Realtor.com is expanding its buyer representation marketing campaign with a new initiative designed to promote the benefits of buyer’s agents to members of historically underserved and underrepresented communities.
According to a press statement from Realtor.com, the target audience of this initiative includes “BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, Veteran, and lower-income buyers.” In announcing the initiative, Realtor.com noted these demographics have higher loan denial levels, lower homeownership rates and greater challenges in accessing mortgage credit. The company added this environment will become more complicated if the recent commission settlements result in elevated transaction costs and reduced access to buyer representation.
“Buyer’s agents provide essential expertise and support in the biggest financial transaction of people’s lives,” said Realtor.com Chief Marketing Officer Mickey Neuberger. “This is especially true for first-time and underrepresented buyers with limited resources or knowledge of the process. 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.”
Realtor.com launched its buyer representation campaign in April as a national multi-tiered integrated marketing endeavor. The company said the campaign has drawn nearly 40 million impressions and 18,000 agent toolkit downloads since it rolled out.
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