This is Part 2 of a previous post called A Successful REALTOR® Doesn't Play House. If you want to know more about the post you may have missed, click on the link to the Title highlighted above. Buyers may wonder what's it like in a Seller's Market with low inventory and who do I call for a REALTOR®? This new post will hopefully shed some light on the subject for current Buyers & Sellers.
Once the buyer's transaction is completed, and the dust settles, I find there is a lot of time for deep reflective thought about how the sale went during this very challenging Seller's Market with low inventory. Without throwing anyone under the bus, I'm going to share a few of the challenges a buyer should be aware of when choosing the right REALTOR®.
IF YOUR PREVIOUS REALTOR® REFERS YOU TO ANOTHER AGENT, DID YOU ASK WHY?
There are a few good reasons why a previous REALTOR® may refer you to another REALTOR® but unless you ask, you may never know. Below are a few reasons that may surprise you as a consumer:
- Your previous REALTOR® may not be licensed anymore or have an active license.
- If you're relocating you may be referred because of State License requirements.
- Your previous REALTOR® might not have renewed their Board & MLS Dues.
Your previous REALTOR® may not have paid their dues for the Lockboxes.
- It may be the area you need to move to is outside of their area of expertise.
- Perhaps, it took way too long for you to decide the first time for you to make a decision?
- Perhaps you were mistaken when you thought that person was your REALTOR® for life?
- Is your REALTOR® only interested in making a referral fee?
- Would your REALTOR® prefer to let someone else drive all over until you make a decision?
- Why? Did you ask why you were referred out?
IS THE REALTOR FULL-TIME OR PART-TIME?
I have been in this business for more than 18 years. My colleagues and I who make this a full-time profession would more than likely agree, there is nothing more frustrating in a Seller's Market or any type of market when the other REALTOR® is a part-time Agent. These are some of the challenges and excuses a full-time REALTOR® is up against when they need to communicate with a Part-Time Agent or when a contract needs to be written:
- The other REALTOR® works full-time for an Employer and Part-Time as a REALTOR®.
- Part-Time REALTOR® gets employee benefits with Employer but not as a REALTOR®.
- The other REALTOR® can't take phone calls, text, or emails because of other commitments.
- The other REALTOR® doesn't know how to negotiate or write a contract.
- Big problem with COMMUNICATION.
- Buyer is interested and the Part-Timer can't be reached.
- The other REALTOR® has excuses, i.e., 1) sick child, 2) needs sleep, 3) doesn't have time, 4) Has other appointments, 5) *moonlighting is forbidden.
*Moonlighting is the practice of an employee who is forbidden to work a second job outside the company's normal business hours. If an employee violates the company policies, they can be fired.
These are just a few of the challenges a serious experienced REALTOR® experiences during a Seller's Market with Low Inventory. A Buyer or Seller should take into consideration how valuable and knowledgeable your REALTOR® is in this very demanding business. Other things a prospective Buyer should be aware of when choosing the right REALTOR® includes the following:
- You know your own motivation - what is your REALTORS® motivation to make a sale?
- Is your REALTOR® focused on you or on making money for them self first?
- Is your REALTOR® willing to invest time & money on you because you're worth it?
- Will your REALTOR® be there to meet your demands?
- Do you know that if a REALTOR® or referring Agent doesn't sell, they don't get paid?
- Do you know the REALTOR® working directly for you does ALL the work?
- Do you know the referring REALTOR® may get paid more than the working REALTOR®?
- Do you know REALTORS® don't get an expense report for their personal car or expenses?
- Do you know a newly licensed Agent doesn't have all the training/education you may need?
- Do you know it takes years of education and experience to shift through different markets?
- Do you know a REALTOR® has to pay their own taxes for each sale to the IRS and most have Broker fees and other REALTOR® fees to pay on a monthly, quarterly, semi-annual, and/or annual basis including Broker fees, Board Member fees, MLS fees, State Association fees, and if they are (which most have to be if they are sponsored by a Broker) NAR fees?
An experienced REALTOR® Doesn't Play House and just open up doors showing houses. They are educated, experienced, knowledgeable and they work hard all their life to serve and please their clients. No two transactions are predictable. People grow from experience and staying current and having background in shifting markets makes all the difference between playing house and selling properties to or for buyers and/or sellers.
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