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Agents Compete on Price

In a field once thought to be dominated by standard commission rates, today home sellers select real estate agents on the basis of price more than any other factor, according to a new survey of nearly 800 sellers, by HomeGain.

When asked to identify their top three factors for selecting a short list of agents to list their properties, 29 percent said that agent fees were the main factor that helped them narrow down their choice of agents. Next was having a strong web presence was important criterion in helping to select an agent (21 percent). Use of virtual tours ranked third at 13 percent.

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The survey also found that sellers and buyers disagree about what information is desired in a property listing. Sellers place more importance on an agent who makes use of virtual tours rather than floor plans. However, according to the survey, buyers found floor plans to be more important than virtual tours.

"It's no surprise that photographs, maps and floor plans were popular with home buyers," said Louis Cammarosano, General Manager of HomeGain. "It is surprising, however, that a large majority of home sellers did not select agents based on the agent's specific marketing plans designed to meet buyers' interests, but rather on the basis of fees and an agent's office location."

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