Can you put a price on real estate experience? Veteran real-estate agents vastly outsell their rookie
counterparts, according to one study recently published in the Wall Street Journal.
But by how much? According to the study it's about $25,000 for the average house.
"Veteran agents sell homes for an average of 12% more ($200,000 = $24,000) than their less experienced counterparts," says Bennie Waller, professor of finance and real estate at Longwood University in Farmville, VA who completed the study.
"The more experience you have, the more likely you are to sell the properties that you list, the more likely you are to sell it at a higher price and the less time it stays on the market," Prof. Waller says.
More results of the survey were:
- 2/3rds of properties listed by veterans sold, while only 1/2 of properties listed by rookies did.
- Veteran agents sell homes for 12.4% MORE than those with less than 2 years experience.
- Veteran agents are 1.6 times more likely to successfully sell a property.
- Veteran agents sell homes 32% more quickly then a less experienced agent.
Practice does make perfect in real estate.
Experience means just that - I've been through the process before and can help you with the myriad of problems that could arise.
Veteran agent = 10 years+
Rookie = 2 years
Source: WSJ Sept. 24, 2013
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