In 2006, I made the transition from a full-time social worker to a full-time real estate agent! I was getting burned out of my college investment and needed a new outlet fast. At this point in my life, I didn't really think that real estate would be my escape from the drama of working for a public school system. I remember putting in my resignation and anticipating the benefits of my new found freedom. I'm still a licensed social worker, but I haven't looked back since I leaped into the world of real estate.
Seven years have passed since my initiation and I've seen a lot and have learned many things about the real estate business. One primary thing I have learned is that real estate is an expensive profession to maintain. Even if a real estate agent is not producing any income through listing homes or getting buyers into new homes, there is mandatory money that will always be coming out of the real estate agent's pocket. This ranges from annual real estate association fees to quarterly listing service fees to search for properties to maintaing websites and other marketing tools to market business to clients and to market and promote listings.
Now, this must be all adding up to something. The answer is yes. Real estate agents can't afford to go too long without income, or the exit door out of real estate becomes more of a must-do than a causal choice. This may be one reason why realtors get a little cranky or emotional when their income is put at risk or has been totally jeopardized. It's not that they've gone bananas, it's just that real estate agents will always suffer losses for the money they have to constantly spend to service clients if they don't keep a steady flow of business that produces income.
Real estate agents are constantly working behind the scenes to provide a quality service to clients. This could range from the relationships created with with loan officers and home inspectors to going to trainings regarding products that will benefit buyers and sellers. This ongoing work requires a lot of time and effort on behalf of the real estate agent, and as often said, "Time is money." Therefore, when a real estate agent meets buyers and sellers, it is their expectation that these potential clients are serious about selling or buying a home. The hope is that the potential client, is "ready, willing, and able." Experience teaches the agent that everyone is not quite ready. However, once a buyer's agreement or listing agreement is signed, a real estate agent's expectation is that the buyer and seller is ready to receive the experitse of the real estate agent to achieve their goals.
Yes, this is still going somewhere. We are headed for the climax of this blog. The real estate agent is ready to list and sell the seller's home. Marketing strategies are put into place to promote the home for sale and to drive in buyers to view the home and hopefully submit sales offers on it. With buyers, the real estate agent begins to search for properties on the listing system and set up appointments for viewings of homes for sale that the buyer likes. Then, here it comes like a mighty rushing wind. The client's plans have changed! All of the realtor's work is seemingly in vain, and now, there's no way for the realtor to be compensated for the work that has been done. The real estate agent is only compensated if the buyer and seller achieve their goal of buying a home or selling their home.
This becomes a very sticky moment for real estate agents to hear information from the buyer or seller that they're stopping the process. It's not that things don't happen in the business, it's just that, "Realtors do not work for free!" Real estate agents can't afford to do work for buyers and sellers and then not be comepensated for the work they've done. In some instances, realtors will charge retainer and early termination fees up front to send a clear message about how they expect the process to go. However, many realtors do not, but it is still their expections of buyers and sellers to be firm with their plan of buying a home or selling a home-especially when an agreement has been signed. Therefore, real estate agents just ask that buyers and sellers be intentional about their plans and be committed, if all possible, to seeing their plans of buying a home or selling a home through to the very end. Real estate agents are grateful to buyers and sellers for the constant busiess they bring, but want to make sure that the time spent is well spent.
To learn more about how I can help you buy, sell, or rent a home, please contact me directly by email or phone. You can go to my website at www.uppermarlboromdrealtor, to search for information and to receive a free home analysis. Thanks from Timothy Johnson.
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