DOUBTS ABOUT HIRING A REALTOR?

By
Real Estate Agent with Pat Bennett Realty MA 9508945 NH 059297

Here are a few facts to help you decide.  We'll start off with some consumers who see a Realtor as the big bad wolf just waiting to take all the change out of their pockets.

No matter how you view it, the facts are:  Realtors do not get paid until the transaction goes to settlement.  The commission stays the same no matter how many hours, negotiations, paperwork, calls, e-mail, setbacks, advertising, hand holding and sweating the Realtor does.

Hours:    For one client alone, the hours begin with the first meeting and signing the appropriate forms.     

This can sometimes take two hours after explaining the paperwork, and if a buyer is the client -- there is the building of rapport and also some idea of what the buyers needs are.  Arriving at whether or not they are pre-approved and if not, do they need help with a lender.  Then comes the task of assigning the right lender and if they have funds for a conventional loan or do they need FHA assistance.  Hours are assigned to searches for homes that will interest the buyer.

If the client is a Seller, the Realtor may be going through an interview.  This is the same as positioning for employment.  Because of the internet, many consumers are aware they have the right to examine more than one agent's credentials.  The agent has to show that he can meet the needs of the client with the products that he presents.  The marketing plans are an essential part of that presentation.  Here again there is a time for building rapport and if the agent is engaged, more forms will be completed.

Calls:       These are made when certain issues arise and whether or not they can be resolved.

E-Mails:  To keep the client abreast of progress on the sale of a home or finding a home suitable for the client's needs.

Negotiations:    This is the one where the Realtor is worth his or her salt.  A lot goes into that word; it is not limited to the strategy used by an attorney in winning a case.  So many issues can arise when initiating a contract that they would be too mumerous to mention here.  When the client walks away happy, the Realtor has successfully completed the terms.

Advertising:     Your Realtor has to spend the time to make sure a home has the exposure neccessary to get sold.  For the buyer, the Realtor scans every option out there and this means the Ads that come through e-mail and other sources that will give his client the best choice possible.

As far as handholding goes, this is the great relationship that develops between the Realtor and the client.  In the end, the client truly realizes what he paid for and does not have any further doubts.

                                           

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Re-Blogged 6 times:

Re-Blogged By Re-Blogged At
  1. LINDA SABO 07/23/2010 02:39 AM
  2. Michael Collins 07/23/2010 02:46 AM
  3. Jerry Morse 08/08/2010 03:49 PM
  4. Christopher Webster 08/08/2010 09:24 PM
  5. Gloria Ledesma 08/09/2010 05:12 AM
  6. 08/09/2010 06:13 AM
  7. Diane Williams 08/10/2010 05:26 PM

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Rainmaker
718,163
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

This is an excellent post and worthy of a reblog. So many just see us as big bags of money that do nothing but open doors and stick signs in the ground.

Aug 08, 2010 04:57 PM #18
Rainmaker
1,425,724
Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor, Representing Buyers and Sellers

And all the hours put in, Ann, don’t guarantee the sale will happen… which means no commission check.

Aug 08, 2010 05:51 PM #19
Rainmaker
444,479
Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

I love the fact that we only get paid when the home is sold!  Think about our doctors:  If they only got paid if they healed someone, Doctors might do a better job.  Or, teachers only got paid when students learned something, or ???????????  

Aug 08, 2010 07:36 PM #20
Rainer
26,089
Ann Gravel
Pat Bennett Realty - Plaistow, NH

To Sylvia - July 25th --  Your just what every realtor should have as a testimonial.  Thank you.

Aug 08, 2010 11:26 PM #21
Rainer
26,089
Ann Gravel
Pat Bennett Realty - Plaistow, NH

Steve and Jan Bachman -- July 26th -- I can't tell you how many times I have done this.  Especially when someone says, "My brother-in-law sold his house without an agent."  I laugh and reply, "Oh is he a salesman?"  Fact is I let them know we are not just selling one home.  That puts a plug in it.  Thank you Steve and Jan for your response.

 

Aug 08, 2010 11:30 PM #22
Rainer
26,089
Ann Gravel
Pat Bennett Realty - Plaistow, NH

Carla Muss - Aug. 8 --  You are right on the money Carla, every action in this profession counts. Nice to hear from you. 

 

Aug 08, 2010 11:35 PM #23
Rainer
26,089
Ann Gravel
Pat Bennett Realty - Plaistow, NH

Good morning John, I am so pleased to hear this that I'm going to use it if you don't mind to let the client know that other professionals out there respect and support us.  Thank you John.

Aug 08, 2010 11:44 PM #24
Rainer
26,089
Ann Gravel
Pat Bennett Realty - Plaistow, NH

Susan, thank you for giving me a lift up and I also back your statement 100 percent.

Eileen, I was overwhelmed when I started this new career and realized the time involved.

Jerry, more than ever I salute my fellow agents because I know the time each one has put into a transaction.

Carol, I love your analagy, we are the office.  I think I'll put that on a plaque somewhere.

Nick,  these items never leave my head.  As carol pointed out above, we are the office.

