Interviewing/ choosing a real estate agent
dedtired
6 months ago
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beginning a career as a real estate agent
Comments (12)Jo, I've been thinking about you this afternoon. Here's a few suggestions (use them if they seem worthwhile & toss them if they don't!): 1.) Start building relationships with every lender in town. Stop by & ask to meet with the head of lending. Residential lending is so automated today that processors & closers (unfortunately) don't have the cloute they did ten years ago. Since they are not the decision makers they used to be spending your valuable time building relationship with them is not productive. Rather, meet with that head of lending. Tell them you are new. Ask for their business & tell them why YOU will work harder to move their REO inventory. It's a good place & opportunity to learn to ask for "The Close"...something every salesperson has to learn. Also, REO business is easier, IMO. Then, follow-up on your visit with a written note & a dozen of your cards. If you haven't heard from them in 3 months...call again & this time invite him/her out to lunch. Ask the lender who they prefer as a title company, law office, inspector, appriser, etc. After speaking with half a dozen lenders, you'll start to get a snapshot of who's who in town. Then, spend your energy building relationships with those firms & leave the others for later. 2.) Builders...residential builders are really fun people. They were my favorite part of the real estate industry. They, however, are notoriously disorganized & rather poor at anything other than building. Get to know all of your SMALL, local builders (not the big guys...that's a waste of time, IMO, for you in the beginning). Go in with knowledge of their products & a plan to help them market. Keep your name in front of their face even if they currently have nothing to sell. Your building relationships at this point not trying to actually get a listing or make a sale. Builders love, love, love to bu##sh#t so allow a full half-day to meet with one of them! lol You'll learn more about your town's real estate industry in 3 hours from a local builder than six months in your office! 3.) Immediately begin attending the monthly Homebuilders's Association meetings in your area. This was absolutely THE best networking I ever did. 4.) Personally, I did not enjoy the monthly Realtor's Association dinners nearly as much as the builder's. But, you'll need to attend every month & force yourself to meet 3-4 new realtors at every dinner. More relationship building... 5.) Title companies can be tougher. But, I'd still recommend stopping by every one in town & dropping off your cards (probably won't get past the receptionist so leave them with him/her). 6.) My DH is an attorney as well as head of lending at a major financial institution. He works in NY. In NY, attorneys play a fairly large role in real estate. So, find out who specializes & go meet them with a dozen more cards. ASK for his business! He's got lots of clients who'll someday need to sell/buy a home. Also, then when you meet again across a closing table from each other it's easier to negotiate. 7.) Pick a FSBO (or two) & attend their Open Houses. Offer to prepare a CMA. Assure them there's no strings attached. Hope if they don't sell...they'll remember you. Leave 2 cards with them. 8.) A couple things I did over the years when I had a subdivision with a lot of homes I needed to sell in a single community... a.) I made arrangements to reserve the local community center for an evening. I prepared a speech on "Getting Ready To Purchase Your First Home". I advertised the heck out of my little speech (sponsored by my bank but you could ask your broker for sponsorship?). I had lots of hand-outs, coffee, soda, & cookies. I used the overhead with big color glossy pictures of smiling young couples holding little kids in front of their new home. I greeted everybody at the door & gave out business cards. Mostly, what I did was try to get those first-time homebuyers motivated to buy a home feeling that I'd land a few of them at my subidivison I needed to sell & it got my card in hundreds of hands! b.) I realized that I had to learn how to speak up at church, at the "Y" when I was swimming, at the grocery store as I stood in the check-out line, etc. & ASK for people's business. That's tough...the asking part. It a set-up for rejection & as humans we're resistant to it. You've got to lose any fear of rejection you may harbor down way deep inside. It's easier to start with people you don't know too well (like at the grocery store?). Seriously, learning to ask for the close is going to be a make or break skill for you so practice whenever & whereever you get an opportunity. I had many people call me at the bank asking if we had any REO inventory for sale. I'd make an appointment with them & ask about what they were looking for. Then, I'd show them one home I knew they couldn't afford, one I was pretty sure they'd hate, & one I wanted to sell them. Most of the time...it worked. But, I had to ASK for the close! Practice on your family with mock-up situations...unless this is something that just comes naturally to you it's going to be where you need the most work. If you're a natural saleperson...then you'll know when to ask for the close. Good luck...you've made me giggle tonight remembering all of the properties I've sold...like the one near a "babbling brook" with the mushrooms growing on the basement walls! Sold it to a realtor who thought I was a luney-tune for selling it so cheap...thought she could wring the place out & flip it for a nice profit...guess who had the last laugh? hahahahahah Or, the one I sold to an "80 Something" single gent who rode around the neighborhood on his motorcycle wearing nothing but a loin cloth...made his neighbors very upset. I received many threatening phone calls at the bank. Wow, who knew? He seemed so nice at the closing! hahahahahaha It's a fun industry. You'll have a good time. Well, you'll have a good time IF you're a people person. If you don't love people then you'll be miserable. It's not about the houses...it's all about the people. Remember that & you'll do great. Tricia...See MoreInterviewing a Listing Agent
Comments (5)Hi Jane, I still come here every now and then although not that often. There's a post on the rose forum (linked) & decorating, conversations side about me. Nice to see my questions are still being used. :) Here is a link that might be useful: My hubby...See MoreIf you could ask a real estate agent only one question
Comments (9)I would ask about his/her "networking circle" and how quickly they respond to calls or inquiries. Anyone can list your house. You can list it yourself with a FSBO broker paying the buying agent 2-3%. Although, not ALL agents utilize all the possible websites to market your property. It costs money, so some scrimp, and therefore your house may show up only on the MLS and couple of other sites. They all work hard, and all promise to sell your property. Some will claim that they have a buyer in order to get your listing... To me, an agent who is liked in the community and one who has a lot of friends, and one who is active in the community has a larger buyer pool....friends of friends, fundraiser friends... They have to be responsible (answer calls promptly, keep their word), a go-getter, an outgoing person with PEEPS ;) If you try to reach them and it takes a while for them to return your call, do NOT employ them. That tends to be more of an irresponsible personality....See MoreChoosing a real estate agent as a buyer
Comments (10)Assuming you do not have an agent working with you (buyer's contract or not), if you walk into an open house that you really like, and want to make an offer, do you intend to go thru the listing agent holding the open house? Because that person works for the seller. She will not try to get you the best deal for you, but the best for her seller. If you see the house and tell the open house agent that you are not working with anyone and then come back and make an offer thru another agent. the OH agent can rightfully say that she was responsible for bringing in the buyer, not your agent. It might get a little messy. An agent representing you as buyer will do a lot more than just show you houses. He or she will walk you thru the entire process. How much to offer? Say the house is listed for $250k, your buyer's agent should come up with comps that either justify the price, or give you reason for a lower offer. Your agent will know the best mortgage people who can streamline your loan process. Your agent will be able to schedule appointments with good inspectors and will help you know what in a report needs to be addressed by the seller and what is just normal. Your agent will hold your hand when anything goes wrong. Find an agent. Walk into three or 4 large agencies in the area and ask to interview buyer's agents. Talk to them and keep you BS meter on just in case someone is trying to snow you,...See Morepalimpsest
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