real estate agent network is expanding the scope of its buyer representation advertising campaign, according to Monday’s announcement.
As part of that goal, it is launching a “new initiative to promote the benefits that buyers’ agents bring to individuals in historically underserved and underrepresented communities, including BIPOC, AANHPI, Hispanic, LGBTQ+, first-time homebuyers, veterans and low-income buyers.
If business practices change, National Association of Realtors Realtor.com believes that council litigation settlements that result in increased closing costs or reduced access to buyer representation could further limit the ability to purchase homes in these communities and “exacerbate existing home ownership inequalities.”
Realtor.com said in its new campaign that it “highlights the integral role buyer’s agents can play in overcoming the specific challenges these individuals face during the home buying process.”
The listing portal believes that since sellers have an agent looking out for their best interests, buyers should receive the same level of support.
“Buyers’ agents provide essential expertise and support during the largest financial transaction of people’s lives. This is especially true for first-time homebuyers and underrepresented buyers who have limited resources or knowledge of the process,” Chief Marketing, Realtor.com Chief Mickey Neuberger said in a statement.
“However, if commission settlements increase upfront costs or reduce buyer representation opportunities, home ownership may become more unaffordable for those most in need. During Homeownership Month in June, we urge the industry Join us as a champion for consumers, raising awareness and advocating for the advantages of all homebuyers, especially first-time homebuyers and individuals from underrepresented communities.
As part of this event, American Asian Real Estate Association, American Home Ownership Council, LGBTQ+ Real Estate Alliance, National Association of Hispanic Real Estate Professionals (NAHREP), National Association of Realtors (Nareb) and Veterans United Home Loans Signed a joint letter supporting buyer’s agencies that will be published in the Wall Street Journal, New York Post and Washington Post through July. The Wall Street Journal and New York Post will also launch digital advertising campaigns.
“Over the next two decades, the vast majority of net new homeowners are expected to come from Hispanic and other diverse communities. The overall health and well-being of the U.S. housing economy will depend on these consumers having access to competent buyer agent representation to assist them Navigate the complex and challenging home buying process, Gary Acosta said in a statement.
Realtor.com also noted that it will launch an updated version of its creative campaign, “Here are 111 things to do, or 1 thing to do. Find a buyer’s agent. The update will highlight underserved and underrepresented community benefits and provide customized information for each community.
Realtor.com said its buyer agent campaign has attracted nearly 40 million impressions and 18,000 agent toolkit downloads since launching in mid-April.
