How to buy a Realtor®
January 30th, 2007 by Mark Flanders
Editors Choice
After a while, a real estate blog gets pretty big and the archive of previous articles begins to gather dust. It’s something like an attic, full of items you just can’t part with. On occasion, you find yourself sitting on the floor looking through old items, remembering past times, smiling to yourself.
Yesterday I was in the attic picking up and putting down treasure, wondering why not bring some of the older articles back out to look at for a short time
Here’s the first one. I hope you enjoy it!
This was re-published on November 7, 2007 and then headed back to the attic after a few days in the sun.
It’s America! Almost everything is for sale here.
You can buy an island or a Rolls Royce or even a pink plastic flamingo for your front yard. Realtors® are also for sale. They come in all shapes and sizes. They come in a variety of colors. They come with different amounts of onboard memory. And, they come with different features, goodies and gadgets. You can see them everywhere. They often have hardware attached to their ears.
Just like trying to purchase a car, it can be very difficult to decide which model is the best for you. Should you shop for what you want, or what you need? Should you get Old Faithful, or this year’s newest edition? Should it be fancy, or a base model?
You are not buying a puppy. You are hiring someone to guide you through what may be the largest financial transaction of your life. You don’t need a pretty face. You don’t need an Armani suit. You don’t need a Mercedes to look at houses in. It might flatter your ego, but hurt your wallet. Don’t get me wrong, I know some very attractive Realtors® who are exceptional at their craft. What I am saying is, this is one situation when judging a book by it’s cover is a mistake. Looks and stage props (like cars and clothes) are not nearly as important to you as skill. And, skill does not always wear a pretty package.
Gadgets are distracting. Technology can be a wonderful productivity enhancer. It can also get in the way. Ever seen someone chatting away on the phone while they all but sideswipe you coming out of Safeway? And they didn’t even notice you! Gadgets can make a Realtor® more valuable to you. If they refuse to carry a cell phone (“I’ve been doing this for 20 years without one”), their negotiation skills may also be in the dark ages. See Sparky’s article on a realtor® without tools. But, having all the gadgets is just not necessary. Why does anyone need a pager, a cell phone, a Blackberry and a laptop to go along with the office computer. Every single one of these devices requires attention. There may not be any attention left over for you, the client.
Now that I’ve got you wondering how the to pick and choose among your available options, I’ll tell you what I look for when I shop for a Realtor®.
Buy Cheap, Buy Twice! My mother taught me this when I was a kid. She was referring to clothes at the time. Her point was clear. Sometimes a bargain is not a good buy in the long run. This definitely applies to hiring an Agent. I ask each agent I interview if they are flexible on their fee. If they say “yes”, I terminate the interview. It sounds backwards doesn’t it? Realtor’s® fees cost thousands of dollars. Why not try to save a few? Well the fact of the matter is that there are no bargains on a Rolls Royce. And you want the Rolls Royce of Reators® working for you. He or she will save you much more than they cost you in the form of stronger negotiation skills and support after the sale. A Rolls Royce Realtor® will take your call 6 months after closing when the wet season arrives and the basement fills up with water. These Realtors® will work for their clients long after they get paid.
Find the busiest Realtor in town. Real Estate Agents don’t get busy by accident. They get busy because they know what they are doing and the community they work in knows it too. High demand Realtors® are in high demand because they have already been through a fire or two and they brought their clients through it safely. Don’t think that because an Agent is already busy, they won’t have time for you. You may have to wait a short time (see next paragraph) but it is the best thing for you. Impatience can cost you thousands of dollars.
Guarding the fortress. If the Realtor® has an assistant or receptionist that always has to take a message, I move on. An assistant that tries to connect me immediately, or offers to connect me to a cell phone, or tells me that “He’s on the line right now, but says he can call you back in 5 minutes”, gets my business. This assistant is trying to channel business efficiently. Don’t be put off if a busy Realtor® cannot pick up the phone right away. Do be put off if it takes hours to hear back from them. Every exceptional agent I have met is adamant about returning phone calls quickly. If it feels like the receptionist is protecting the inner sanctum from intruders, you may be talking to the wrong Realtor®. I expect to get through to my agent at least part of the time.
Don’t mistake confidence for arrogance. Excellent Realtors® are strong people. They know that they are smart. They know that they are skillful. They know that they are very good at what they do. They have confidence. They act confident, and they can appear to be know-it-alls. They usually have very strong opinions about their industry. But, do you really want a timid general leading you into a war? Not me, I’ll take the strong-willed leader every time. Arrogance is self-centered, confidence is not. If the Realtor® is completely focused on my transaction but appears to be really opinionated about how to handle things, I am probably dealing with a confident individual, not an arrogant one.
Ask for referrences. You hear this all the time, but it is one of the best ways to find out who you are dealing with. Twice in the past I have requested referrences from a Realtor® and left the office without checking them because the Realtor® simply handed me thank you letters! Now that is powerful. Satisfied customers will thank you for doing a good job. It takes a very satisfied customer to write a letter. If I find an agent with a shelf full of thank you letters or testimonial letters, I sit up and take note. This is probably an individual who will work hard on my behalf. He or she has already done it for other clients. Those clients were pleased enough to write a letter about it. There is not a stronger proof of excellence that I can think of.
Hopefully these simple steps will help you narrow the field the next time you need a Realtor’s® services. These guidelines have worked well for me. They can work well for you too.
Buy yourself the Rolls Royce, you deserve it!
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The real irony here is that Lawyers in Washington State are required to be licensed but you won’t find a lawyer with his or her license number on his or her business card. Why is that? Lawyers were involved in the creation of this law. You would think they would craft the law to reflect business practices common to their industry. No, it appears that the lawmakers view Loan Officers in the same light as electricians or building contractors. Used car dealers have arguably the worst reputations around and they are also required to be licensed. But they are not required, you guessed it, to have the license number on their business card. There is a silver lining though. This will be a bonanza for the printing industry. 10,000 Loan Officers in Washington State need to get new business cards!
