How Buyers Choose Agents

How Buyers Choose Agents

There are several tools available that help potential owners buy homes without the assistance of a real estate agent. Although this method is effective for some buyers, others should be using the services of a professional real estate agent. As you know, the housing market includes local, state, and city laws that can be difficult to navigate. A good real estate agent helps guide potential buyers through many of the legal and technical processes, but what do buyers want in a real estate agent? What if you could look through their eyes so you can see where you match up? Here are typical qualities buyers search for in real estate agents. Compare these qualities by giving yourself an honest assessment and then determine a plan of action for making improvements.

1. Professional Knowledge

Do you offer up-to-date market analysis and use the data to educate buyers?

This information helps a buyer decide what offers are acceptable in the current marketplace. The market changes quickly and the agent should review values on a consistent basis. Are you current on value fluctuations and understand general trends? A good agent should be able to inform the buyer of figures that are specific to the designated area as well as nationwide figures.

2. Listening Skills

When a buyer has a budget of $350,000, what price range of homes do you show?

Do you show them listings that range from $350,000 to $400,000?

A good real estate agent guarantees listings of $350,000. They don’t show higher priced listings hoping to increase the size of their commission even if the buyer can afford it.17 When a buyer requires a property close to downtown do you show listings in the suburbs?

The answer might be obvious but take a moment and think about your past showings with clients. Did
you deviate from anything they expressed about the type of home they needed? A good agent listens to their buyer’s specific interests and delivers based on those expectations.

3. The Finer Details

Are you detailed oriented? Do you help your buyer understand every disclosure and purpose of each form in the real estate contract?

Do you review the closing documents before the buyer signs to be certain everything is correct? A good agent explains the purpose of each form to help the buyer make an informed decision about what needs a signature.

4. Brokers Opens

Do you attend Broker Opens weekly and take notes?

Over the course of time, a good agent will have acquired a group of listings for a specific area and know the values of specific homes. They will know the price the home is listed for, what other homes in the area have sold for, as well as how much the figures are inflated. For instance, some areas may average sales of 1.5% above tax-assessed value, while other areas may average only 1.2%.

For a buyer to understand what a specific home is comparable to, they may need to have access to other homes in the area.

Many real estate agents only view homes when buyers request to view the property. A good agent has viewed many properties so they have firsthand experience with different homes.  When a buyer describes what they need from a home, the agent should say, “I have just the house,” or, “I have two or three homes that fit that description.”

It’s unrealistic for an agent to view every home on the market, however, they should have acquired a book with hundreds of listings that include detailed notes. This will help the agent offer factual information to potential buyers when needed and demonstrate their expertise. For example, when the agent is asked, “What do you suggest I offer?” the agent can answer with a solid number that is based off research and market knowledge. How well do you know your inventory in your area?

5. Skilled Technician

A good agent informs the buyer of all the deficiencies within the home. A real estate agent that remains quiet and hopes the buyer does not notice potential problems is a salesperson solely focused on earning a commission.

A buyer does not need an agent that simply confirms how attractive the floor is or how detailed the kitchen is. A good agent is a skilled professional that walks through the property and provides information on issues that may need attention.

The real estate agent should offer a fair assessment of the home’s physical value and knowledge about other homes in the area.

How would you rate your skills? If you surveyed your past clients what would they say about your qualities? Where is there opportunity for improvement?

 Focusing on qualities through the eyes of your buyer can help you become a better real estate agent so you build a stronger business and enjoy an abundance of referrals.