The 2011 NAR profile of Home Buyers and Sellers came out with some very interesting information, and I've been taking it all in. Something that caught my attention is that only 60% of buyers worked with their own Buyer's Agent. With all the NAR advertising and Marketing about how Buyers should contact a local Realtor in their area, I'm surprised the number is so low.
The rest of the stats is that 89% used a Real Estate Agent or Broker. So, out of 89%, only 60% of them used their own representation. 40% of them used the listing agent? That seems wrong. That's almost like saying every 2-3 listings I sell, I'll get to double end the deal, but that's not what happens. In my 11+ years, I've double ended a deal about 6-7 times. That's less than one every other year.
Some brokerages won't even allow their agent to double end a deal, which I think is "silly", but to each their own. This isn't about whether or not you believe an agent should represent both sides. This is about how only 60% of 89% felt it was necessary to obtain their own representation.
How can we get that number to increase? Is it NAR's responsibility to continue to educate the public? Is it the individual market's responsibility? Is it the responsibility of the main Brokerages across the country?
I just can't imagine that 40% of the buyers out there aren't using agents to buy their homes.
Before someone says that the 40% must be trusting builders or going FSBO, those numbers are accounted for already. To make up the additional 11% on top of the 89%, NAR reports that 7% bought directly from a builder and 4% bought directly from the home owner. That still leaves 40% of the 89% not using an agent...
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Copyright© 2011 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* NAR Reports only 60% of Buyers Use a Buyer's Agent * was first published on donnahomesblog.com.