Michigan Realtor Survey Reaction

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We recently conducted a survey for realtors that focused on the current real estate conditions here in Michigan. Here are some of our findings:

• 44% of Realtors believe consumer confidence is the biggest challenge Real Estate professionals face here in Michigan.
• 44% also state that it takes 3 offers before their buyers get an offer accepted.
• The Majority of Realtors reported that 50% of their business this year are Buyers.
• Pre-Qualification was stated 50% of the time as the most important time to speak with a Lender.

While those responses were in line with our expectations, the following results brought one word to mind… REALLY?

• The #1 Reason offers do not get accepted is multiple offers or competition – Our recent experiences seem to indicate the appraisal to be a more common issue.
• Nearly half of all Realtors surveyed responded that they refer ONLY 1 out of 4 clients to a Lender – If realtors are only referring 25% of their clientele to a Lender, does that imply the other 75% start the process pre-qualified?
• Realtors stated the most important benefit of referring a mortgage lender is to receive Truthful status updates during the process – We would have thought knowing your client is truly qualified for the homes they are being shown would be most important.
• Only 25% of Realtors state they participate in a conference call with their buyer and the lender – We are curious if it is 25% actually have the opportunity to participated in conference calls or the majority of Realtors see no benefit in such communication.

If you disagree with our findings or believe this to be an inaccurate representation of your experiences, please take the opportunity to take our survey by clicking the TAKE SURVEY NOW link below the video. You can also see more detailed results of the survey HERE.

***Your feedback is priceless to us as it helps our staff stay focused on the items that matter most to you: the Realtor, and most important, our referral partners.***