Chris, nice going.  "Exceptional agent."  That's a term we have to incorporate into our marketing.

Aug 08, 2010 11:56 PM #25
Rainmaker
1,397,687
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

I have been wondering lately how many hours go in to a transaction if you actually kept logs like some professionals. My wild guess is 150. I think it is way over 100.

Aug 09, 2010 12:01 AM #26
Rainmaker
192,008
Christa Ross
RE/MAX Select Realty - REALTOR and Green Homes Specialist - Pittsburgh, PA
Helping you buy and sell Pittsburgh's Best Homes

The belief that REALTORs do not work for their paycheck, which only comes if we succeed at doing the job, is an unfortunate situation. It is important that as a group we show our clients the number of hours and amount of money we spend on their property so they see the value.

Aug 09, 2010 12:36 AM #27
Rainer
66,152
Ken B. Banks
Keller Williams Realty - Spring Hill, TN
Realtor Broker CRS ABR RCS-D CDPE CMRS SRES

  You are right in so many ways. That building rapport with a buyer can really be a challenge since they may be calling from far away and don't know me from Adam.  They often request that we start sending them information regarding what we have in our area to look at before they actually show up in person.  There isn't much way to get paid for all that time if they are just "kicking tires"....until time passes, and we find out.

Aug 09, 2010 12:53 AM #28
Rainer
236,438
Susie Roscoe
Signature Realty Associates - Brandon, FL
Real Estate Specialist | Brandon, FL

Maybe "this" should be sent out to the FSBO's around town so they can see the value they get in a realtor...if it's someone who actually does "all that."  Sadly...that's a topic for a rant that I don't even want to get started on!  GO GIRL!

Aug 09, 2010 01:28 AM #29
Rainmaker
1,417,777
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Ann, I recently did a consulting job for a client and was paid for the hours worked. I kept track and documented every minute. The hours added up quickly. If you took the hours involved in a real estate transaction and divided it by the compensation received, you may find the hourly pay to be very little.

Aug 09, 2010 02:48 AM #30
Rainmaker
623,229
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

The issue with the hours put into any listing is that if you average out the hours put into the listings that never sale with the ones that do, the amount of time can be daunting.

Aug 09, 2010 04:13 AM #31
Rainer
306,058
Brad Rachielles
CENTURY 21 Peak, Ca BRE# 01489453 - Upland, CA
REALTOR, CDPE, Upland, CA

Ann,

Thank you for your posts. I'de be willing to bet that mobody could put together a comprehensive list of all of the time consuming things that Realtor(R)s are asked to do. The ones that "get my goat" are the ones that KNOW they are simply using you to open the door with no intentions of being a client. (I know.... shame on me).

Aug 09, 2010 04:36 AM #32
Rainer
23,795
Danielle Watson
DealPoint Merrill - The Merrill Group of Companies - Las Vegas, NV

I appreciate both Realtors and their Brokerage firm. I was amazed how long it took to find "the house" after a long journey that took many months of searching with my wonderful and patient Realtors Ted and Kerry Morrison, of Majestic Realty here in Las Vegas, NV.

I didn't have that much of a criteria, just a small house that was centrally located not far from where I lived in Henderson. We didn't think it would be that difficult, however, I couldn't afford anything over 125K, and as the house prices were falling, the investors were seeking cash purchases, and therefore making it more difficult for me with FHA financing. We ended up having to look in Las Vegas instead of Henderson and Ted and Kerry worked diligently and I know in the long run, didn't make much if you tallied the time, gas and energy involved. They never gave up and finally found "the house" to which I closed in December. I am so thankful to have had such wonderful R.E. agents, and I know that most agents out there are just like Ted and Kerry and work very hard and long hours for their clients. They certainly deserve the commission they receive.

 

 

 

Aug 09, 2010 06:39 AM #33
Rainer
94,133
Vince McEveety
Gilleran Griffin Realty - Sherman Oaks, CA

very nice post....

thanks for the info and reminders

good job

vjmc

Aug 09, 2010 07:31 AM #34
Rainer
26,089
Ann Gravel
Pat Bennett Realty - Plaistow, NH

Dear Lisa, bless you for your support, it is much appreciated.

Roseann, thank you much.

And thank you number 17.

Bill, that is a very high compliment, my humble thanks.

Ruthmarie, go for it.  We need to keep reminding.  Thank you.

Ed your a peach for saying so.  I truly appreciate it.

Bill #21  you're right on.

Catherine I wish that were the case. Ha Ha

Cheryl I can tell you a few stories; maybe will save for another blog.

Aug 09, 2010 09:14 AM #35
Rainer
26,089
Ann Gravel
Pat Bennett Realty - Plaistow, NH

I want to thank you all for the wonderful responses you gave my post.  I also want to say how proud I am to be associated, even if only by blog to the dedicated Realtors in the AR community. 

 

Aug 09, 2010 09:21 AM #36
Rainer
216,088
Diane Williams
Pell City, AL

Ann, you wrote a great post for sellers to realize the value of a realtor.  Thanks

Aug 10, 2010 05:23 PM #37
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