TRI Crown Blog

Finding the Right Real Estate Agent (Part 2)

One of the most common complaints from buyers and sellers is about the agent’s lack of communication. Make sure you’re on the same page from the get-go. Discuss how the agent will keep you informed and how often you expect to hear from them. If you prefer email but the agent is most responsive to phone calls, you may not be a good fit for each other. Or, if you know you’re going to have lots of questions about the process and expect quick responses, but the agent’s MO is bi-weekly updates, you may want to find another agent.

It doesn’t matter how fantastic your agent is if your communication styles don’t mesh. Interview candidates from different agencies and look into their qualifications. How many years have they been on the job and how competent are they? Have there been any complaints filed with the State Board of Realtors? Finally, how compatible are you? There’s no underestimating the importance of personality when choosing a real estate agent.

Do they know the neighborhood? Is the agent familiar with the housing market in the areas you’re looking to buy or sell? Agents with a history of transactions in neighborhoods that interest you will know what’s available and in what price range. If you’re listing your property, a good agent will know the market well enough to set an optimum asking price attractive to both seller and buyer.

For most people, their house is their second-biggest wealth creator after their salary. The majority of real estate agents do a good job and earn a fair income overall. Choosing the wrong agent, however, could potentially cost tens of thousands of dollars - either through unnecessary commissions or jiggery pokery which ensures you sell for too little or pay too much. Make sure you know what you’re signing.

The real estate industry has always had dirty laundry, but dealt with it in private with the odd slap on the hand and fine. The good news is that the Real Estate Agents Authority (REAA), which came into being in November of 2009, and licensing of real estate agents is helping to clean up an industry with a bad reputation. The REAA's statistics show that 42% of complaints are for incompetence/negligence, 17% about marketing, 11% a commission dispute, and a small percentage for confidentiality breach, non-disclosure, conflict of interest, undue pressure, conduct unrelated to real estate agency work, and more.

Common tricks agents will play, which aren't necessarily in the best interest of the seller or buyer, include:

• Pushing sellers to pay for advertising they don't need in order to market the agency, not the property. Some agents take a cut from this advertising as well.
• Quoting unrealistic prices in the hope of grabbing the business and then conditioning the seller down.
• Citing price ranges to buyers that are lower than the seller will accept in order to lure in buyers or condition down sellers.
• Failing to disclose that the agent is either selling or buying the property personally or on behalf of a close relative.

Finding the right real estate agent who will have sales and negotiation skills which can, in some instances, get a wavering buyer over the line to a sale. Keep in mind when choosing a real estate agent that he or she has access to a powerful tool - the Multiple Listing Service (MLS) that inventories all available properties by region. A skilled agent can use the MLS, plus their own experience, to locate homes in neighborhoods matching your property wish list such as a quality school system, convenient shopping or close freeway access.