realcommercial.com.au Insights

By Greg Braun

Consumer trends come and go but there’s one that isn’t going away – Customer Experience (CX). Research tells us CX expectations in Australia are as high as anywhere but that few experiences meet the standard. A Senior Market Researcher at REA Group, Greg Braun guides you through the three most pressing Customer Experience trends for Commercial property seekers right now, and what they mean for your business.

Greg Braun’s three key insights for commercial property professionals are:

#1 Consumers globally are becoming more demanding.

Driven by constant evolution of the retail experience, it creates expectation regardless of sector. Failure to meet expectation around enquiry response can lead to negative business effects e.g. unwillingness to recommend the agency or agent.

Key Action: Respond to all enquiries within 24 hours. If a holding response is sent, ensure this is followed up as promised. Consumers are looking for full and complete answers to their questions. Failure to do so will set a negative (what can often be) first impression.

#2 Consumers are losing their voice.

Our communication preferences have shifted. Only 27% of Australians used their phone to make a voice call in the last 7 days*.

Key Action: Respect that phones are not always the primary communication channel and respond in the way you have been contacted. Consumers will provide their number when the time is right, and the trust is built.

Source: Deloitte Global Mobile Consumer Survey 2016

#3 The human element continues to matter.

Overall confidence in the commercial property seeking journey is relatively low. While consumers are becoming more empowered to self serve, they rely on the expertise of agents to help them make confident decisions.

Key Action: Until we see a step change in the use and application of Artificial Intelligence, we need to over index on our unique qualities – being human. This starts with empathy at the initial stage of enquiry and lasts throughout the whole journey where consumers can often feel unsupported and left to navigate themselves.

Source: Commercial Consumer Satisfaction Survey, realcommercial,.com.au, 2019

Consumers consider a successful response to their enquiry as being received within 24 hours, and including the answer to all their questions.

21% of consumer enquiries to agents did not receive a response. This includes investors and those who were advanced on their purchase journey.

28% of consumers had experienced an outdated listing on realcommerical.com.au. Failure to move these into the relevant sold or leased section leads to Annoyance (61%) and Distrust (20%).

Source: Consumer Agent Experience study (Commercial), REA Group internal study, April 2019)

Greg Braun

About Greg Braun

Greg is a forward-thinking and multi-disciplinary researcher who believes there’s never been a more exciting time to be in the tech and property industry. He has spent the last 15 years tracking the ever evolving and complex species –’the Consumer’ –across a number of habitats from property, well-known global brands to niche luxury goods. Greg’s mission is simple: to provide meaning from the well of consumer data at his fingertips at realestate.com.au and to inspire change.

Greg also presented on What Buyers and Sellers Want.

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