How important is your friends’ opinions when it comes to making significant purchases?
Securing your first home loan is quite a commitment and it seems that in the state of Victoria, people want peer advice before signing on the dotted line.
A recent survey from the Real Estate Institute of Victoria (REIV) reveals that word of mouth is the most important source of referral.
The results, posted to the organisation’s website recently (September 20), show just how much people count on the views of others to help them make a decision.
REIV chief executive officer Enzo Raimondo said this has long been the case when it comes to property.
“Word of mouth has had a strong track record as the most critical referral source, which reflects the importance of a real estate agent’s reputation,” he said.
Vendors not only want to see that the real estate agent is successful, they also trust the views of the agent’s clients.”
In terms of new mediums of communication, they are not quite as popularly used.
“With regard to engaging with clients, social media has a long way to go until it is a familiar tool,” said Mr Raimondo.
“Local newspapers remain strong – far stronger than the daily print media, in fact. With 13 per cent of respondents citing local newspapers as the most valuable referral source, local media is seen to be more than twice as valuable as the daily newspapers, which only cored five per cent.”
These real estate professionals have years of experience and are familiar with many of the financial lenders and products available on the market.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.