Realtor.com is extending the reach of its buyer representation advertising campaign, according to an announcement on Monday.
As part of this goal, it is launching a “new initiative promoting the benefits of buyer’s agents for individuals in historically underserved and underrepresented communities, including BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, Veteran, and lower-income buyers.”
If the business practice changes outlined in the National Association of Realtors’ commission lawsuit settlement agreement lead to increased transaction costs or reduced access to buyer representation, Realtor.com argues this could further limit the ability of these communities to purchase a home and “exacerbate existing inequalities in homeownership.”
In its new campaign, Realtor.com said it is “highlighting the indispensable role buyer’s agents can play in overcoming specific challenges faced by these individuals during the home buying process.”
The listing portal argues that since sellers have an agent looking out for their best interests, buyers also deserve the same level of 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,“ Mickey Neuberger, chief marketing officer at Realtor.com, said in a statement.
“However, if the commission settlements increase upfront costs or reduce access to buyer agency it could make homeownership less affordable to the very people who need the most help. During June’s Homeownership Month, we urge the industry to join us in being a champion for consumers, raising awareness and advocating for the advantages of buyer representation for all home buyers, but particularly for first-time buyers and individuals in underrepresented communities.“
As part of the campaign, the Asian Real Estate Association of America, 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 have signed a joint letter in support of buyers’ agency, which 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 The Wall Street Journal and New York Post.
“The large majority of net new homeowners over the next twenty years are expected to be from Hispanic and other diverse communities. The overall health and well-being of America’s housing economy will rely on these consumers having access to competent buyer’s agent representation to help them navigate through a complex and challenging home purchase process,” Gary Acosta, the CEO and co-founder of NAHREP, said in a statement.
Realtor.com also noted that it will be launching an updated version of its creative campaign, “Here’s 111 things to do, or do 1 thing. Find a buyer’s agent.” The update will highlight the benefits for underserved and underrepresented communities with a customized message for each community.
Since launching its buyer’s agency campaign in mid-April, Realtor.com said it has drawn nearly 40 million impressions and 18,000 agent toolkit downloads.
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