The value of buyers’ agents. | ET REALITY

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HousingWire recently spoke with Ashley Terrell, chief revenue officer at Milestonesabout the value of real estate agents and why it is critical for the industry to begin helping buyers’ agents justify their value not only during the 30-60 day transaction period but during the 7-10 year period of ownership of the home.

HousingWire: Current multibillion-dollar antitrust class action lawsuits aim to make buyers pay their own real estate agents. What are the possible lasting effects of these lawsuits not only for agents but for the industry as a whole?

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Ashley Terrell: Mortgage lenders traditionally rely heavily on referrals from buyer agents, with approximately 60% to 70% of their business coming from referrals from previous clients. If the buyer agent role is eliminated, this could dramatically impact how commissions are handled and potentially leave mortgage lenders with a very small pool of referral business.

HW: Many consumers struggle to understand the role and value of real estate agents. What is driving this?

IN: Real estate agents face challenges in setting expectations, providing transparency with measurable results, and tangibly demonstrating their value to consumers. While consumers expect a collaborative and informative service experience based on trust, there is currently a lack of consistency in communication and resources between agent and consumer. As a result, the relationship is lost and consumers seek assistance from other agents and sources for their future transactions.

HW: How can agents best show their value and provide ongoing support to their clients no matter what stage of the homeownership lifecycle they are in?

IN: Implementing a home management platform that offers personalized online client portals will allow consumers to work with their agents, in close collaboration with their mortgage lender, no matter what stage of the homeownership life cycle they are in. : buying, selling, moving or owning a home.

Reaching consumers where they are today and providing them with a wide range of real estate resources, such as trusted home service providers, information on building wealth, and managing home maintenance, will change the relationship between agent and relationship consumer. transactional to a more relational one.

HW: What role can technology play in helping agents establish and maintain an advisory relationship with homeowners?

IN: A marketplace platform offering where agents can provide ongoing personalized service to homeowners will help them navigate all facets of homeownership at every stage of the life cycle, build trust with their real estate professionals, and relieve the stress that comes with being a homeowner.

Similar to how healthcare networks provide patients with healthcare portals, real estate professionals can provide portals for homeowners to create a personalized and trusted real estate experience for everyone involved.

Learn more, schedule a meeting with Ashley Terrell.

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