As more-and-more home buyers enter the housing market the more difficult it’s becoming for them in finding the right Realtor fit. Regardless if they are first time home buyers with little to nil experience or savvy real estate investors that have purchased and sold real estate for decades, they all have one thing in common- finding a top Realtor that they can trust as well feel understood throughout the home buying journey.
Most would agree that the task should be an easy one but not all real estate agents are equal. Aside from commercial agents, residential sales representatives all focus on the same product, single family homes, condo sales, residential leasing and a very few are courageous enough to sink their teeth into investment real estate products like- multi-unit homes or even smaller low-level apartment buildings. They all have the same information available to them equally through their MLS board and they have all gone through the exact same licensing process.
So why is it so difficult for many home buying consumers to find the right Realtor that works well with their own unique quirks?
One would think it’s because we as human beings are all different and we all have quirks, yes, that’s true but a real estate sales representative is there to service a consumer, they are no different than a major box store brand servicing their clients. Being in real estate sales and working as a sole proprietor is no different than running a retail store or any other type of business that requires customer care, product knowledge, market awareness, outstanding business ethics and being able to relate to a client's needs and wants. Yet, most home buyers and even home selling consumers are dissatisfied with the service and overall product knowledge base of their Realtor as surveyed by multiple news media channels.
Going forward, how does the industry as a whole gain consumer confidence if these statistics don’t change?
One Canadian Provincial Government in particular- British Columbia acknowledged consumer concerns by proposing changes to the industry by addressing dual agency behaviour in their latest attempt to cool Burnaby housing market in the proposed British Columbia Fair Housing Plan.
British Columbia was the first to address ‘shady’ MLS Realtor behaviour when they received thousands upon thousands of consumer complaints relating to how Realtors handle certain types of transactions when assigning Vancouver real estate condo transactions.
A top Realtor MLS is NOT defined by how many transactions one completes in a calendar year, there are many other factors and variables that define the title of top Realtor.
How Well-Tuned are a Real Estate Sales Person’s Communication Skills
A top Realtor is empathic to his/her clients' needs. It’s important to hear every detail of the client's needs and wants while also grounding a client's expectation level, regardless of what those needs may be. A top Realtor will never push a product onto a client that does not meet the criteria given to them while also never putting their selfish needs of completing a deal that wouldn’t benefit the client.
A top Realtor exercises prudence while researching and leaves no stone unturned when determining a subject’s property true market value. Any great real estate agent would share their findings with their client.
A great communicator also enables the Realtor to properly articulate to a co-operating broker that is registering an offer on his/her listing and justify the asking price based on facts, not myths.
A top Realtor is prepared and can properly communicate as the negotiation process is fluid while it can consistently change minute-by-minute.
Top Realtors Never de-Value their Expertise
Great real estate agents understand their worth, they never fold under pressure. They know how to articulate their value while providing true value to the client.
Problem-solving comes easy for top Realtors especially when a local housing market begins to shift and eventually correct, just like what is currently happening with Burnaby housing market.
As Burnaby MLS listings, for example, continue to feel a slight shift, it’s a Realtors duty to adjust to a changing market climate. A top Realtor will take the time and educate themselves as for how and why a local market is shifting and properly strategize for the immediate future.
Listing agents, in particular, have become accustomed to receiving multiple offers in the past 10 years, now they may not experience that kind of activity as the market shifts. It’s their duty to take the time and educate a home seller as to why they shouldn’t expect that type of activity any longer. It’s smart practice to explain certain things to a seller, it helps ease the pressure for the client while also helping remove any extra anxiety for the Realtor themselves.
Real Estate Agents Who can Sell more than Just High in Demand MLS Listings
Great real estate agents know how to properly market a listing, they don’t just rely on MLS to expose the property and wait for a potential buyer to come from a co-operating broker. The least most inexperienced Realtor can upload a ‘hot listing’ and wait for it to sell without taking any other action. The question is how does one promote a listing that may be located in a less desirable part of town or a property that requires tonnes of work to bring it back up to par? Are Realtors taking the time to learn new marketing methods in today's era, while learning how to use new real estate marketing tools?
It’s important that real estate sales people have an online identity. Having an online identity is equal to carrying a business card in your wallet.
A Top Realtor Has Superior Product Knowledge
Marketing a listing is just one aspect of the home selling process, understanding the product inside out is the first step in helping a home seller reaches their goal. Remember every licensed Realtor has the same data and market statistics available to them that are part of the same MLS board. Knowing that top Realtors are the ones that explore every fine detail prior to pricing any given property, they go out of their way and do a walk thru before they can give their unbiased opinion of property value to the prospective home seller.
There is much more than just understanding a home’s true market value when acting as a listing agent. Understanding the local market helps to communicate better to any co-operating broker who calls and asks questions regarding the subject home.
When acting as a buyer agent, it helps to be as prepared as-much-as you can about any local neighbourhood that your buyer is interested in. No matter if they are wanting to buy a house in the Burnaby, Vancouver or if they are looking outside the city to a suburban community. A top Realtor will sit down and explore all their client's options as part of their home buying criteria. So again, be prepared and research all local communities that your client may mention.
Help pre-qualify your clients by providing accurate details about the different types of mortgage products available to their situation. Help connect them to a superior mortgage broker that has the same values as you do in helping a client achieve his/her goals.
Take it one step further and research the types of homes that the communities your client talks about, if your client is interested in purchasing a single family home that has parks, and is close to public transit in Burnaby, then maybe suggest a buying a home in new Westminster as it may be a great neighbourhood to start and work your way from there. Keep in mind that a consumer will rely heavily on your local market expertise, as it will help guide them to finding their dream home!
Selling Real Estate is a Business, Not a Career
Newly licensed real estate sales reps must understand one simple rule- selling real estate is a business and never approach it as a career! This rule also applies to current struggling Realtors who have been in the industry for decades but were never able to make the jump from just earning a living to a thriving and fruitful business.
Take the time to learn new and innovate marketing tools to help promote yourself and help promote your listings. Invest in your business not just with financial means but by also exposing your biggest fears. Reach out to top producing Realtors and ask questions, find one that is willing to share detailed information with you and maybe even ask if they would like to mentor you for a period of time.
Never take advice from someone who is just as broke as you are, rather, reach out find the ones that are making a difference and learn from them!