Tuesday, February 13, 2018 / by Robert Woessner
Challenges and Consequences of Having an Incapable Real Estate Agent
Challenges and Consequences of Having an Incapable Real Estate Agent
A lot depends on the real estate agent you hired. With tough competition and unpredictable economic turmoil, it is important to note a few key factors in selecting the right real estate agent who will guarantee to return you a profit in selling your property.
A real estate agent is basically anyone who earns a real estate license as a sales professional. Depending on each country, there are different minimum requirements for real estate agents.
But what happens if you select a new real estate agent?
#1. Common Mistakes Made by New Real Estate Agents
a. They do not devise any business plan or business strategy. New real estate agents have never been in business for themselves.
b. Next, specialize in specific services you wish to provide before moving on to the next. Fresh real estate agents tend to go for buyers/renters.
They do this before moving on to listing homes, after they’ve completed just a few transactions and not specialized.
You need to know whom you are marketing to and construct an effective marketing plan. Also, a detailed budget plan is needed.
c. The agent didn’t use the best closing team. They need to choose the most effective team players to seal the transaction and be credited for referral by yourself.
d. Real estate agents, have the freedom to refer their clients to whomever they choose, including listing agents, lenders, insurance agents and more.
Their business could easily flourish when you have an effective closing team.
It is free, and they should get credited.
e. They refuse to invest in marketing. Imagine you have just stepped into the world of real estate business for the first time.
It is important to build your name and reputation first by investing in effective personal marketing campaigns as a real estate agent.
f. They don’t focus their marketing efforts on the most effective areas.
Sometimes, investing in personal marketing may not prove to be efficient if you are investing in the wrong medium.
Although the conventional method would be through print marketing, such as newspapers and magazines, it would be much more lucrative if they used their own sphere of influence.
Referral marketing via connections with friends, family and colleagues, and internet marketing are also strong strategies.
g. They choose the wrong brokerage for the wrong reasons.
Typical real estate agents choose their own broker mainly due to their successful reputation, competitive split proposals, and the office may be close to their houses as well.
It’s important to note that a broker is meant to help new agents start successful careers and also help with their establishment.
#2. Precautionary Steps to Look Out for a New Home Seller
a. The most important tip as a new home seller is to always review the “Standard Agency Agreement”.
Don’t sign any contract unless you have made sure that your basic rights are protected. You may seek constitutional advice or use the Consumer Protection Guarantee for Home Sellers.
b. Follow your instincts as to whether you trust your agent or not, if you think they not trustworthy do not hire them.
You may interview them to test their skills and abilities, check their previous clients, and insist on guarantees.
c. Always insist on a written quote guarantee.
That way you would only pay your agent if you get the quoted price, and you would be able to sell your property for a profit that you are happy with.
A professional agent will not give you any excuses, and one that is honest would speak out about the price of your home with a guarantee of selling, written in black and white.
d. You should know what kind of agent you are searching for. Do not simply choose based on a high quoted price and low commission rate.
Review every agent to find the most potential one based on their backgrounds and history, so that you may limit any difficulties or problems when you are working with them in the future.
e. Never pay any money in advance for any reason. The money exchanges hands after the sale.
It seems like easy advice to follow, yet many have been victims of such scams recently.
Always take extra precautions.
f. Your agent should be able to advertise your home to sell without losing value.
The best agents would protect the value of your home, and be able to attract potential buyers.
After all, the more money you make on the sale the more money they make.
g. Customer service is a very important skill when it comes to selling a product, and a good agent would always keep in touch in a friendly manner with potential buyers.
h. Always reconsider the early bidders. Consider them as early opportunities.
If you have the first customer who considers buying your home, it’s sometimes better to sell sooner than later. Later they might be no buyers interested.
#3. A Prominent Real Estate Agent for You
a. Honesty is an important attribute of a real estate agent.
An honest real estate agent would be willing to share five of their recent sellers’ contact information with you upon request. Then you may ask them of their experience while working with the agent.
b. Another important trait is professionalism. A professional real estate agent would take care of their image and prioritize time.
They would be very well dressed when meeting their clients and respect other people’s time. Your agent should be very responsive to you.
A professional agent would take extra time to present their findings and updates upon your request.
c. A reliable real estate agent would possess strong negotiation skills. They represent the seller and should be keeping the seller’s best interest in mind.
They should have strong communication skills in order to be able to sell for profit, and have a reasonable level of intelligence.
d. In order to be successful in selling a product, one must be creative in marketing the product, which is no different in the real estate business.
A good real estate agent must be able to sell the house in a unique perspective that is different from others, and is eye-catching.
Hence, a good agent must be creative and relentless in selling your property, and should be able to find alternatives when facing any difficulties.
e. It is also important to ask your real estate agent for the market share statistics if you seek experienced agents who have a good reputation. They should be able to provide these statistics for each community in their area. You may also inquire about the marketing plan.
The best agent would go the extra mile to present you their detailed marketing strategies.
f. When you choose a real estate agent, it’s also equally important that the real estate agent has enough connections.
They should be able to provide several lists of services and business recommendations such as real estate attorneys, mortgage consultants and more.
g. The best agents would help you determine the highest possible price for your home while considering current market conditions and your desire to sell.
The price of any property is based on the location mainly, but an excellent agent would be able to attract emotional or competitive buyers and have them pay more as they see all the potential possible for each property.
