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J.D. Power and Associates Reports: Among Home Buyers, Keller Williams Ranks Highest in Customer Satisfaction With Real Estate Companies, While Prudential Ranks Highest Among Home Sellers in Inaugural Study
WESTLAKE VILLAGE, Calif.
(Map)
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(Logo: http://www.newscom.com/cgi-bin/prnh/20050527/LAF028LOGO-a)
The inaugural study measures customer satisfaction of home buyers and sellers with the largest national real estate firms. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (65%); office (21%); and services (13%). Four factors are examined for the home-selling experience: agent (43%); marketing (38%); office (12%); and services (7%).
In the home-buyer segment, Keller Williams achieves a score of 831 on a 1,000-point scale, and receives highest ratings from customers in all three factors. Following in the rankings are Prudential (820) and
Among home sellers, Prudential ranks highest with a score of 793 and
performs particularly well in the marketing and office factors.
"When buying a home, customers particularly appreciate agent
professionalism, responsiveness to calls and e-mails and the agent's skill in
locating and showing properties in the appropriate price range -- all areas in
which Keller Williams excels," said
The study finds that despite the popularity of home-buying and -selling resources on the Internet, real estate agents are key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68 percent of buyers saying that they used Internet tools to help them in the purchase process and 61 percent of sellers reporting that they used a Web site listing to market their home. In addition, among home sellers, online methods are the most important aspect of marketing. However, the agent factor carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers.
"Although the Internet provides home buyers and sellers with the ability to perform some essential tasks -- such as listing a home for sale or researching a neighborhood in which to purchase a home -- it still does not replace the importance of a good real estate agent," said Howland. "Particularly in an uncertain real estate market, professional advice from agents can be especially valuable to buyers and sellers. The knowledge and expertise provided by experienced agents is an important benefit of using a full-service real estate company."
The study also finds that the average time a home for sale remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time -- approximately five and a half months, on average.
"Satisfaction averages 794 among those customers whose homes sold within 5 months or less, but declines considerably to an average of 730 among customers whose homes took 7 months or longer to sell," said Howland. "A real estate company that provides agents who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients' homes remain on the market -- which can not only save the seller money, but also diminish inconvenience and anxiety."
Additional noteworthy study findings include the following:
-- Nearly one-half of respondents (46%) report using recommendations from family or friends to find their real estate agent. Approximately 28 percent used the Internet, while 23 percent used an agent they had used previously and 11 percent used a printed real estate guide.
-- On average, home buyers were shown approximately 13 homes before making a purchase.
-- Home sellers report that, on average, their home was shown approximately 11 times and approximately five open houses were conducted before the sale occurred.
The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205
respondents who bought or sold a home between
About J.D. Power and Associates
Headquartered in
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global
information services provider meeting worldwide needs in the financial
services, education and business information markets through leading brands
such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power
and Associates. The Corporation has more than 280 offices in 40 countries.
Sales in 2007 were
J.D. Power and Associates Media Relations Contacts:
John Tews Syvetril Perryman
Troy, Mich. Westlake Village, Calif.
(248) 312-4119 (805) 418-8103
john.tews@jdpa.com syvetril.perryman@jdpa.com
No advertising or other promotional use can be made of the information in this release without the express prior written consent of J.D. Power and Associates. http://www.jdpower.com/corporate
Home-Buyer Segment
Customer Satisfaction Index Ranking J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale) For Consumers
Keller Williams 831 5
Prudential 820 4
Coldwell Banker 816 4
Home-Buyer Segment Average 811 3
RE/MAX 809 3
Century 21 806 3
ERA 795 2
GMAC 795 2
Home-Seller Segment
Customer Satisfaction Index Ranking J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale) For Consumers
Prudential 793 5
Coldwell Banker 792 5
RE/MAX 792 5
Home-Seller Segment Average 786 3
GMAC 782 3
Century 21 778 2
Keller Williams 772 2
ERA 766 2
Power Circle Ratings Legend:
5 -- Among the best
4 -- Better than most
3 -- About average
2 -- The rest
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