For the first time, Consumer NZ reveals the best and worst real estate agencies in Aotearoa. Based on feedback from the public and Consumer members, there were clear winners and losers.
Out of 14 real estate companies, AndCo Realty Group emerged as the standout agency, providing both buyers and sellers with an overall positive experience. AndCo Realty Group has agencies throughout the country with the name changing in each area, depending on who has the franchise (e.g. Lowe & Co in Wellington, Winder & Co in Blenheim, CK & Co in Hutt Valley).
AndCo Realty Group achieved an overall satisfaction score of 77%, which was significantly higher than the industry average of 63%. It also scored highly for its timely responses, market and legal knowledge, and conduct being ethical, open and honest.
AndCo Realty Group was the only real estate agency to receive Consumer’s inaugural real estate People’s Choice award.
At the bottom of the pile with 50% was Professionals. Ironically, Professionals received the lowest score for professionalism, rating poorly for transparency of fees and information provided. Other real estate agencies with low satisfaction scores included Ray White (57%) and LJ Hooker (59%).
Ray White scored below average for all satisfaction attributes.
“Buying or selling a home can be one of the biggest transactions of your life. It’s an inherently complex experience. At Consumer, we want New Zealanders to have more transparency about real estate agency performance,” said Gemma Rasmussen, head of research and advocacy.
“Housing is an area of increasing concern for New Zealanders, as potential buyers and sellers face challenges with high interest rates and a tight job market.”
Rasmussen also says, regardless of the economic landscape, buying or selling a house is a high stakes decision that requires high consumer confidence.
Nearly half of the respondents in Consumer’s real estate survey said they’d encountered problems during their most recent real estate transaction, with the most common issues being poor communication and feeling pressured to make quick decisions.
“We found first-time buyers and sellers usually have high expectations when they enter the real estate market, but end up having the least satisfying experiences.
“We’re hoping to inspire some real estate agencies to lift the bar.”
Consumer’s latest Sentiment Tracker survey reveals that New Zealanders’ concerns about housing have escalated to their highest level in over 2 years.
This comes as almost 3 out of 5 homeowners report they couldn’t afford their home if they were to buy it in today’s market.
Consumer’s latest findings serve as a guide for New Zealanders to make informed decisions in a volatile real estate environment. (ref. https://consumernz.cmail20.com/t/i-l-flduktl-irulhyjuz-j/ )
Notes
Consumer NZ’s data is from a survey of 1,982 Consumer NZ members and supporters carried out in February and March 2024. Respondents were asked about residential real estate transactions involving a licensed real estate professional in the past 3 years.
Satisfaction rating shows the proportion of respondents who scored their agency 8, 9 or 10 on a scale from 0 (very dissatisfied) to 10 (very satisfied).
Ratings are shown for 14 key measures:
Overall satisfaction
Professionalism
Conduct – ethical, honest and open
Timeliness of responses
Knowledge of the property
Market knowledge
Relevant legal knowledge
Explanation of the process
Transparency of fees and charges
Clarity and accuracy of marketing
Information provided
Quality of advice
Ease of settlement process
Managing expectations
Ratings are for agencies that had 30 or more responses in our survey. E.g. First National received 28 responses so was not included.
Sentiment Tracker is online nationally representative survey of n=1,000 New Zealanders every quarter.
