These are the words that I continuously hear from consumers in the open market in regard to the real estate profession. Instead of pushing back and getting defensive I have chosen to look at the commonality of this mindset and find shared ground and ask “Why?”
Could it be that 80% of the agents in the marketplace turn over every 4 years?
Or that 94% of the work is done by 6% of the agents?
The 94% will handle only a handful or transactions and make many mistakes due to a lack of experience at the expense of the consumer. Everyone knows someone with a real estate license and feels that the license makes them all equal. Not True. Buying and Selling Real Estate is a huge investment and should not be entrusted to a novice. Long gone are the days of utilizing a cousin or a friend just because they have a real estate license. YOUR BUNS are on the line and it is you that will have to deal with the financial repercussions of an inexperienced Agent or Agent that has been in the business but has fallen behind due to the changes that have taken place over the past ten years.
I would argue that it is not the agents fault but that of the consumer for not doing their homework.
Consumer Fix: Interview at least three top agents (6%) and make sure that you LIKE them, TRUST them, and feel comfortable that they can achieve YOUR objectives. A future blog will address interview questions that can be asked to help you during the interview process.
Example: You (the Seller) have just received a “Market Analysis” for your property.
Tell the agent that you are not willing to list the home for less than 25% higher than the sales comparison approach dictates. If the agent agrees to list the home for your elevated number then you must move on to the next agent. The agent is either unsure of his/her analysis, wants your listing for inventory purposes, or needs the signage to attract more clients for himself. Either way, they are looking out for their own best interest and not yours. Next.
Agent Solution: If you are part of the 94% then you should team up with a seasoned agent who is part of the 6%. Offer to pay them a portion of your commission; send out mailers, write personal cards, or just help to pick up the slack for them. Get creative. When I first started in this business I immediately teamed up with the person who was instructing the “Principles and Practice” course. I did this even though I have a degree in real estate & Urban Economics because I wanted to make sure that my lack of experience did not adversely impact the consumers I was working with. I now help a handful of people on my team who will in turn help others in the very near future.
Posted by Tim Bray on
This is a real scoop for everybody. This is an interesting blog page. I do hope you could do some more post. Good job!
Posted by vipin on Friday, January 24th, 2014 at 2:07amIt is not about trust or like but the main aspect lies in the kind of response one gives and one expects in this industry. Real Estate is a dynamic industry and so we all must be prepared for any sudden change if dealing in any real estate matter at that time. However, the sharing in this write up is admired and will look forward for more thoughts.
Posted by CEA Approved RES Course Provider on Friday, February 21st, 2014 at 8:05amLeave A Comment