Key Details:
- According to the 2024 Zillow Consumer Housing Trends Report, 50% of homebuyers identified their real estate agent as their most valuable resource during the home search.
- Digital tools are essential, with 94% of buyers using at least one online resource, and 70% stating that 3D tours and digital floor plans are key to understanding a home’s layout.
- Clear communication and financial transparency are critical, as buyers expect fast responses and guidance on unexpected costs.
Half of all homebuyers in 2024 say their agent is the most valuable resource in their home search.
Not Zillow. Not an app. You.
But with recent industry changes, and endless amounts of information at consumers’ fingertips, the role of a buyer’s agent is evolving. If you’re not adapting to their expectations, you’re already behind.
So, what do today’s buyers really expect from their agents? Here are six key expectations of 2024 homebuyers, based on findings from the latest Zillow Consumer Housing Trends Report. Let’s dive in.
1. Your Expertise is Your Biggest Asset
When it comes to navigating the complexities of buying a home, the real estate agent remains a buyer’s most trusted guide.
When asked about the most helpful resource during the home buying process, here’s how respondents answered:
- Real estate agent: 50% of buyers found their agent to be their most helpful resource
- Real estate app or website: 36%
- Advice from family or friends: 15%
On today’s Hot Sheet, Tom Toole discussed why this is an opportunity for agents of change:
“What a miss there by real estate agents. Only 50% said their agent is the most helpful resource. That means you’re not setting the right expectations as an agent. That means there’s a lot of bad agents out there—no surprise there.
“That’s an opportunity to improve. What are you doing to be proactive in your clients’ search? Are you targeting off-marketing properties? Are you using things like the magic buyer letter? There’s so many opportunities there.”
Watch Toole’s full breakdown of the Zillow Consumer Housing Trends Report here:
2. Digital Tools Matter
While your professional expertise is a valued asset, it doesn’t mean that there’s no place for technology. According to the Zillow report, 94% of buyers used at least one online resource during their home search, with 80% searching on mobile devices or apps.
Whether you are a buyer agent setting up tailored search or a seller agent preparing a listing, integrating tech not only helps you scale your services, but it enables you meet your clients where they are—online.
Of those who participated in the survey, 70% noted that 3D tours and digital floor plans help them understand a home’s layout better than static photos. And while the vast majority (73%) prefer in-person tours to virtual, buyers appreciate convenience when scheduling tours. Sixty-four percent (64%) prefer to schedule tours online, and 67% said it would be easiest for them to unlock properties from their phone and tour on their own time.
3. Communication is King
Buyers in 2024 don’t just want fast responses—they expect them. With 54% of mortgage buyers reporting weekly communication with their lender, and 41% ranking a lender’s promptness as one of their top priorities, buyers have similar expectations of their agents. Transparent and timely communication is crucial to ensuring clients feel supported throughout the transaction.
You’ve heard this time and again: as a professional agent, don’t wait for buyers to reach out with a property they want to see. Regularly send properties they may be interested in, and set clear expectations for response times. Once under contract, schedule a time for a regular, weekly update so they know exactly what is happening every step of the way. This keeps your clients informed and confident, reducing anxiety and helping you showcase your value.
4. Financial Transparency
One of the biggest surprises for homebuyers? Unexpected costs. According to the report, 91% of buyers encountered at least one cost they didn’t anticipate, with loan origination fees (66%) and appraisal costs (54%) topping the list. First-time buyers were particularly vulnerable—49% said their closing costs exceeded expectations. With industry changes going into effect this year, buyers also need to take into consideration buyer agent compensation.
Help buyers understand all potential costs of purchasing a home, from agent commissions to closing costs. By being transparent and preparing them for any surprises, you build trust and avoid last-minute confusion.
5. Your Referrals Matter
Despite the rise of online resources, referrals from agents remain a powerful tool in the homebuying process. In fact, 19% of buyers found their lender through a referral from their real estate agent, which is more than any other source.
When it comes to vendors, Zillow’s report focuses on lenders, but buyers rely on agent referrals for numerous offerings. Make sure you continually update and share your vendor list with your clients (both past and present). In doing so, you strengthen relationships with vendors and connect your clients with trusted professionals.
6. Offer Negotiation Strategy & Support
In 2024, buyers have been increasingly strategic with their offers. Two-thirds of buyers included contingencies such as inspections (66%) and financing (56%) in their final offers. More than half of buyers (52%) also made their offer contingent on the property appraising at a minimum value.
Agents need to be skilled negotiators—a skill that fell by the wayside during the pandemic homebuying frenzy. Whether it’s advising on contingencies or helping clients secure better terms through negotiation, your expertise in this area is invaluable.
Final Thoughts
Homebuyers today are informed, tech-savvy, and have high expectations of their agent. This means that agents must balance cutting-edge tech with clear, consistent communication and personalized service. By meeting these expectations, you can turn satisfied clients into lifelong advocates for your business.
Stay ahead of the curve by anticipating your clients’ needs, embracing technology, and being the expert they rely on for guidance.
