As Torii continues to grow, we are always going to be looking out for our most important asset — you. There’s no substitute for the feedback and information that our users provide.
In that spirit, last month we sent out a survey to get a better understanding of who our users are, the pros and cons of their homebuying experience(s), and most importantly, what Torii can do to improve the overall process. We had over 100 responses and have organized the results below. Take a look for yourself. Is everything as you expected? Are you surprised by anything?
Let us know what you think.
Of the items we asked, you told us that commute time was the most important consideration when looking for a home, followed by comps and the age and history of the house.
Home searching and making an offer were the aspects of homebuying that you wanted the most involvement in, while document (P&S) and mortgage preparation were where you wanted the least involvement.
You said that you would trust document (P&S) and mortgage preparation the most if you weren’t involved, while negotiation and moving into the house were the services you would trust the least.
Nearly 85% of you said you would be comfortable foregoing the traditional offer negotiation process for one in which you set a maximum price you were comfortable paying, with someone else trying to get the lowest price possible from there.
The following pertains to survey participants who have previously made an offer on a home:
- Comps, neighborhood history, and competing offers were top three pieces of information people said they wished they had known before making their offer(s).
- 37% would absolutely do a walkthrough of a home without a buyer’s agent being present. (Fig.4)
- 37% are more likely than not to make an offer on a house without an agent’s advice. 23% were neutral. (Fig.5)
- 72% are open to using to using a website or mobile app to make an offer on a house.
- Over 60% of respondents rated their experience going through the home offer process as a 3 out of 5. Uninformed and unresponsive agents were listed as one of the most common reasons for the low ratings… hmm.
The following pertains to survey participants who have not previously made an offer on a home:
- The top three concerns people have about buying a house are affording the down payment, taking on the risks of ownership, and learning the offer process.
- 47% are more likely than not do a walkthrough of a home without a buyer’s agent being present (Fig.6)
- 13% are more likely than not to make an offer on a house without an agent’s advice. 43% were neutral. (Fig.7)
- 87% are open to using to using a website or mobile app to make an offer on a house.
Overall, the data points to a couple key trends. Survey participants want to be involved in the more tangible aspects of homebuying, such as searching for a home and the offer/negotiation process, but want to steer clear of any documentation or paperwork. The data supports an interest and trust in both seeing a home and making an offer without the presence or advice of an agent. The vast majority of you are open to the idea of using a website or app to assist with putting an offer on a home and setting a max purchase price rather than negotiating from the bottom up.
Good news all around — nearly all of these interests and desires fall in line with Torii’s goals. For more info, visit us at www.torii.properties. Keep the feedback coming and never hesitate to reach out at any point: info at torii dot properties.