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Realtors say 2 out of 3 clients are referrals

 

WASHINGTON – March 28, 2016 – For most real estate professionals, their referral network is the strongest source of new clients.

Almost two out of three (61 percent) of recent homebuyers said they found an agent through a referral, or they used an agent they worked with in the past, according to the National Association of Realtors® (NAR)' 2015 Profile of Home Buyers and Sellers report.

On the selling end, 73 percent of home sellers said they used referrals from someone they knew or a real estate agent they previously worked with.

The following is a breakdown of the top ways buyers found their real estate agents, according to the 2015 Home Buyers and Sellers Report:

  • 41% referred by a friend, relative, or neighbor
  • 12% used the same agent before
  • 12% digital marketing
  • 11% in-person contact
  • 10% from an agent's website
  • 5% referred by another agent
  • 5% visited an open house
  • 4% had personal contact by agent (e.g. telephone, e-mail, etc.)
  • 3% referred by an employer
  • 2% walked in or called the office when the agent was on duty
  • 1% search engine
  • 1% mobile application

Using the Internet and working with a real estate agent appear to go hand-in-hand. But which gets called upon first? Forty-four percent of homebuyers say they first looked online, and 33 percent then contacted a real estate agent, according to NAR's data.

Twelve percent of buyers surveyed say they found their agents online (10 percent from an Internet website and 2 percent from a search engine or mobile application).

"Referrals and repeat business are no doubt the number one source of new business for real estate agents, but digital marketing is indeed how agents capture an additional fifth of their entire business," according to a recent post at NAR's Economists' Outlook blog about the survey's findings.

Source: "How Real Estate Agents Acquire New Business," National Association of Realtors® Economists' Outlook Blog (March 15, 2016)

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688


 

Related Topics: Marketing