"Homebuyer Dissatisfaction with Real Estate Companies is Up" says J. D. Powers....So How is it that MY Clients are Satisfied With THEIR Realtors®?

J. D. Power and Associates 2011 Homebuyer/Seller Study reveals that even though conditions in the real estate market maintain that it is a buyers' market, home buyers indicate they are less satisfied with real estate company services compared with last year's study, while home-sellers during the same time period are more satisfied.  The study is detailed in a recent article from National Mortgage Professional magazine.

Ok - it's a buyers' market but buyers are LESS satisfied than sellers?  WHY?  Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates says, "Although the current real estate market—with the confluence of low home prices and historically low interest rates-creates the perception of a buyers' market, there are still traditional barriers to purchase in place, which could be negatively affecting buyer satisfaction with their agent...."
 
Anyone in the real estate industry knows that it is more challenging to qualify for a home loan now than it was last year - maybe even last MONTH!   But here's the catch - is that "knowledge" being communicated by the Realtor® to the home buyer - at the very beginning of the process?

Howland goes on to say that the agents who "....properly manage client expectations around the homebuying process and communicate with clients about potential challenges-such as higher requirements for down payments, tighter loan standards and additional costs on top of the monthly mortgage-may be better able to keep clients satisfied."

Ok - now I get it!  That's  why MY clients are satisfied with THEIR Realtors®!  For several years, I have handled the mortgage financing for hundreds of clients who work with some wildly successful Realtors®.  And the majority of these top-producing Realtors® are experts at communicating!  They communicate not only about the home buying process but also about potential challenges with the home mortgage process.  These Realtors®  are experts at  MANAGING CLIENT EXPECTATIONS!   Because of this, they have satisfied clients!

That does NOT mean that Realtors® have to be "experts" in the mortgage industry!  Most top-producers have a trusted preferred lender they can depend upon to handle the details of home mortgage process.  But it does mean that because the Realtor® has the client's attention from the very beginning of the process, they can BEGIN the communication about possible challenges and roadblocks. 

What about YOU?  Are YOU a great communicator?  Do  you know how to manage your client's expectations?  If so, according to this study, you have a better chance of keeping your clients satisfied!