A recent survey by HomeServices of America called “The transaction experience buyers want now” outlined the No. 1 frustration for home purchasers today.
Can you guess it?
And no, it’s not interest rates. It’s this: everything surrounding the transaction.
For the survey, 1,000 recent U.S. home buyers were asked questions about the home-buying process. The results were revealing, and in a newly published video, Berkshire Hathaway HomeServices California Properties President Brent Consedine reviewed them all. (Thanks, Brent!)
Here are my takeaways from the survey and Brent’s expert analysis:
Interestingly, the survey showed that almost seven out of 10 buyers called the buying transaction a “hassle” and that their biggest hassle, at least according to 46% of respondents, was uncoordinated service providers. In other words, buyers were not experiencing a one-stop shop for lending, insurance, title, closing and all that goes into buying a home. That particular frustration ranked higher than the home search, property tours and agent communication.
A few more revealing numbers:
- 69% of buyers expect their agents to coordinate their mortgage, title and insurance providers
- 95% of buyers characterized their agent’s recommendations for service providers were “helpful”
- 87% said the idea of bundling real estate, mortgage, title and insurance into one coordinated experience was appealing
- 79% said they would prefer an integrated system coordinated by the real estate agent the next time they buy
I’ve always been a proponent of a holistic approach to home-buying. Being in this business more than thirty years, I’ve accumulated a long rolodex of incredible inspectors, home services professionals, contractors, lenders and the like, and I can confidently connect my clients to people I trust, which creates a seamless experience. And isn’t that the goal?
Once your offer is accepted, the fun of home-buying has only just begun. To help ensure a smooth process from there to the closing table and eventually, that celebratory moment when you’re given the keys, you’ve got to work with an agent who has a trusted network at their disposal.
I am so grateful for the wonderful home services professionals I count as part of my network and also for my brokerage’s OnePoint program, bringing together me (your agent) with mortgage, insurance and title, so every part of a buyer’s transaction is connected and in sync. OnePoint eliminates unpredictability and creates accountability. Expectations are clear and the buyer feels empowered throughout the process.
Brent shared another fascinating stat: Only 26% of survey respondents preferred a buying experience that was predominately digital. Most people wanted the transaction led by real people and supported by technology. High-touch meets high-tech. (As I mentioned in a blog post last week, AI is great for the start of the home-buying process but every other aspect of purchasing property requires a trusted real estate agent to provide solid advice and guidance you simply can’t get from a screen.
Life can get really busy. A good real estate agent cuts through the unnecessary clutter to deliver a buying experience that’s simple and easy so you can focus on your next chapter … and your new home.
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Andrew Manning • REALTOR® • Berkshire Hathaway HomeServices California Properties • DRE: 00941825 • 818-380-2147 • andrew@andrewmanning.com