The flurry of real estate activity in many markets has encouraged more people to become licensed agents. In Wisconsin, you can become a licensed agent after taking the required number of education hours and passing the state and national tests. After three years of practice and more education, you can sit for a Broker's test. Each state has different educational and experience requirements. What they don't have...in many cases, is the supervision and "practical education" that to our minds is required to have a successful practice.
Here are some examples of "real life" situations we have encountered in the last several months...see if you agree with our position.
- First time listing agent dropping off multiple offers without explanation to a 1st time seller...because "they decide who the buyer is."
- First time(no training) Short Sale listing agent with lots of questions defending taking the listing...how else will I learn ? (Not at someone else's foreclosure expense !)
- First time lisitng agent passing on a higher cash offer over one financed because it had an appraisal contingency. He had no idea that an appraisal was involved in financing a mortgage.
- Newer agent listing a "could be commercial" property that "would have had cash flow" if the Seller had wanted to pursue the business.
-First time listing agent that had not heard of or understood an escalation clause. (Bad news in a Sellers Market)
-First time listing agent in a hot market...How long do Sellers need for
a response..."how long would you like ?" was the answer.
First time ...anything...should be memorable...but not legally, ethically, real estately disasterous ! Pulllleeze.....never ever ever never let a new agent list or write an offer alone without supervision, shadowing...instruction...review.Maybe the answer is NO ...you are not taking the listing at all...you do not have the experience...refer it...OR you need to co-list the first X number of properties.
There is a solution for rampant lack of education...it is up to each of us to call attention to the lack of it when we see it...."Coming from professionalism and education" not from criticism ...in the interest of improving the profession and making the whole real estate experience what it was designed to be for Consumers and Agents. Amen and Women.
This has been a "Professional caution" post brought to you by Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty proudly serving southeastern Wisconsin for all things real estate.