Realtor.com Promotes Buyer Agents for Underserved Communities
Realtor.com is expanding its buyer representation campaign to better serve underserved and underrepresented communities. The new initiative highlights the benefits of buyer’s agents for BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, Veteran, and lower-income buyers.
Addressing Inequalities
Realtor.com is concerned that changes from the National Association of REALTORS®’ commission lawsuit settlement could raise transaction costs or reduce access to buyer representation. This might make it even harder for these communities to buy homes and worsen existing inequalities.
Importance of Buyer’s Agents
The campaign focuses on how buyer’s agents help these individuals overcome challenges in the home-buying process. Realtor.com believes that just as sellers have agents looking out for them, buyers deserve the same support.
“Buyer’s agents provide essential expertise and support in the biggest financial transaction of people’s lives. This is especially true for first-time and underrepresented buyers with limited resources or knowledge of the process,” said Mickey Neuberger, Chief Marketing Officer at Realtor.com.
Neuberger’s Warning
Neuberger warned that higher upfront costs or reduced access to buyer agency could make homeownership less affordable for those who need the most help. During June’s Homeownership Month, Realtor.com urges the industry to advocate for the benefits of buyer representation, especially for first-time and underrepresented buyers.
Broad Industry Support
Several organizations support this campaign, including the Asian Real Estate Association of America (AREAA), Homeownership Council of America, LGBTQ+ Real Estate Alliance, National Association of Hispanic Real Estate Professionals (NAHREP), National Association of Real Estate Brokers (NAREB), and Veterans United Home Loans. They have signed a joint letter that will be published in The Wall Street Journal, New York Post, and The Washington Post through July. There will also be a digital ad campaign in these publications.
Focus on Diverse Homeowners
“The majority of new homeowners over the next twenty years are expected to come from Hispanic and other diverse communities. The health of America’s housing economy will depend on these consumers having access to competent buyer’s agent representation to navigate the complex home purchase process,” said Gary Acosta, CEO and co-founder of NAHREP.
Updated Campaign
Realtor.com will also launch an updated version of its campaign, “Here’s 111 things to do, or do 1 thing. Find a buyer’s agent,” with tailored messages for each community. Since the campaign’s launch in mid-April, it has garnered nearly 40 million impressions and 18,000 agent toolkit downloads.
Source: HousingWire