Posts Tagged ‘trust in realtor’

Realtor Relationships

Wednesday, January 25th, 2017

handshake-trustOk, so this week I had something happen to me that has happened many times to most real estate agents across the country.   Someone I knew and had a good relationship with used another Realtor to buy a house.   A Realtor they do not have a relationship with.  My first reaction is anger.  “How could they?”   They know I’m a Realtor.  They know I’m not new to the business and I’m knowledgeable about real estate.  They KNOW.   It made me mad!   To top it off,  I knew these friends had a house to sell as well, so I would have been party to both sides of that transaction had they used me.

And so I thought about it some more.  They most likely saw a house they liked either online or they drove by.  They probably called the agent who is listed on the sign or property data sheet.   That agent showed the home to them, they liked it a lot and the listing agent asked them if they’d like to write an offer (maybe enticing them to write now with the threat of other pending offers).   The listing agent could have also offered them a discounted commission fee on the sale of their current home if they wrote an offer with them now.  So many variables, but I can see how it most likely went down.

I don’t blame the other Realtor.  They were doing their job.  I don’t blame the home buyers.  I blame ignorance.  Ignorance of the way real estate works.  Most of the population only buy a few houses in their lifetime.  They don’t all know that Realtors only make their money when a property closes.  We don’t have a salary.  We depend on referrals of people we know, hang out with and do business with.  We hope for loyalty.

So on that note, I want to have a teaching moment.

First…if you use the agent listed on the sign, you are not being represented by a Buyer’s Agent.  You are being represented by the Seller’s Agent.  This means that the Seller’s Agent is looking out for the Sellers interest first, before yours.  So they may be fair and helpful to you, but in reality, they are working for the Sellers, not you.  Use a Buyer’s Agent to help you buy a house…someone other than the listing agent.

Second…Keep in mind the people in your sphere of influence who are Realtors. Understand that this (buying and selling of homes) is their livelihood.   As someone who knows you, they will make sure your interests come first, and they will do everything possible to protect you in this transaction.  Please ask them for help first before using a Realtor you don’t know.

It comes down to education.  I guess we, as Realtors, need to do the educating.

Have a great day!

Julie

 

 

What Does It Really Mean To Be “Represented” by a REALTOR®?

Tuesday, January 27th, 2015

Loved this article!  I  hope you do too!  We, as Realtors, really DO work hard and care about your home purchase or sale.  Have a great week!  Julie

What Does It Really Mean To Be “Represented” By A REALTOR®?

Posted by Andrew Fortune on Monday, January 26th, 2015 at 8:05am.

When I started the home buying process for the first time, my wife and I found a home that we wanted to see fairly early on. We called the number listed and talked to someone who said that they would meet us at the property. This was a Realtor. I had no idea what a Realtor actually did. I just knew that they had the keys to the property and I had to contact them to see it in person. My wife was more familiar with real estate at the time, having had a career in the Title Insurance Industry. She explained to me that a Realtor would “represent” us and help us look at all the homes that we were interested in. I never fully understood what the benefit of being “represented” meant.

What does Having a realtor represent you really mean?

Years later I would decide to get my real estate license and pursue a career in real estate. I soon realized that buying and selling real estate can feel like walking through a mine field as a Realtor. There are 99 problems that can go wrong in a real estate transaction. Good Realtors predict problems ahead of time and take care of them so that they never impact their clients. It’s a part of “representing” people. It’s a unique job that requires strong work ethics and a true heart for our clients.

When a Realtor represents you, it means that they put your interests above their own. They use their knowledge and skills to help you in every way that they can. One of the ways that Realtors help consumers is by simplify the process. If a Realtor told you everything that they do behind the scenes, you would get exhausted listening to them. You would be bored half way through as well. We do a lot of researching, coordinating, communicating, and planning behind the scenes. I spend far more time working behind the scenes for my clients than I do when I when I meet with them. I don’t talk to my clients about everything that I do because it’s not about me. It’s about them, 100%. I want to listen to what they have to say and I only interject when I have useful information that may help them.

