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25 Key Facts Every REALTOR® Should Know

October 31 2013

ixact 25 key factsWe've compiled some fantastic stats and figures we think every agent should know. As you read through them, we hope you recognize the importance of staying in touch with leads and past clients. A real estate CRM is the tool that will make it easy for you to do so. With a CRM, you'll see more referrals and repeat business flow your way. Please make sure you share this post with your colleagues after reading it. Enjoy!

Source: National Association of REALTORS® (NAR) 2012 Profile of Home Buyers and Sellers

  • 40% of buyers were referred to an agent from a friend or family member and 10% worked with an agent they've worked with in the past.
  • Two-thirds of recent buyers only interviewed one agent before deciding which agent to go with.
  • About nine in 10 buyers would recommend their agent or use their services again.
  • 38% of sellers found their agent through a referral by friends or family.
  • 23% of sellers worked with the same agent they worked with previously to buy or sell a home.
  • Approximately two-thirds of home sellers only contacted one agent before making a hiring decision.
  • Among recent sellers who were represented by a REALTOR®, 84% said they would definitely (66%) or probably (18%) use that agent again or recommend them to others.

Source: 2013 California Home Buyer Survey

  • The top three reasons for dissatisfaction with an agent were slow response times (82%), ineffective/ inefficient communication (48%), and undesirable communication methods (43%).
  • Of the top three reasons clients were dissatisfied with their agent, all revolved around communication.

Source: ActiveRain Real Estate Network

Study: Real Estate Marketing and Software: The Price is Right 2012

  • The most successful REALTORS® (those earning over 100K a year) spent more money (five to ten times more) on marketing than their colleagues who earn less than that.
  • Agents earning over $100k a year said that a highly customizable website, contact management, and virtual tours to highlight their listings were important to them.
  • The top tools among agents earning over $100K a year were IDX websites, CMA software, real estate CRM and email.

Study: Rich Real Estate Agent, Poor Real Estate Agent

  • Agents earning over $100K a year spent six times as much on technology as those earning less than $35K a year.
  • The average agent making over $100K a year spent $3,000-5,000 per year on technology, while those making under $35K spent $500 to $1,000 per year.
  • Those making over $100K a year spent ten times more on marketing than those making under $35K.
  • The highest earning REALTORS® spent more on their CRM and website then the lowest earning ones.
  • Almost twice as many high earners (making more than $100K a year) used a CRM than low earning ones.
  • Agents earning over $100K a year were 54% more likely to use e-Newsletters and drip marketing campaigns than those earning under $35K.

Source: Richard Robbins of Richard Robbins International

  • The top reasons a prospect won't move forward with you is that they don't trust you, they don't have confidence in you, they don't have a need, and/ or they don't have the urgency/motivation.
  • The average agent is selling between four to six homes per year.
  • It takes five times the amount of money, time, and energy to find and service a new customer then it does to maintain and service an existing one.

Source: The Referral & Repeat Marketing Book by Morris Real Estate Marketing Group

  • The average person knows between three to five people who will move each year.
  • The three essential components to a successful referral and repeat marketing program are the right people, the right message, and the right frequency.
  • REALTORS® should be in contact with the homeowners in their community at least 17 times per year.
  • Agents can expect a 13% return from their real estate database. That is 13 transactions for every 100 people in the database to whom they market to.

We hope that this information has been helpful, interesting, and informative. The importance of nurturing and strengthening the existing relationships you've built is key to getting referrals and repeat business from past clients.

Remember, a real estate CRM will be instrumental in helping you grow your relationships, keep in touch, stay organized, and remain "top of mind," with everyone in your database. These are some pretty major business benefits for a cost that's typically less than $40 per month. Good luck and happy selling!

To view the original article, visit the IXACT Contact blogIXACT Contact blog.