RE/MAX Publishes Findings from Survey on the Future of Real Estate

RE/MAX released survey findings on emerging real estate trends, on both the agent and consumer sides of the transaction, and what they mean for the future of home buying and selling.

The survey, which was commissioned by RE/MAX in partnership with its agency of record Camp + King and conducted by leading consumer insights agency Canvas8, explores the cultural context and influential trends set to shape the real estate and housing landscape across the United States and Canada. The methodology included expert interviews, third-party desk research and trend analysis, agent and consumer perspectives, and a survey of 5,000 people in the U.S. and Canada who have been involved in the housing market in the past 12 months or are planning to be in the next 24 months.

Key findings include:

Virtual Tools are Enabling People to Plan for and Manage Their Next Move Before Setting Foot in a Property

For both first-time and experienced home buyers, research is mostly conducted online – long before any viewings take place. Whether through video walk-throughs, exploring a neighborhood on Google Maps, or browsing detailed property descriptions, home buyers and sellers are generally well informed before contacting an agent.

• 94% of North Americans who are searching for properties use online platforms to do so.
• 64% of Millennial home buyers have been communicating more virtually with real estate agents due to the pandemic, compared to 44% of Gen Xers and 25% of Baby Boomers.
• According to The National Association of Realtors (NAR), across the U.S., 70% of buyers and 67% of sellers felt comfortable conducting real estate business on a computer, including reviewing and signing documents electronically.

On-the-Ground Expertise Cannot Be Replicated Digitally

The growing presence of technology in the home buying and selling journey in no way diminishes the essential role agents play in the process. Home buyers and sellers recognize the value of a real estate agent and the benefits real-life interactions add in one of the most complex financial transactions they will ever make. Technology streamlines the overall process, but agents provide essential expertise to their clients – understanding the process, encouraging action, providing financial guidance, and marketing a home.

• 21% of North Americans who are selling their home want their agents to provide more value by helping them understand the process as a whole.
• Across all generations, consumers in both the U.S. and Canada rank trust and familiarity with an agent as the most important factor when choosing an agent.

Trust, Familiarity, and Ease of Communication are the More Important Traits of Agents to Consumers at the Crucial Stages of the Home Buying and Selling Journey

With the scale of such an investment top of mind for most consumers, the personalized support offered by an agent remains fundamental to the key moments in the journey (pricing, negotiating, and closing) as people seek out the extra level of attention and human connection that they can provide.

• 61% of survey respondents indicated trust and familiarity would increase in importance when choosing an agent in the next two years. 60% cited ease of contact and prompt responses and 59% said online reviews would increase in importance.
• Regarding preferences for connecting with real estate agents, 71% of survey respondents indicated they'd prefer a phone call, followed by text and email at 62% and 61% respectively.

"The big takeaway of this survey is that skilled, experienced real estate agents are the key to consumers achieving their real estate goals," said RE/MAX, LLC President Nick Bailey. "Last year, consumers had plenty of time to compile their list of what they want in their next home, and the most successful agents will be skilled at helping buyers find a home that either checks all of the boxes or can be updated to do so. Whether it's helping sellers price their home strategically or helping buyers win a competitive bidding war, agents – armed with skills and great technology – provide an invaluable service. And consumers clearly recognize and want that expertise in their corner."

The entire "Future of Real Estate Report," which explores consumer's sentiments and values toward buying, owning and selling homes can be found here.