A good Realtor will make the home buying and selling process feel easy. They will shield you from the internal drama involved with negotiations, inspections, mortgage issues, title issues, and so on. For this reason, some people do not know how well they are being “represented” because it’s all being taken care of for them. That’s why I wanted to write this article. I want to put the spotlight on “representation” by covering some major benefits that are important to understand. It’s a topic that is at the heart of the client/Realtor relationship.

I understand that not all Realtors do a good job of “representing” their clients. I got into this business after having a few bad Realtor experiences myself. The truth is that there are some wonderful Realtors out there. When I had my bad Realtor experiences, it was because I didn’t do my homework and I just settled for the first Realtor that I met. It a common rookie home buyer mistake. In this article, I am going to focus on the traits and characteristics of a GOOD Realtor. There are plenty of good Realtors in your area. You can use this article as a guide to help you determine how good your Realtor is, if you’re not sure. Are you experiencing these 4 benefits mentioned below?

4 Main Benefits of being represented by a realtor


1.) Being Understood

Being Understood By Your Realtor or Real Estate AgentBeing “represented” by a Realtor means that you
have an advocate who is putting themselves in your shoes. They will listen intently to you. They want as much information about your situation as possible so that they can best help you. Good Realtors are competitious. They will do everything they can to earn your respect and win you over so that you will use them again in the future. Understanding our clients needs and wants is essential for success in this business.

We work hard to understand you and your needs. Each of my home buying and selling clients are different. Some may want to list their house for sale and need advice on staging and adding upgrades to get the best value. Others may be relocating due to military orders and need to find a house in the next 7 days. Everyones situation is different. They all require special attention to make sure that their needs are met and their expectations are exceeded. If your Realtor truly understands you and your situation, you are in good hands!

 


2.) Being Protected

Being Protected By Your RealtorBeing “represented” by a Realtor means that your interests are being protected. If you tell your Realtor that you want a house within a certain price range, they’ll make sure to keep you grounded if you start to venture off looking at higher priced homes. They will also remind you of your main home search criteria points if you start to get distracted by less practical homes. They will protect your information and only communicate details to other 3rd parties as you direct them. They will step in anytime there is a problem and resolve it as you advise, protecting you from direct conflict.

I was recently working with some home buyer clients and we were at a builders office. This builder was being pushy and trying to extract too much information from my clients. I stepped in and asked the builder to submit her questions to me in writing and we would go through and answer them as needed later on. Later, my buyers thanked me for doing that. They said they felt cornered and didn’t know how to respond. Good Realtors dedicate their time to learn about their clients. They are serious about protecting them when any threats or complications arise. This allows our clients to feel empowered and confident in the marketplace.

 


3.) Insider Knowledge

Your Realtor is a Library of Local KnowledgeA good Realtor is an experienced professional with many years of insider knowledge. If you have already bought and sold a home before, then you probably learned a lot about the real estate process. Imagine doing that over 50 times every year. Can you image the amount of knowledge you would acquire with each transaction? This is the benefit of having an experienced Realtor. They have insider knowledge from helping hundreds of home buyers and sellers. Ask as many questions as possible and utilize this resource as much as you can. It’s one of the greatest benefits to hiring a good Realtor.

Many think of “insider knowledge” as knowing which neighborhoods have the lowest crime rates, or which schools are best. This is a common misconception. Realtors are not supposed to comment on their opinions of neighborhoods or schools. It’s considered “steering” by the Federal Fair Housing Act. We can direct you to resources to find all the information that you would need to best answer those questions. Our knowledge of the transaction processes, contract preparation, and local real estate statistics are our most valuable assets to you. Understanding how to put a fair offer together to get the best deal is invaluable. Knowing how to negotiate specific details into a transaction are essential. Helping our clients understand current market statistics and what it means for their situation is much appreciated by consumers.

