August 2023 - 4 min read
Ever wondered what your clients value most and look for in a real estate salesperson (RES)? In this edition of CEAnergy, we share our findings from CEA’s survey of over 600 property consumers conducted earlier this year on their expectations and understanding of the responsibilities of RESs. Those surveyed included property buyers, sellers, tenants, and landlords who had recently completed a property transaction.
The qualities they valued most? Understanding of consumer needs, knowledge of their areas of expertise, and patience with their clients.
Understanding of consumer needs
Buying and selling property is the largest transaction in terms of monetary value for most people. In addition, for many, it is a transaction that involves a range of personal considerations, such as finances, family, and personal preferences. It is therefore no surprise that consumers shared they would like RESs who are able to view the transaction through their eyes by understanding their needs, making suitable recommendations to them, and act in their interest. This is regardless of whether they were looking to buy, sell, rent, or lease a property.
The survey also showed that consumers tend to rely on personal recommendations from family and friends when engaging an RES, and this reflects the importance of the trust and empathy consumers wish to find in an RES who can support them in their property transactions.
Knowledge of their areas of expertise
Consumers expect their RES to be knowledgeable on issues such as property market trends, and property rules and regulations to help them translate their needs and dreams into reality.
Some sellers and landlords who were part of the survey also indicated that they would appreciate RESs who provide advice on staging or renovation of the property prior to renting it out or selling, which would help them fetch a better price. This aligned with the finding that the main reason consumers engage an RES is that they expect the RES to “do a more professional job” than themselves.
This increased expectations of RESs by consumers is one of the reasons why CEA continually reviews the Continuing Professional Development (CPD) framework for RESs. This year, it was announced that RESs who intend to renew their registration in 2026 will have to fulfill 16 hours per annual CPD cycle, up from the current requirement of six CPD credits (or 6 to 9 hours) per year.
Patience with clients
Consumers indicated that they wanted RESs to be patient and not rush them into a decision in a property transaction. Consumers appreciated that RESs were generally helpful in price negotiation, but some did tend to rush a deal by urging their clients to accept an offered price or to quickly revise their offer to close the deal. This feedback came up most often when we spoke directly to consumers in groups about their experiences at different stages of their property transaction journey. What RESs can do is to help to explain to potential buyers or tenants objectively that there are other parties interested in the same property and give their clients ample time to decide.
Information accurate as at 8 August 2023