As it turns out, this may not be the most important thing that vendors look for when choosing an agent. There are many other important factors that a vendor will consider before deciding on an agent, including how much knowledge they bring to the table. This article will take a closer look at what this research says and what you can take away from it.
Some of the latest research shows that about 89% of vendors value knowledge and trust over just basing their decision on fees. This is something that agents who have been focused solely on low fees need to start worrying about. Many agents have used their low fees as a marketing tool, one that attracts new clients to their business. But these agents are going to have to start rethinking this approach as it’s now apparent that knowledge, trust, and communication are among the most important features from a vendor standpoint.
Here is a brief summary of what this new research discovered:
1. Knowledge, trust, and property valuations are favored by vendors when considering agents.
2. Excellent communication skills and convenience are other important considerations for vendors when choosing agents.
3. There is a particular preference for digital communications when working with vendors.
4. If you are an agent, this is important information that you can use to make you more appealing to vendors.
Now that you know that fees are no longer as important as other considerations, what else can you take away from this latest research?
For one thing, you should acknowledge the emphasis of communication technology. Technology is something that this field has become increasingly dependent on from communicating, sharing information, and helping move any property transactions forward. Innovative technologies as especially appealing to vendors and consumers alike.
Another major takeaway from this research is that agents need to focus on elevating their value proposition. Leveraging both the trust and reputation of your brand can help you become more valuable to vendors.
The real estate industry is a highly complex industry, one that has both higher stakes and higher risks. With a reputation of being able to properly manage the process of property transactions while maintaining the confidence of clients, this can make you more attractive to a vendor.
Lastly, a focus on transparency and better collaboration with clients makes agents stand out. Agents can add even more to their value proposition as transparency and collaboration are keys to building up a trusting relationship with vendors.
Vendors may still care about fees, but what’s most important to a vendor is knowledge and trust. They want to know that the agent they are working with can best navigate through property transactions and client relations. As an agent, this means refocusing your efforts on marketing based on your knowledge and reputation rather than your fees.
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