them. RESs are also expected to provide more information to clients on property values and market trends to help clients make better decisions. In addition, consumers want RESs to provide sound advice based on their needs, to help them achieve the best outcomes in their property transactions.

In all, consumers are expecting RESs to offer a more personalised and customised property transaction experience, one that is executed with the client’s best interests in mind. 

How CEA is supporting the industry

CEA is committed to supporting the real estate agency industry as it strives towards greater professionalism, higher ethical standards and delivering better service to consumers.

In 2022, CEA announced the refreshed Real Estate Industry Transformation Map (ITM) 2025. The industry provided input towards this blueprint that will bring us closer to our vision of a professional, productive and resilient real estate agency industry. The initiatives under the Real Estate ITM 2025 focus on three areas: digitalising property transaction processes, promoting technology adoption by EAs and professionalising RESs through skills development. 

One initiative under the Real Estate ITM 2025 Project ADEPT (Advancing and Enhancing Professionalism and Training), a workgroup formed by CEA with the industry, training providers and academia to enhance the entire CPD ecosystem. This will enable RESs to be better equipped with the relevant knowledge and skillsets to meet clients’ needs and face future challenges. The workgroup will share its recommendations later this year. 
 
CEA also initiated Project Focus, a series of conversations with the five largest EAs, to see how we can work together to reduce the number of complaints against RESs, and ultimately build consumers’ trust and confidence in RESs.

How the industry can respond

With consumers having higher expectations of RESs’ knowledge and expertise, this presents opportunities for EAs and RESs to better understand their clients’ needs and provide value-adding services so that their clients can enjoy a more positive and personalised property transaction experience. 

CEA would like to encourage EAs and RESs to assume greater responsibility and accountability, regardless of your role, to professionalise the industry.  Here are some steps that EAs and RESs can take to continue to meet, and exceed, consumers' expectations: 

For EAs

• Equip your RESs with relevant skills to conduct more analysis and research on pricing and market trends, so they can help their clients make more informed decisions on property transactions.

• Put in place more proactive measures in supervising your RESs closely to build trust-based relationships with consumers.

• Create a feedback loop system with clients so you can constantly improve and build your EA’s reputation. You can gather input from clients on your RESs’ services through surveys, reviews and social media. Also, hear out your RESs about their experiences interacting with their clients. By listening to both sides, you will be able to glean insights into what works well and what can be done better. 

For RESs

• Take time and make it a priority to understand your client’s specific preferences and tailor your advice and services accordingly to address these needs. This means closing a deal that provides not just a good option, but the best option, to your client.

• Provide data-driven advice to your clients. Familiarise yourself with reliable sources of relevant data and ensure that you have access to the right tech tools to help you obtain statistics or generate reports to support the advice you provide to your clients. 

• Reflect on your own experiences as a consumer when you manage every transaction. All consumers expect a fair price and for the service provider to handle the deal honestly and with integrity. Always hold yourselves to the highest ethical standards when interacting with your clients and put their interests first.

Information accurate as at 30 January 2023