Real estate is a service industry. In fact, you hear the word service bandied about almost constantly - we provide better service, just wait until you see our service, top-notch service, world-class service, limited service, room service ... well, the wife may question me on the latter so we'll move on.
In truth, there's no objective way to measure service. If a real estate transaction goes smoothly, the client walks away convinced on the excellent service they received. Communication may be a more useful term than service, as those buyers and sellers who don't hear from their agents tend to be the ones who believe they received terrible service. (Try using a family member in a real estate transaction and see how often you really hear from them, whether they treat you like their other clients. There's a reason many agents, family or otherwise, are finding the license renewal fees to be an unnecessary expense.)
In short, service often is translated into convenience, communication and satisfaction.
Given that there's no objective way to measure service, it's difficult to measure the true value of a real estate professional. Again, in a smooth transaction, there's little to judge by (although it easily can be argued the transaction went smoothly because of the agent's work ... or maybe it wasn't smooth whatsoever, but the client doesn't know any different because of the agent's efficiency and knowledge.)
But not all real estate transactions are smooth. In fact, there almost always are one or two challenges - some minor, some major - along the way in any real estate transaction. It is in these times that an agent's true value comes into play.
For example, one of my listings is in the midst of an extended escrow. Why? Because the buyer was unable to qualify for his loan as the closing date approached because his FICO score had dropped. A less experienced likely would have tossed in the towel and started the search anew for a new buyer. Instead, the buyers' agent and I have spent the past 10 days working on alternate solutions to complete the escrow. Again, why? Because my seller wants to sell and the buyer has nowhere else to go. It's the right thing to do. And we have the knowledge to pull it off (if we can get the lender to sign off on the solution.)
On another potential deal, my buyers and I have waited more than a week to hear what is happening with an offer made. My buyer is getting increasingly frustrated, and for just one reason - communication from the listing agent has been negligible. This one's a short sale (the seller owes more than the home is worth) but still ... a little communication will go a long way.
Many confuse experience with time in the business. I think Ardell was on the right track when she tied the idea of experience to the number of transactions completed by a given agent. Or as Greg said over at Bloodhound today, experience comes one painful lesson at a time.
(And yes, I fell victim today to what many real estate bloggers have found - you think up a great topic, then watch it appear on Odysseus' blog before Tobey had a chance to clear his throat.)
UPDATE: The first deal did not come together. It seems the buyer also was unable to qualify for the 95 percent financing with a carryback his agent had first mentioned. Of course, if we had known that information two weeks ago, my seller could have followed a different course of action rather than re-activating a listing 12 days before Christmas.
Again, communication is the key to fair dealings.
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Jonathon, what a refreshing post; I just picked up a listing today and their main complaint is no communication from the other agent. I see this as part of my good service mission: good communication!
Karma ruled on this too eh? Great blog even if it wasn't the one you originally planned! Or even if someone else had the same topic!