Thursday, April 26, 2007

Cheating Hearts
This week one of my loyal clients went out with another REALTOR. I was crushed but it happens all the time. I would never make a client work with me if s/he didn't feel I was meeting their needs. After all, it is important for clients to work with a REALTOR they trust. My client has re-pledged his loyalty but if he needed to change, as a professional I would have accepted it. For those of you looking for a good REALTOR, here are some tips for finding and working with a REALTOR.

  • First Dates - If you are a walk-in, you will likely work with a new agent. It is vital to have a good connection with whomever you are working so # of years in the business are less important than their passion for the work. If you call on a listing, you are likely to be working with the listing agent. This means that s/he would be representing both you and the seller. The agent should inform you of this if the showing turns into genuine interest. (I don't go into detail about Dual Agency with clients on the first viewing because so often the showing does not result in anything further but I am always sure to make clear that I am the listing agent representing the seller.) It is your right to ask for different representation if you do not feel the REALTOR can represent both sides fairly.
  • Never sign long-term contracts - State law requires all clients sign an Exclusive Right to Represent/Sell before a property is shown/listed. However a good REALTOR will not make a buyer sign a contract for longer than 3 weeks or seller longer than 3 months (NOTE: In this market, homes do not sell in less than 3 months, however you don't want to miss prime market time with a REALTOR not working hard to sell your home.) Also, for buyers don't be ashamed to ask a REALTOR to limit the agreement to one day if you aren't sure about his/her ability to perform. If they are good, they will have no problem but you should expect to sign a longer contract after you have gone out a couple of times.
  • Read before you sign - Since it is common for real estate agents to sneak a long-term agreement in, be sure to read carefully the dates on your contract. Also for buyers, most REALTORS include a % owed if you find a home on your own. This is common practice and not deceptive as long as the agent makes it clear before you sign. This percentage should never exceed 3%. If you have been looking at houses For Sale By Owner and you have found something that interests you, simply ask the agent to exclude that specific address.
  • Moving on - Don't be afraid to tell your REALTOR that you no longer want to work with him/her regardless of how long you have been working with them. You are the client and you need to have the utmost confidence in the professional assisting you in your largest sale/purchase. It makes it easier on both parties when your honest. It will prevent the REALTOR from continuing to contact you and it will prevent you from having to avoid his/her phone calls.

There is a misconception that it is easy to be a REALTOR, it is not. However, it's equally as difficult to be a buyer/seller in any market. It is hard to know who to trust. The key is for buyers AND sellers to interview multiple REALTORS. Don't assume that a family member or friend of the family is the best choice. I have heard many horror stories about these types of referrals. Referrals are GREAT (and is DHA's main source for clients) but I tell everyone I meet to interview other REALTORS because if you wouldn't let your friends and family pick your spouse, don't let them pick your REALTOR either. Besides, referral or not, I want to know that I was the best of the bunch NOT the only one you met with.

No comments: