Survey: Your Commission Is Top Pain Point for Clients
July 15, 2019
The commission payment is the top reason for consumer dissatisfaction in real estate, according to a new survey from Shelterzoom, a blockchain-powered industry platform. Shelterzoom surveyed more than 1,000 consumers to find out their top complaints and concerns in the homebuying process.
Nearly 43% of consumers say the agent’s commission is too high. Other top gripes include a lack of transparency, conflicts of interest, and a lack of communication. “I’m not that surprised by these findings, as they have been concerns for as long as I’ve been in the business,” says Allen Alishahi, cofounder of Shelterzoom. “But I will add that so much depends on the real estate professional you’re dealing with. As with any profession, many are fantastic and truly take the customer’s concerns seriously and do whatever they can to alleviate them.”
Other common pain points in a transaction, according to the consumer survey, are: too much paperwork (39%); the process takes too long (36.6%); it’s too confusing (28.2%); too many people are involved (21.1%); and giving away too much information (17.3%). Still, 30% of consumers say there’s nothing wrong with the homebuying process and they’re comfortable with way it is.
Buying a home can be a time-consuming process. Consumers were concerned about the length of time it takes to get a mortgage approved, a contract signed and completed, and how manual the process can be.
To make the process smoother, respondents have several suggestions. For example, they say they’d like to see when an offer is presented to the seller and track it every step of the way (48.1%); see how many offers are being made on the home (46.1%); and to be notified every time a change is made by the seller, broker, or agent (42.8%).
“Commissions Are Leading Consumer Complaint of Homebuying Process,” RealTrends (July 11, 2019)
Updated: August 23, 2019