J.D. Power and Associates is an American-based global marketing firm. For the past 45 years, they have been providing consumers with reliable information on everything from car dependability and electronics, to healthcare insurance and business service providers. We are pleased to announce that Prudential Real Estate has ranked highest for customer satisfaction in the firm’s 2013 study.
Prudential Real Estate Wins Big In This Year’s Survey
We’re happy to report we’ve ranked…
#1 in First-Time Home-Buyer Satisfaction
#1 in Repeat Home-Buyer Satisfaction
#1 in First-Time Home-Seller Satisfaction
#3 in Repeat Home-Seller Satisfaction
We scored particularly well for our agents, variety of additional services and closing process for buyers. Sellers ranked us especially high for marketing and closing processes. Excellence is always of paramount importance to Prudential Real Estate. We are proud to be part of a winning firm and successful national real estate franchise.
About JD Power & Associates’ Real Estate Study
This is the sixth consecutive year of the Home Buyer/Seller Satisfaction Study of nearly 4,000 buyers and sellers. JD Power asked these customers to rate their experiences with the nation’s largest real estate companies based on:
– Agent / Salesperson
– Real Estate Office
– Closing Process
– Marketing, and
– Additional Services.
Overall, they found that satisfaction rates were highest among repeat customers and that customer loyalty primarily centered on the firms, rather than individual agents.
Trends in Home Buying This Year
According to the study, the percentage of first-time home-buyers increased this year — 49%, versus 40% last year. There were also more first-time sellers in 2013, which accounted for 44% of all sellers, compared to 30% in 2012. These are robust signs of market improvement.
The average listing price dropped 11% — from $225,000 to 200,000 — within the last year. Foreclosures have increased slightly, from 12 to 17% nationwide. The number of short sales also went up 1% to a total of 15% this year. One fifth of all home sales involved a foreclosure or short sale this year, so knowledgeable real estate agents were especially in-demand.
When choosing a company to assist them in buying or selling, reputation mattered most. More than a third of buyers chose a real estate firm based on reputation — which was even higher than the 27% who went off a referral from family or friends. Less than 20% of buyers or sellers said they’d contemplate switching companies.
JD Power’s Christina Cooley explained that real estate companies need to “educate these customers by explaining the current state of the market, discuss foreclosure and short sale transactions, and walk them through every step of the closing process.” She added that the companies that could best adapt to “specific customer scenarios and their resulting expectations” fared the best in customer satisfaction and loyalty this year.