How to Select A Great Real Estate Agent

Select A Great Real Estate Agent!

How Do You Feel About YOUR Real Estate Agent?  During open house this weekend some house shoppers told me that they were not thrilled with the real estate agent they were working with. 

I wondered why anyone would continue to work with a real estate agent that they did not feel was great. This got me thinking about what makes a real estate agent “Great” in the eyes of their client.

For Buyers:  Great Real Estate Agents DO NOT SELL Houses!  I believe that my job as a real estate agent is to expose my clients to all of the desired properties that are available.  The right house will “sell” itself!  My role as a real estate agent is to make sure that my client sees new listings first.  You should NEVER feel that your real estate agent is being pushy or impatient!

For Sellers:  Aggressive Marketing is the Key!  The best agent in the world can not “sell” your house.  Your House Will Sell Itself to the right buyer!  A great real estate agent will aggressively market your house for sale to expose your house to the largest number of potential buyers.  Your agent’s aggressive marketing and networking efforts are the keys to selling your house for top dollar!

What Makes a “Great” Real Estate Agent?  I believe that a great real estate agent has the following qualities: Really cares about his (or her) clients, is knowledgeable, is always available (answers the phone and returns calls promptly), is not pushy, is a skilled negotiator who enjoys the business and is excited about what each new business day will bring.

The Bottom Line: If you can not say that your real estate agent is your “Trusted Advisor” then you are working with the wrong agent. 

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Top 10 Reasons to Hire a Great Real Estate Agent

By Elizabeth Weintraub, About.com

With so much information readily available online, clients sometimes ask me, “Why should we hire a real estate agent?”  They wonder, and rightfully so, if they couldn’t buy or sell a home through the Internet or through regular marketing and advertising channels without representation, without a a real estate agent.  Some do OK, many don’t.  So if you’ve wondered the same thing, here are 10 reasons why you might want to consider hiring a professional real estate agent.  (I believe that you will buy for less, or sell for more, when you are represented by an experienced real estate professional who has your best interest as his or her highest priority. – TB)

1. Education & Experience
You don’t need to know everything about buying and selling real estate if you hire a real estate professional who does.  Henry Ford once said that when you hire people who are smarter than you are, it proves you are smarter than they are.  The trick is to find the right person.  For the most part, they (Real estate agents) all cost about the same.  Why not hire a person with more education and experience than you?  We’re all looking for more precious time in our lives, and hiring pros gives us that time.

2. Agents are Buffers
Agents take the spam out of your property showings and visits. If you’re a buyer, your agent will whip out her sword and keep the seller’s agents at bay, preventing them from biting or nipping at your heels.  If you’re a seller, your agent will filter all those phone calls that lead to nowhere from “lookie loos” and try to induce serious buyers to immediately write an offer.  (Remember, a listing agent represents the SELLER and is trying to get the highest sale price.  A buyer’s agent represents the BUYER and wants to get the lowest sale price.  – TB)

3. Neighborhood Knowledge
Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhood.  They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics.  For example, you may know that a home down the street was on the market for $350,000, but an agent will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow.  (Your agent’s intimate knowledge of the neighborhood is valuable information that can not be replicated by any website.– TB)

4. Price Guidance
Contrary to what some people believe, agents do not select prices for sellers or buyers. (Agents provide guidance and insure that their clients do not under-sell or over-pay.– TB)  However, an agent will help to guide clients to make the right choices for themselves.  If a listing is at 7%, for example, an agent has a 7% vested interest in the sale, but the client has a 93% interest.  Selling agents will ask buyers to weigh all the data supplied to them and to choose a price.  Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy.  (I disagree somewhat with this statement.  A hard working agent who is a great negotiator can tip the scales slightly but ultimately the market will always decide the final sale price.  This is economics 101 folks, not rocket science. – TB)

5. Market Conditions Information
Real estate agents can disclose market conditions, which will govern your selling or buying process.  Many factors determine how you will proceed.  Data such as the average per square foot cost of similar homes, median and average sales prices, average days on the market and ratios of list-to-sold prices, among other criteria, will have a huge bearing on what you ultimately decide to do.   (All of these factors, and more, are tools that can be used to negotiate the best sale, or purchase, price.– TB)

6. Professional Networking
Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell.  Due to legal liability, many agents will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency and competitive pricing.  Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection.  (Professional networking is a valuable asset that your real estate agent brings to the table.  In this active market, sometimes who your agent knows or networks with can make a big difference.  –TB)

7. Negotiation Skills & Confidentiality
Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction.  It’s part of their job description.  Good agents are not messengers who merely deliver buyer’s offers to sellers and vice versa.  They are professionals who are trained to present their client’s case in the best light and agree to hold client information confidential from competing interests.

8. Handling Volumes of Paperwork
One-page deposit receipts were prevalent in the early 1970s.  Today’s purchase agreements run 10 pages or more.  That does not include the federal- and state-mandated disclosures nor disclosures dictated by local custom.  Most real estate files average thicknesses from one to three inches of paper.  One tiny mistake or omission could land you in court or cost you thousands!  (This is so true.  If you have been involved in a transaction with me you have no doubt heard me say “we kill more trees for real estate!”. – TB)

9. Answer Questions After Closing
Even the smoothest transactions that close without complications can come back to haunt.  For example, taxing authorities that collect property tax assessments, doc stamps or transfer tax can fall months behind and mix up invoices, but one call to your agent can straighten out the confusion.  Many questions can pop up that were overlooked in the excitement of closing.  Good agents stand by ready to assist.  Worthy and honest agents don’t leave you in the dust to fend for yourself.  (I am ALWAYS available to my clients.  Just because your transaction is closed does not mean that I am not always just a phone call away.– TB)

10. Develop Relationships for Future Business
The basis for an agent’s success and continued career in real estate is referrals.  Few agents would survive if their livelihood was dependent on consistently drumming up new business.  This emphasis gives agents strong incentives to make certain clients are happy and satisfied.  It also means that an agent who stays in the business will be there for you when you need to hire an agent again.  Many will periodically mail market updates to you to keep you informed and to stay in touch.  (Referrals ARE the lifeblood of my business.  A always appreciate your referrals! – TB)