Perceptions of real estate agents improving

20 November 2015

Perceptions of real estate agents improving

Trend satisfying, but no room for complacency

The Real Estate Institute of New Zealand (REINZ) says that both home owners and agents can take satisfaction from a survey showing improvements in the general population’s rating of real estate agents; and the even better rating by those who’ve dealt with agents in the past 12 months.

REINZ CEO Colleen Milne says that in the past four years there has been a steady increase in positive ratings of agents, according to a Nielsen survey done by the Real Estate Agent Authority – Annual Perception Report.

“Across the key attributes – including market knowledge, providing clients with all the information needed, and acting ethically, honestly and openly – without exception this year’s rates are better than 2012.

“The ratings are notably more positive among those who have bought or sold a property.”

Ms Milne says despite the positive ratings there is no room for complacency in the Industry, and no one is saying the real estate profession is at the level it wants to be.

“The trend is, however, very encouraging, and from what I see agents and their agencies are working hard to advance their professionalism.

“Not surprisingly, with heightened interest in the property market, there is also keen interest in everything associated with the industry including levels of professional conduct and commissions. In recent times there have been some notable reports of poor conduct by a very small number of agents. I believe that everyone in the industry is distressed and feels let down by such conduct.

“Against this background, it is satisfying to know there are improvements in the way the population rates agents, which is a fairer and more accurate reflection of the industry and its people as a whole.”

2015 General rating Bought or sold in past 12 mths
Being knowledgeable about the market (88%) 91% 93%
Providing all the information needed (85%) 88 89
Clearly explaining the process (85%) 89 89
Being professional (84%) 88 91
Being knowledgeable about the relevant legal requirements (84%) 93 89
Acting ethically, honestly and openly (84%) 91 87

Ms Milne says agents improved ratings were due to the diligent work of the Real Estate Agent Authority, agencies themselves and REINZ.

“The bar of professionalism is continuously rising, and I believe that those individuals who don’t meet the standards are finding it harder to operate within the industry.”

REINZ believes that further improvements in the positive rating of agents will come as individual property sellers and buyers become more familiar with their rights and knowledge of how the transactions work.

“Among the broad spectrum of buyers and sellers, I’m not convinced the level of understanding is commensurate yet with the value of asset(s) involved. Buying and selling real estate is often an all-consuming, but exciting process for people. Thankfully, there is more support and information available than ever before that will enable greater understanding. This is a big part of our responsibility.”

Ends

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