 


4.) Mediator Leverage

Realtor Negotiating LeverageHaving someone “represent” you means that you can sit back and direct them as you choose during negotiations. It’s much easier to make important real estate decisions when you don’t have to deal with the stress and emotion of delivering the information. This is your negotiating leverage when you have a Realtor representing you. Your Realtor will be delivering all the details as you direct them to, using their experience to gain you the best outcome. They are your personal spokesperson for your negotiations and transaction details.

Realtors will also prepare you for the different scenarios that you might expect from the other party, based on your requests. As a home buyer, it’s easy to get greedy and want the best price possible, along with other items in the property that belong to the sellers. As a seller, it’s easy to give in and accept the first offer that comes out of pure exhaustion form the home selling process. A good Realtor will keep you grounded and help you understand your true negotiating position. They will help you to predict how the other party will respond to your requests. They will also package and deliver your requests in such a way that will yield the highest likelyhood of being accepted. It’s a delicate balance that takes years to perfect. Having the leverage of a good Realtor to mediate your transaction can save you thousands of dollars and some unnecessary lost sleep.

 


Final Thoughts

Realtor “representation” was created because people both needed and wanted the service. It will always be a service that people need, whether they know it, or not. Like many consumers, I did not know that I needed these things when I first worked with a Realtor.  Real estate is a tricky business that requires constant learning, serious dedication, and a true heart for the people we work with. If you are being represented by a Realtor, take notice of the four benefits mentioned above. It will help you to know how to best respond to your Realtor throughout the process. When you know what our job is all about, you can use us to your greatest advantage.

Realtors are people just like you. We are happy beyond description when we have raving clients. We are wounded to the core when our clients do not feel like they are getting the best service. We spend a lot of time thinking about consumer needs and how we can better serve them. We are also consumers ourselves and pay attention to business details everywhere we go. Many of us are pillars of the community, serving on local boards and helping to further our areas. Real estate is the most “local” industry that I can think of. It’s all about our area and our city. Realtors who understand this usually collaborate well with each other and enjoy the challenge of this rewarding career. Hiring a good Realtor to “represent” your interests is the greatest resource you have to achieve your real estate goals.

Realtors – Not Your Typical Salesman

Friday, February 19th, 2010

Many people use the terms Realtor and real estate agent interchangeably, not knowing there is a significant difference between the two.

Realtors are members of The National Association of Realtors, and therefore adhere to its Code of Ethics. Most people are not even aware that such a code exists, and in fact consider Realtors to be glorified used car salesmen who are just trying to sell something. But the importance of The Code of Ethics should not be undermined. It enforces lawful and quality practices that clients consider essential when trusting someone to assume the responsibilities related to buying and selling a home. This is not to say that real estate agents do not strive to observe these same practices, but there is no “higher power” that holds them responsible.

If buyers and sellers know and understand this Code of Ethics, they can better understand their Realtor’s practices and establish trust in the quality work they contend with. Clients can ask their Realtor about the Code of Ethics at any time and failure to comply with the code will result in disciplinary action toward the Realtor.

The seventeen articles in the code were created to ensure that the client’s best interest is at heart in all business dealings either with the client or with real estate agents. Duties to customers and clients include disclosure of any fee or financial benefit from a recommended product or service, integrity when dealing with funds and contracts and honesty with all facts relating to property or transactions.

To the general public, Realtors must maintain equal and professional service despite age, race, religion or handicap and be honest about their knowledge base, consistently striving to keep up-to-date on real estate trends. The code also enforces truthful advertising and representation of themselves and their properties.

Finally, the Realtors have a responsibility to one another, outlined in the code as speaking well of one another, respecting the exclusive representation of brokerage relationships of other Realtors and to mediate financial disagreements.

Take a look at a summary of the code yourself. Everything outlined in this document is most likely what the general public hopes and expects of their Realtor or real estate agent.

Knowing a Realtor is held to these standards should give clients a sense of security as they make important decisions concerning their home; and trusting in a Realtor – in their guidance and value of moral law – buyers and sellers should truly know they are in good hands.