Survey: 72% of consumers have used a Realtor, but the level of trust varies by generation: 80% of millennials plan to use one but only 71% of Gen Zs say the same.
OAKLAND, Calif. – It’s hard to know who to trust, which keeps demand for intermediaries – Realtors®, insurance advisors, etc. – high. However, the first consumer hurdle is to find an intermediary they also trust.
A new survey from Agentero, a digital insurance network, looked at public perception of individual intermediaries, including Realtors. Of those who said they’ve already used Realtor, insurance agent or financial services professional, more than three- quarters say they would use them again.
Overall, 72% of consumers have used a Realtor, 64% have worked with an insurance agent, and 40% have used a financial services professional. But even more people – especially younger consumers – plan to use these services in the future.
Overall, 80% of millennials and 71% of Gen Zs say they plan to use a Realtor in the future; 64% of millennials and 54% of Gen Zs plan to work with an insurance agent; and 60% of millennials and 57% of Gen Zs plan to seek out financial help in the future.
“Real estate, insurance and investments are all hands-on services, with a lot at stake,” says Luis Pino, CEO of Agentero. “The advice of the intermediaries is really critical to consumers making the right decisions. But it’s also something you need to experience to appreciate.”
Pino says consumers – especially millennials and Gen Zs – want a test drive when it comes to real estate, insurance and financial specialists.
The challenge for the intermediaries: How do you get more consumers to try your services?”
Who do you trust? Generational differences
Agents have to work to build trust and understand consumers. According to the survey, Gen Zs are more likely to question intermediaries’ motives. Overall, 37% of Gen Zs said they trust their Realtors about half the time, while 32% trust their insurance agents and 30% their financial professionals the same amount.
Older consumers are more likely to trust professionals. The results for insurance agents are the most striking – 79% of baby boomers, 67% of Gen X and 74% of millennials trust their agents usually or always as compared to just half of Gen Zs.
Trust in Realtors is similar: 72% of baby boomers and Gen X and 68% of millennials place confidence in their Realtors always or usually, compared to less than half (49%) of Gen Zs.
Financial professional results are split: 80% of baby boomers and 72% of Gen X trust their financial professionals, compared to 55% of millennials and Gen Zs.
Gen Zs says that they don’t always feel like they are heard by an intermediary. Just over half of respondents say their intermediaries usually or always understand their needs, which is true for all three industries. However, more than three-quarters of baby boomers and Gen X consumers say their intermediaries listen and understand them.
“Agents need to understand how to communicate with all customers and demonstrate value in every interaction,” says Pino. “This is especially true when it comes to Gen Zs. The survey highlights that more than half of the next generation of consumers say they plan to use agents in the future. Think about how much that number can grow once agents expand their ability to build trust and increase understanding.”
© 2021 Florida Realtors®. Reprinted with permission Florida Realtors. All rights reserved.
