Lack of transparency makes home buyers and sellers distrust realtors

Can Real Estate Agents be trusted?  Poll indicates that Most Americans say “no”. 

In general, most Americans don’t trust real estate agents — especially rural Americans. A recent Gallup poll on honesty and ethics in professions listed real estate agents in the average-to-low category. Why is that?

It can be difficult to know what’s really going on when there is no transparency or consistency in the real estate industry, which inherently leads to distrust. Many consumers feel that real estate agents have an ulterior motive and aren’t working for their best interests. Both buyers and sellers often feel concerned that real estate agents are more interested in their commission than helping the client get the best deal for the best value. 

Flaws of the modern real estate model

The current model consists of a Brokerage with independent contractors (Real Estate Agents) working under their particular brokerage license.  Since the agents are independent it is illegal for the real estate brokerage to require any set working hours, working methods or business tools.  This means that the consumer is faced with a different experience every time they engage a new agent or transact at a different time.  

This leads to inconsistent experiences and perhaps more damaging, inconsistent results. 

The tools of real estate have remained largely unchanged, in fact there is a colloquial saying that says most agents follow the 3 P’s of home selling.  

1. Put it in the MLS
2. Place a sign in the yard
3. Pray that it sells. 

This hardly breeds confidence in the eyes of the seller or buyer. 

Clients are not made aware of all of their options in a timely and transparent manner

It’s easy for agents to miss incoming emails and offer details, especially when busy. Because of this, clients could be missing out on offers or negotiations. The process is inherently chaotic, leading many clients to not receive pertinent information about their transactions promptly. About 30% of offers on a home aren’t communicated accurately or in a timely manner

Clients often receive information using legal terms and jargon, which makes it difficult for them to understand what’s really going on. 

Three techniques to increase transparency and create trustworthiness in your real estate business

1. Buyers and sellers should be made aware of all costs associated with their real estate process upfront. Explaining what costs lie where and why can go a long way toward fostering trustworthiness with consumers.
2. Modern home-buying tech options should be utilized to increase transparency and reduce process delays rather than as a way to avoid contact with clients. Clients turn to trusted real estate agents to be their guides throughout the home buying and selling processes; ensure that you are available to serve them.
3. Agents should be open-minded to programs created to reduce the chaos in real estate transactions. Innovation and evolution are facts of life in the 21st century and it’s important to step out of your comfort zone to embrace new ways of doing things.

You can find all of these techniques in one place with OFFER1 to build trust in your brand as a realtor.