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Residential portal giant Realtor.com unveiled the second part of its buyer agency advertising campaign on Monday, this time focusing on buyers’ agents’ role in closing the homeownership gap in racially and economically underrepresented communities.
Mickey Neuberger
“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,” Realtor.com Chief Marketing Officer Mickey Neuberger said in a prepared statement. “Faced with the biggest real estate affordability crisis in recent history, the last thing we should do is make it even harder for these individuals to access a chance at generational wealth.”
Realtor.com collaborated with Veterans United, the Homeownership Council of America, the National Association of Real Estate Brokers (NAREB), the LGBTQ+ Real Estate Alliance, the National Association of Real Estate Professionals (NAHREP) and the Asian Real Estate Association of America (AREAA) to create the campaign messaging, which centers key housing statistics about their respective communities.
“Low-income earners are 22 percent more likely to be denied a loan [and] LGBTQ+ [people] are 25 percent less likely to own a home compared to all Americans,” two of the campaign’s social media posts read. “One in four Hispanic individuals complete the homebuying process entirely in Spanish [and] seven in 10 Veterans are unaware they qualify for a zero-down home loan.”
“The gap between Black versus White homeownership is worse today than in 1968 when the Fair Housing Act was passed,” read another post. “If the commission settlements lead to increased transaction costs or reduced access to buyer representation, it could further limit the ability of these groups to purchase homes and exacerbate existing inequalities in homeownership.”
Credit: Realtor.com
In an email interview with Inman, Neuberger said buyers’ agents are more important than ever, especially for homebuyers from underrepresented communities who may have a more difficult time navigating upcoming commission changes, per the National Association of Realtors’ $418 million settlement.
“The value of buyers’ agents is being challenged in the industry, and even by some of our competitors,” he said. “But 9 in 10 recent buyers said they valued their buyer’s agent and would use them again. Consumers want and need their own representation in a complicated high-cost transaction.”
“With all the changes happening in the industry, there’s a real risk that vulnerable homebuyers without much experience or means might struggle to find or afford buyer’s agents,” he added. “We want to make sure that buyers who are already facing challenges aren’t put at an even bigger disadvantage.”
Neuberger said the campaign will go far beyond social media posts and several ads — including an open letter authored by Realtor.com and its campaign collaborators — in The Wall Street Journal, New York Post and Washington Post.
The company will continue to partner with Veterans United, the Homeownership Council of America, the LGBTQ+ Real Estate Alliance, NAREB, NAHREP and AREAA to educate agents about fair housing and how to best serve homebuyers from underrepresented communities.
“We’ll keep working with these professional organizations to support underrepresented buyers on similar campaigns and research that helps agents understand the needs of buyers from different communities so they can tailor their services to better meet their specific needs,” he said. “We also offer webinars, articles and success stories on diversity and inclusion so agents can stay updated on best practices.”
“Plus, we sponsor the Realtors Fair Housing Champion Award, to help spotlight the work of agents who are effectively serving underrepresented groups,” he added. “Their stories hopefully inspire others and provide practical examples of how to implement inclusive practices. Our efforts are ongoing; there’s still much more to be done.”
Neuberger said he’s excited to see how this part of the campaign will perform, as the first portion — which focused on highlighting the 111 tasks buyers’ agents complete during a transaction — generated nearly 40 million impressions and 18,000 downloads of the agent toolkit.
“… As the No. 1 most-trusted real estate site by pros, we have a responsibility to create an experience that makes sure everyone has fair and equal housing access to housing,” he said. “It is in our DNA.”
