"This is my mom's house" the agent said proudly. "I grew up in this house, so I can tell you anything you want to know."
Perplexed, I asked, "Oh, I'm sorry but I didn't see that you were related to the seller on the MLS sheet."
"Well, I didn't want people the people in my office to know it is my moms home" she unwittingly retorted.
"You should ask your broker about that. You are required to disclose that relationship," I said.
After a couple of seconds of silence, the agent asked, "So, what time to do you want to come by and see it."
Later, after speaking with the listing agent's broker, I found out that the agent has been licensed for two years, and this is her first transaction. She works full time in a local office, but keeps her RE license on the side.
The Problem:
This is common. In my market, 60% of all of the transactions in the past 12 months were done by agents who sold 3 homes or less in the same time period. That is wrong on so many levels, but I would like to point out two.
First, this business does not enjoy the best of reputations. I was a used car salesman prior to entering this line of work, and I believe I was though of better then than now. I think a big reason for this is because the majority of transactions are performed by amateurs who simply do not have the experience, and have not dedicated the time and effort to practice this craft effectively. Clients suffer because they are entrusting the largest investment of their lifetime to a part timer who barely understands the business.
The second big problem is that this scenario takes food out of our mouths - the full-time agents who dedicate the biggest chunk of our lives to helping people buy and sell homes. I have no problem paying a referral fee, but if the biggest chunk of business is going to part timers, full-time dedicated professionals are being forced out of the business and we all suffer.
The Solution:
We need to demand that our local association stop accepting the applications of agents who do not work full-time. Brokers should have to sign an affidavit for each individual agent in her office stating that agent performs 40 hours of real estate related work each week.
Also, if an agent has not sold at least 5 homes before the time their license is up for renewal, that agent should have to send in an affidavit stating the he is still working 40 hours per week toward the endeavor of selling real estate.
Closing:
If these changes are made, the industry will change. Our reputation will improve when clients experience the difference that working with a full-time dedicated agent makes, instead of being quilted into working with their sister-in-law who has seldom performed the task of professional real estate.
I welcome your thoughts.
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