#4. Statistical Analysis of the Real Estate Agent’s Career
a. Studies have shown that nearly 92 percent of salespeople quit after the fourth rejection in their sales and only 8 percent of all salespeople are willing to continue after.
b. Studies further prove that more than 60 percent of sales are completed after the prospect has said “no” at least four times.
This indicates that 8 percent of salespeople control over 60 percent of the business, due to their determination to not give up.
#5. Does a Real Estate Agent Use the Power of Social Media?
a. Social media outlets (Facebook, Twitter, Google Plus, Pinterest, Instagram, etc.) can be a powerful tool in the real estate business.
Businesses can grow instantly through connections with more people, especially when it comes to real estate agents.
They are able to connect with their clients and real estate peers.
b. Social media can be leveraged, if used properly and effectively. Social media websites help build their reputation and expand their business.
You are able to share information via updated posts that you can share with your followers or readers.
c. Professional real estate agents are able to network within the real estate industry, and can provide perfect opportunities to seek referrals for your business.
You are also able to meet and engage with other professional real estate agents. Hence, it will allow you to seek further advice or tips to grow your real estate business by putting you in touch with the professionals you need.
You can establish proper communication with other real estate agents out there and ask about their business.
d. Personal marketing can now be done more effectively through larger access to the community, and you can boost your business reputation.
Online advertising can now be done at a relatively low cost targeting large numbers of visitors.
There are several ways to help promote and boost your business online such as through Facebook, Twitter, blogs, and Google Plus, and of course websites.
But you can also post videos on YouTube to help your business become more noticeable. Or post videos right in your Facebook or Twitter posts too.
Not only it is easy, but also it can be done conveniently anywhere, whether at home, at the library or at cafés, as long as you have a laptop and internet access.
#6. Commitment to You as a Client.
a. There are several signs to look out for with real estate agents, especially if they are no longer reliable in marketing your home.
First of all, when your agent becomes unresponsive after some time, you should consider it as a sign.
They should be able to respond to you through emails, messaging or calls in a convenient and timely manner, unless they have a legitimate reason for being unable to attend to your matters.
Constant communication between an agent and the client is essentially important to know about the updates of the market and progress of the sale.
b. Second, if your agent is unable to comply with your needs or requirements it is time to find a new agent.
It is important that your agent listen to your suggestions, and how you wish to proceed with your real estate sale.
It’s critical to discuss work processes and the market, while patiently laying down your wants and needs so that both you and your agent are on the same page.
This way, you will both be able to work together.
c. You should always go for a full-time real estate agent, one with years of experience.
You should try to get in touch with their previous clients, and ask them about their experience of working with the agent.
Get more background research and reviews of your agent so that you may be satisfied with their overall performance and working attitude.
This may save you from unnecessary troubles in the future.
d. Avoid unprofessional agents that are disorganized, unable to prioritize their time with you, and those who send the wrong message to people involved.
If you find yourself working with the agent’s assistant, and not the agent themselves, then it is time to find a new agent.
e. A reliable agent should be someone whom you can work with closely and comfortably.
Your agent is your closest working partner whom you should rely on.
A good agent would pay attention to every detail and prepare the components for the necessary process.
f. First impressions are always important. You can forget about your agent the moment they project bad impressions of themselves.
A good agent would be able to facilitate according to your needs through their connections and networks to meet your demands.
However, sweet or overpromising agents are not always to be taken as positive signs.
g. Your agent should be a creative problem solver who can help you with financial tasks.
When you’re about to sell your property, your agent should be prepared to do a Comparative Market Analysis.
If you’re financially unfit, your agent should refer you to a credit counsellor, or advise you on getting a loan.
h. Whether you are planning to buy or sell your property, make sure to examine their contracts very carefully. Not only it is time consuming, but it also requires energy to rewrite it accordingly.
Watch out for any fraudulent behavior that is simply unacceptable. Your home and reputation will be put at risk otherwise.
You are not only investing your money, but time as well. Your real estate agent should be able to sell your home with the highest possible return.
Thus, it is absolutely important that you are satisfied with the services provided by the agent you hire. It is normal to have your expectations met by your real estate agent, when you have explained your needs and objectives.
Here we are. This is not always easy, studying several aspects in selling techniques. If you are an expert marketer, you already know the tips and tricks to find buyers, to communicate with them, to use the right words, to advertise properly and so on. If you’re not an expert yourself, don’t pretend to be one. Just call the real experts!
#8. Your Agent
The agent is a real estate sales professional who can help you sell your house without your involvement. In fact, you pay them because they operate only for your interest. The agent is, first of all, a good marketer knowing the marketing tips and tricks. They will do many things, including:
- Hiring a photographer to get some professional pictures of your estate.
- Looking for potential buyers on the internet
- Informing many brokers and agents to increase the number of potential buyers.
- Use website tools to create a virtual tour for the purchasers.
- It provides answers to buyers' questions immediately and manage the visits of your house.
Then, the agent will ask you many questions to know the best features of your estate and to increase the probability of selling at a higher price.
In addition, the agent or expert marketer is able to understand the character/nature of people only after a few phrases, and then they can use the best words to communicate with buyers. This is a key point, because many times if you use the wrong words you lose the potential buyers. Communication is very important.
The agent also knows how to setup the visual aspect. They know several aspects of selling houses, and they can approach exigent buyers professionally.
Then, if you call an agent, you will know many other important details. So then, when potential buyers come, you won’t make mistakes.