- Joined
- Jun 26, 2022
- Messages
- 154
I see there are lots of questions here about Realtors, both good an bad. I thought I'd share my opinions of Residential Realtors and how to pick the right ones. This is not all inclusive, just my random thoughts after reading some of the posts here.
My background is 37 years in the industry. I once owned a very large franchise that I built from nothing into over 90 agents. I sold it off during a divorce and went the commercial route and have never looked back since. I am a CCIM designee, look it up if you want.
First, this will be limited to residential agents ONLY.
Most are not full time, heavily involved full time agents. No disrepect towards anyone but if the agent you are interviewing ponly does this on the side, save yourself tha aggrivation and move on.
All commissions are negotiable, whatever the customary rate in your area is, it is what it is. As Realtors, we can not fix that rate. typiclly the seller pays the buy side commision too but even that is being looked at.
Commissions are not added on top of the value of the house. This is a major misconception and at the heart of the NAR lawsuite. As all areas have a similiar fee based sales structure, commissins are part of the cost of home ownership.
Interview several agents to list your property. You need to see a list of what they have sold in your immediate area, not on the other side of town. A really good agent will be a neighborhood expert, not a State of Florida or where ever expert.
Ask them how they intend to market your property and get a written marketing plan. If the 1st thing on their list is advertising on Face Book, ask them to leave. Open houses do work and they are not just for the weekends. Sending out direct mail works, making phone calls work too. They best thing a great agent has going for them is their reputation and being able to send out emails to their peers and stating, look at this new listing, when would you like to see it?
Every single listing that is entered into any MLS (multiple listing service) will be made available on Realtor dot com and hundreds of other re-seller sites, that includes Zillow. There is no advantage given any agency in that reguard. Meaning a franchise does not get priority over a botique brokerage. The MLS is basically an employment contract for the buyers agent. It means that they will be paid $XXXXX if they bring a buyer.
Make the agent give you a CMA and make them explain that to you. Pie in the sky pricing sometimes works but most of the time it does not. Stick to their suggestions if the data they provide is accurate. You want to hire someone that will actively market your property in ways that every single other agent will not do. That includes local media, open houses, fliers, etc.
Ask them what percentage of list price they obtain with their sold listings. Meaning, can they stick to their guns with the value they recommend or will they just fold up like a cheap tent and not work hard to get you the best price. Remember, a great agent knows that the higher the sales price, the more they make.
I would also see how often they answer the phone. Yes, 99% of this business is answering the GD phone! If you call and it always goes to VM, that tells me they are not really working in real estate.
A great agent will handle the entire transaction for you which will included scheduling of inspections, appraisals and closings. You are not required to use who they recommend but don't be too quick to dismiss them either. I have used the same attorney to handle my closings for over 25 years because he alwyas does a great job.
Lastly, be patient and ask for feedback after every listing. If you routinely get that its over priced or that it needs specifi repairs, do so.
TH
My background is 37 years in the industry. I once owned a very large franchise that I built from nothing into over 90 agents. I sold it off during a divorce and went the commercial route and have never looked back since. I am a CCIM designee, look it up if you want.
First, this will be limited to residential agents ONLY.
Most are not full time, heavily involved full time agents. No disrepect towards anyone but if the agent you are interviewing ponly does this on the side, save yourself tha aggrivation and move on.
All commissions are negotiable, whatever the customary rate in your area is, it is what it is. As Realtors, we can not fix that rate. typiclly the seller pays the buy side commision too but even that is being looked at.
Commissions are not added on top of the value of the house. This is a major misconception and at the heart of the NAR lawsuite. As all areas have a similiar fee based sales structure, commissins are part of the cost of home ownership.
Interview several agents to list your property. You need to see a list of what they have sold in your immediate area, not on the other side of town. A really good agent will be a neighborhood expert, not a State of Florida or where ever expert.
Ask them how they intend to market your property and get a written marketing plan. If the 1st thing on their list is advertising on Face Book, ask them to leave. Open houses do work and they are not just for the weekends. Sending out direct mail works, making phone calls work too. They best thing a great agent has going for them is their reputation and being able to send out emails to their peers and stating, look at this new listing, when would you like to see it?
Every single listing that is entered into any MLS (multiple listing service) will be made available on Realtor dot com and hundreds of other re-seller sites, that includes Zillow. There is no advantage given any agency in that reguard. Meaning a franchise does not get priority over a botique brokerage. The MLS is basically an employment contract for the buyers agent. It means that they will be paid $XXXXX if they bring a buyer.
Make the agent give you a CMA and make them explain that to you. Pie in the sky pricing sometimes works but most of the time it does not. Stick to their suggestions if the data they provide is accurate. You want to hire someone that will actively market your property in ways that every single other agent will not do. That includes local media, open houses, fliers, etc.
Ask them what percentage of list price they obtain with their sold listings. Meaning, can they stick to their guns with the value they recommend or will they just fold up like a cheap tent and not work hard to get you the best price. Remember, a great agent knows that the higher the sales price, the more they make.
I would also see how often they answer the phone. Yes, 99% of this business is answering the GD phone! If you call and it always goes to VM, that tells me they are not really working in real estate.
A great agent will handle the entire transaction for you which will included scheduling of inspections, appraisals and closings. You are not required to use who they recommend but don't be too quick to dismiss them either. I have used the same attorney to handle my closings for over 25 years because he alwyas does a great job.
Lastly, be patient and ask for feedback after every listing. If you routinely get that its over priced or that it needs specifi repairs, do so.
TH
