Real Estate Articles

Survey Shows Sellers Value Experience, Trust, Integrity In a Realtor

Findings from a survey of recent home sellers conducted by the California Association of Realtors® (C.A.R.) show sellers depend on their agent for their expertise in the transaction and that trust and integrity are key factors in their choice of an agent.

In a survey conducted in mid-May, C.A.R. interviewed 150 sellers who had just sold their home within the last six months using a real estate agent. The purpose of the interviews was to understand why they chose to use a real estate agent and how and why they chose the agent they used. Sellers were also asked what they expected from their agent, and gave an opportunity to make recommendations for Realtors on how to better serve their home seller clients.

The survey sample was about evenly split between first-time sellers (52 percent) and experienced sellers who have sold more than one home previously (48 percent). The average age among first-time sellers was 42 years of age, while the average age of experienced sellers was 47 years of age.

Twenty-eight percent of first-time sellers originally considered not using an agent, but when it came down to the transaction, concerns with the complexity and risk associated with a home sale drove them to select an expert in the business to manage their transaction.

More than one-third of first-time sellers (35 percent) were concerned with the complexity and risk of the home sale transaction. One first-time seller said, “Never sold a home before…wanted the knowledge of an expert.” Another said, “We saw our neighbor sell it on his own, and it went badly.” These sellers sought a Realtor’s experience in the business, illustrating that knowledge and professionalism are crucial for sellers to sell their home.

For experienced sellers, the home sale transaction wasn’t worth their time or the risks associated with selling a home on their own. Thirty-one percent of experienced sellers were worried about the time it would take to sell their home with a real estate agent. They just didn’t want to deal with any hassles. They stated they trust and rely on their agent to get them through the process quickly and smoothly.

Here are some reasons why experienced sellers chose to work with a real estate agent in selling their home:

• “Too much trouble and time…”
• “I always use a Realtor®…makes it easier with their experience.”
• “Do not want any legal ramifications…”
• “I didn’t think I would get my asking price without using an agent.”
• “It will sell slower without an agent.”

As far as choosing an agent, trust and comfort level were key themes throughout the interviews. First-time sellers tended to be a little uneasy about the process and felt that their agent would carry them through the transaction with ease. Nearly half of first-time sellers interviewed (45 percent) said they chose their agent because of the integrity and trust their agent relayed to them. Experienced sellers chose their agent on the basis of market knowledge (36 percent), as well as integrity and trust (31 percent).

The main source for choosing an agent to list their homes was a family or friend referral for 42 percent of first-time sellers, or a previous transaction with agent for 38 percent of experienced sellers. Other sources mentioned by both groups were brochures or mailers and local advertising by the agent.

The interviews showed that sellers rely on their agent’s market knowledge and professionalism for their home sale transaction. Sellers also into consideration the agent’s reputation in real estate. Referral from friends and family members is one of the most cited reasons for choosing an agent for first-time sellers, while a previous transaction with an agent is a main factor for agent selection for many experienced sellers.

“A knowledgeable Realtor is a necessary ingredient in a successful transaction, especially these days as the market transitions to a more normal condition,” said Silicon Valley Association of Realtors® (SILVAR) President John Tripp.

A Realtor is a licensed real estate agent or broker who is a member of National Association of Realtors® (NAR) and is held to a higher standard than other real estate professionals. The "REALTOR®" designation is used by real estate agents and brokers who must adhere to a strict Code of Ethics and actively pursue continuing education to increase their professionalism and skill. If a local association of Realtors finds a Realtor in violation of the Code of Ethics, disciplinary action can be imposed.

“The Silicon Valley Association of Realtors® has put in place rigorous ethics training requirements for our members because we believe home buyers and sellers want and deserve to know that their real estate professional is someone they can trust and who has their best interests at heart,” said Tripp.

The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, e-mail , or phone (408) 200-0109.

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