Buying or selling a property is one of the biggest decisions Australians will make in their lifetime. With the real estate landscape evolving rapidly, real estate agents play a crucial role in guiding clients through the often-complex property transaction process. To better understand the current realities property buyers and sellers face, InfoTrack, in collaboration with Securexchange and InfoTrackGO conducted a comprehensive national research survey.
The 2024 State of Real Estate Report: Insights from Australian Buyers and Sellers reveals key findings from the survey, highlighting both positive experiences and pain-points during property transactions. It also provides an in-depth analysis of how key stakeholders, including real estate agents, are perceived by Australians and identifies areas where improvement is required.
Interactions with key stakeholders significantly shape the transaction experience and having reliable and knowledgeable professionals is essential. The report reveals the following insights, showing that real estate agents performed predominantly well in the eyes of Australians:
Communication emerged as a central theme throughout the research and proved to be a polarising experience. While a third of respondents highlighted communication with a real estate agent as the most positive part of the transaction process, 9% identified communication with a real estate agent as a top challenge. Communication was also identified as the main area requiring improvement for real estate agents by a further 33% of respondents.
While real estate agents demonstrated notable strengths, the report highlighted opportunities for growth that can support a more enhanced client experience. Most buyers and sellers reported positive interactions with their agents, however 50% of respondents indicated there were areas for improvement, with the top concerns being:
Interestingly, one of the most striking findings from the report is that real estate agents were named the most challenging stakeholder by one third of respondents. This was followed by lenders and financial institutions, and the other buyer or seller in the transaction. This feedback underscores the importance of addressing specific areas of concern to enhance client satisfaction.
Effective communication is essential for successful property transactions, yet it remains a significant challenge for many Australians with their real estate agent. Clear and timely communication is essential to creating a positive client experience, and recent research shows that consumers expect their real estate agent to work more closely with them and other stakeholders. Technology simplifies this by providing a central hub where all stakeholders can connect and collaborate in the same workspace. This level of collaboration fosters transparency, helping to build trust and confidence, and enhancing the overall client experience.
In addition to the above, real estate agents can focus on the following to build stronger relationships with clients and improve overall satisfaction in property transactions:
The findings from the 2024 State of Real Estate Report offers valuable insights into the current state of the property market and the performance of stakeholders involved in transactions. To learn more about the experiences of buyers and sellers and how key stakeholders were rated, download the complimentary report today.
