Unless you’ve sworn off all forms of media, news, and the internet (in which case, how are you reading this?), you know the real estate industry has had quite a roller coaster ride in 2024. Buyer representation has become one of the hottest and most debated topics of the year. Amid the lawsuits and non-stop news coverage, one major question has emerged:
What is buyer representation and why does it matter?
To answer this question, Realtor.com created and launched a campaign designed to educate homebuyers and rally the industry behind this important and necessary cause. Not only does Realtor.com’s initiative highlight the indispensable role of buyer agent representation, it also offers ways for you to get involved in the movement.
The catalyst for change
The value of buyers’ agents is being questioned, even by some industry insiders who should know better. Yet, 9 in 10 homebuyers say they would use their buyer’s agent again, with an overwhelming majority believing buyer agents are paid appropriately.
Homebuyers want, and need, their own representation given the complexity and high stakes of buying a home. That’s why Realtor.com feels a responsibility to educate would-be homebuyers and help agents demonstrate their value to potential clients.
Mickey Neuberger, CMO of Realtor.com, states, “Given the prevailing uncertainty and misinformation, it’s essential to stand up for buyer representation to ensure consumers understand the significant role buyer agents play and to help agents communicate their essential role.”
The first of Realtor.com’s two-part campaign, launched in April, was a success, racking up nearly 40 million impressions and 20,000 downloads of their agent toolkit. But their work didn’t stop there. In phase two, they began to focus on empowering historically underserved and underrepresented buyers, to ensure these buyers receive equitable opportunities in the housing market and aren’t put at an even greater disadvantage. Like most of the ideas that drive real change in the world, Realtor.com’s philosophy is simple and direct: let’s not make it harder for the homebuyers who need the most help.
The campaign
Multi-faceted, and designed to reach a wide audience, phase one included print ads in major publications like The Wall Street Journal and The New York Times, digital and social media channels. It also included physical activations such as out-of-home trucks and events at significant industry gatherings. This phase aimed to raise awareness about the extensive role of buyers’ agents with a focus on their 111-item to-do list (featured in gallery below) before, during, and after the transaction.
Introduced in June, during National Homeownership Month, the heart of phase two focuses on underserved and underrepresented communities. It emphasizes the indispensable role of buyers’ agents in overcoming specific challenges faced by these individuals during the home-buying process. The campaign highlights the importance of buyer representation for BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, veteran, and lower-income buyers, ensuring equitable opportunities in the housing market.
Campaign asset samples
Key initiatives include:
Customized messaging: Realtor.com has tailored messages and assets (shown above) to address the unique needs and challenges of underserved communities. This includes highlighting the specific benefits of a buyer’s agent for each group.
Partnerships: Realtor.com brought together a coalition of partners to co-sign an open letter to raise awareness of this message to the industry and policymakers. Collaborations with organizations such as the Asian Real Estate Association of America, Homeownership Council of America, LGBTQ+ Real Estate Alliance, National Association of Hispanic Real Estate Professionals, National Association of Real Estate Brokers, and Veterans United Home Loans aim to amplify the campaign’s reach and impact.
Educational resources: The campaign provides educational resources to help these communities understand the value of buyer representation and how to leverage it effectively during the home-buying process. This includes videos, printable posters, and social media assets designed for agents/brokers to help inform and empower buyers.
Advocacy and support: Realtor.com’s campaign encourages real estate professionals to advocate for buyer representation within their networks and communities, promoting a more inclusive and supportive housing market.
Focusing on these underserved groups aims to ensure that all buyers, regardless of their background, have access to the resources and support needed to navigate the unique set of challenges each person faces when purchasing a home. This only underscores their commitment to equity in the housing market, helping to bridge gaps and provide critical support where it is most needed.
Join the movement: How to get involved
Realtor.com’s campaign is not just about raising awareness; it’s a rallying cry to join the movement. They have created a comprehensive toolkit for agents, brokers, and MLS associations, enabling them to amplify the message within their networks. This toolkit includes digital assets, print materials, and social media content designed to educate consumers and promote the value of buyer agents.
Mickey Neuberger emphasizes, “We want to equip agents and brokers with the tools they need to spread this important message. The more people understand the importance of buyer representation, the better protected and informed they will be in their home-buying journey to achieve the American dream of homeownership, creating generational wealth for all.”
To participate in this crucial campaign, visit the Buyer’s Agent Toolkit. This resource hub provides everything you need to join the movement and help spread the word about the importance of buyer agent representation.
At the risk of overstating, the value of a buyer’s agent cannot be overstated. As fast as the industry is changing, it has never been more important to ensure that buyers are educated and protected. Realtor.com’s campaign is an important and necessary step towards achieving this goal, and your participation makes a difference. Join the movement today. Spread the word. Be the difference.
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