Selling Property - One Of Life's Most Stressful Experiences

A new survey suggests that over half of Australian home sellers believe that selling property is one of the most stressful experiences in life and the largest contributor to that stress is the process of selecting the right real estate agent.

The LocalAgentFinder Seller Sentiment Survey questioned 1058 Australian property owners, who had either sold property over the last 12 months or were planning to sell over the next 12 months, about their decision making and sentiment around the selling process. The survey was completed in the latter half of last year by independent research house, Nature Agency, on behalf of LocalAgentFinder. 

While 57 per cent of those surveyed believed selling a property is one of the most stressful experiences in life, 51 per cent of this group also agreed that most of the stress in selling was around selecting the ‘right’ real estate agent.

Sellers highly valued the role of real estate agents in the listing process, with 70 per cent of respondents saying they help vendors make informed choices, 66 per cent said agents reduce the stress of selling and 63 per cent said agents can benefit the sellers of real estate.

LocalAgentFinder CEO, Matt McCann, said of the findings: “The survey results clearly suggest that selling a home is incredibly stressful for most people and selecting the right real estate agent may be the key to alleviating this stress for the majority of people.

“This may be because of the human and sales management elements that agents bring to the selling process and also their unique skill in being able to negotiate between buyer and seller in an emotionally charged and taxing process.

“The data points to a long-held view by LocalAgentFinder that the future is bright for real estate agents as consumers really do value what they have to offer,” said Matt McCann.

The survey also shed light on how people are choosing real estate agents today. 30 per cent of respondents said they will appoint an agent they have used before, 27 per cent said they are taking referrals from family and friends, and 23 per cent said they are searching online for an agent.

12 per cent of respondents said they are searching for an agent through a comparison platform like LocalAgentFinder.  When asked specifically about their intent to use a comparison platform for future property sales, this figure increased to 50 per cent for all respondents, and to 75 per cent amongst novice sellers, once the comparison service was explained.

Interestingly, a recent analysis of the LocalAgentFinder database showed that in more than seven out of ten cases, respondents who had prior contact with a real estate agent went on to list with someone else once they had reviewed agent data within the portal.

“This statistic highlights the power of providing vendors with objective performance data and real customer reviews of agents,” continued Matt McCann.  

“Regardless of any prior relationship with an agent, most vendors are highly likely to select an alternative agent if the data we provide suggests that another agent may be more suitable for their needs.

“This insight in the context of the survey data suggests that savvy vendors might be prudent in investigating agent comparison sites to broaden their agent options because this could lead to the appointment of the right agent for their needs and reduce the overall stress involved in the selling process,” said Matt McCann.