December 16, 2007
Choosing a real estate agent
Here are some thoughts on choosing — or not — a real estate agent.
1. Identify an Agent who is first of all competent.
Before you even contact the agent, see what you can learn about your prospective Realtor. Realtors like to talk about you as a “prospect”. You might as well talk about them as “prospective agents”. Create a list of half a dozen Realtors, and then filter though that list. Can you get a good referral from a trusted friend or business associate? Add that name to your list. Check out the Internet web sites to see who is doing what in the area you are interested in. Be careful not to assume that a “Top Producer” can do the best job for you. Maybe. Maybe not. We’re looking for competence here, not volume and certainly not hype. Check out the Realtors resume, and find out what has he been doing all these years that will contribute to doing an extraordinary job for you. Frankly, someone who has been an auto-worker for 25 years and then gets a real estate license probably does not meet the competency standard. That person could do a great job for you on a single family purchase or sale, but you can still end up with some very serious and expensive battles because an offer was not drafted precisely. We never get away from the challenge that all Realtors have: when a Realtor drafts a contract, they are held to the standard of a lawyer.
Look at the prospective Realtor’s history. Does she/he have experience in anything related to real estate that can be helpful ? Was he a builder, contractor, plumber, inspector, loan officer or property manager? If not, it’s not the end of the world, if she has a lot of experience that can substitute. Remember, the goal is to find a Realtor who knows a lot more than you do about buying real estate, and who can keep you out of trouble in the process. You want someone you feel is competent and can do a great job for you.
2. Filter the competent ones with another qualification — honesty.
Some may think I’m kidding when I say find an honest Realtor. I’m not. Honesty in this context isn’t the simple childhood concept of not telling a lie. Today, our culture has extended the boundary of subtle misrepresentations far into dishonest territory, but it’s not considered dishonest by most standards. What isn’t said is often as much of a misrepresentation as what is said. So be on guard. Make sure you have enough discernment to recognize honesty, or lack thereof. And, by the way, there are a some less-than-honest agents out there.
3. Hire the Agent because the Agent meets your criteria, not just because the Agent works at a large franchise.
When you hire a Realtor, you hire the person, not some “branded” franchise or corporate atmosphere. It’s your Realtor who does the work, and if she can’t do it well, the rest of the Brokerage is not going to do it for her. Furthermore, if he delegates important responsibilities to a non-licensed person or a less experienced agent, what good did the image of the franchise accomplish for you. Maybe the opposite of personal attention. Ultimately, whether you get outstanding professional service depends on your Realtor, not the rest of the organization.
4. Know what to expect from your Agent, and what he/she expects of you.
If you have made a list of half a dozen prospective Realtors, filter through that list with further research, much of which can be done right on the Internet. You should personally interview the final contestants in person and in their office.
Once you have decided on a Realtor, tell her exactly what you expect of her, and ask her if she could do those things for you. Then ask her something that virtually no one asks their Realtor in the beginning, “What exactly do you expect of me?”
Conclusion
If you do these things, you minimize the chances of misunderstandings, you increase the probability of a successful relationship and a successful real estate transaction, and that means more money in your pocket and less stress. And as Martha would say, “That’s a good thing.”