Selecting the "Right Agent"
- Part time or full time? The real estate industry is
overloaded with part time agents in most communities. In the
Saint Louis area the figure is 85% of the agents are part time.
Ask yourself this simple question. Who will be more successful
finding me a home, or a buyer, someone who works 6 days a week or
someone who works 2 days a week? Ask questions, and selecting
a realtor just because you know someone or someone you know gives
you a name can be a mistake in real estate.
- Competency - To get licensed in real estate people attend
a school that basically teaches them the laws that govern real
estate. These schools only teach what is needed to pass the
State Exam. The experience that is needed is learned "on the
job". As a result, part time agents who only are involved in a few
sales transactions a year take many years to become familiar
with all the "pitfalls" of real estate in the real world. The current
trend in the industry today is towards full time, professional agents,
however it has a long way to go. Ask questions as to how many
years experience, but also how many transactions do you average, etc.
- Marketing & Technology Skills - Is the agent your thinking
about using competent in using the computer in all aspects of his
business, and not just the ability to pull listings off the local Multiple
Listing Service? Less than 25% of all real estate agents have
such skills. Voice mail & paging services are not enough today
to keep agents on top of their business and serving their clients
most effectively.
- Work with a Realtor in your area - If the realtor is looking
for you out of his neighborhood or area you can be at a distinct disadvantage.
Realtors generally know their neighborhood, schools, traffic situations, price
trends, etc. You are much better off, being referred to a "top" agent by a Realtor
if it is out of his/her area.
- Don't Sign a Buyer Agency Contract - until you have become comfortable
with the Realtor your dealing with and you are actually looking at properties with them.
So interview, and ask lots of questions, but do not expect them to give their full attention,
and or hard work, until you have agreed to work with them. Your loyalty and committment
then will go a long way to help you achieve your goals. As a precaution insist on a short term
agreement (30 days or less). Hopefully you will become an effective "Team" in the process,
and can always extend your agreement.
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