NATIONAL ASSOCIATION OF REALTORS REPORT - AVERAGE REALTOR NATIONWIDE COMPLETES SEVEN TRANSACTIONS PER YEAR

Consumers, listen up.

According to a 2010 NAR study, the average residential sales agent completed just seven transactions per year, an average of around one closed sale every two months.

In Northwest Wisconsin, that average appears to be lower, perhaps much lower.  I know area agents who haven't made a closed sale in six months or more.  There are even some real estate licensees in our area who haven't made a sale in the past two years.

What does this mean to the buyer or seller who requires the services of a real estate agent?

The agent who just isn't selling is, in some respects, a hobbyist.  That's an unfortunate reality, but there is merit to the argument that an agent who isn't on top of the frequent changes in our profession may be a risky choice.

For example, our Wisconsin real estate forms often change yearly.  Those changes require that an agent (or broker) must keep up to date on how to properly complete those forms, in order to best serve the public.  Taking a Continuing Education course once every two years probably isn't enough.  We learn from experience and from applying the knowledge that we (presumably) gain along the way.  But if an agent is rarely using what they've learned, what are the chances that mistakes will be made in your transaction?

Do Your Homework.

Here are a few suggestions that may help you make better choices when you work with an agent:

Google an agent's name (and their company name) before you work with them.  Read up on what they've sold and what they're selling currently.  Most firms and agents have a blog or website which posts "Recent Sold Properties".

Ask what kind of properties that agent has sold lately.  If you're looking to list your $500,000 house for sale and you're speaking with an agent who hasn't made a sale over $200,000 in the last two years, maybe you should be talking with someone else.  If you're hoping to achieve a "short sale" of your home, you might benefit from working with an agent who's actually closed one.

Ask how many times during the last twelve months that agent has attended a closing.  Practice makes perfect.  An agent who hasn't closed a sale in a year or more could be a risky choice.

Ask a prospective agent if they've done a market study to determine what your home is worth in today's market.  Good agents don't guess at pricing.

When speaking with an "out of area" agent or broker, ask how many homes they've sold in your zip code, township or county.  If that agent has a nonexistent sales record, what would make you believe that an out-of area agent or broker could do any better with the listing of your home?

If your property was already listed with an agent and the listing has expired, can you find your listing on the Web?  Surveys show that over 85% of prospective home buyers begin their property search on the Web.  Chances are, if the former listing agent made any effort at all, your listing should show up in a Google Search.  If you can't find your property in a Google Search, why would a prospective buyer be any more able to find it?

Ask agents and brokers to show you examples of both their Web and print marketing.  Compare those samples with what other firms are doing. 

Smart consumers ask questions and gather information before they sign on the dotted line.  Don't guess or gamble when it comes to selecting a real estate agent.