Reputation: Good, Bad or None?
Originally appeared in Hills Publications, July 25, 2003 and ANG Newspapers, July 26, 2003
What is the most important factor that buyers and sellers use to choose an agent? According to a new National Association of Realtors survey, 47% of buyers and 62% of sellers said reputation was the key determinant in selecting a real estate representative.
Integrity
Personal integrity is the cornerstone of who a person is and how he treats others. It is doing the right thing as a way of life. Over the years, based on my personal dealings, I have come to know those in the business I can trust.
Working with a Realtor who is well respected can be a tremendous benefit to you, especially in his dealings with others in the field. Real estate people prefer to work with those who are most reputable and competent. Conversely, selecting someone who is poorly perceived by fellow agents can cost you a sale or a purchase.
As in any group, Realtors talk amongst themselves. In my career I have overheard countless conversations between agents, often involving one complaining about another’s approach to the business.
How can you know which individuals to trust and which to avoid? One way is to go online and check state Department of Real Estate records for complaints. That will eliminate the worst offenders, but it won’t tell you much about the others.
An easy, although often overlooked, method to learn more about your potential agent is to call at least two previous clients from a list he provides. Ask an open-ended question, such as, “How was your experience with . . .?”
The best way to assess an agent’s character is your interview with him. In this one-on-one conversation, note the focus of the discussion. Top professionals know that, before they can help someone, they must understand that individual’s needs and goals. The only way to do that is by listening. If the agent is asking questions about issues important to you, it is a sign he wants to work in your best interests. If he talks mainly about himself, who he is and what he has done, be wary.
Experience and knowledge
There are many honest, but unknowledgeable, practioners in every industry, including real estate. You need someone who has “been there, done that” numerous times.
Length of time in the business, nevertheless, does not necessarily equate with knowledge and skill. Uncovering this is part of your questioning during the agent interview and calls to previous clients.
You need a Realtor who will use specific expertise and apply it to your situation. As an example, a local seller recently interviewed three agents from different firms prior to listing his property. Two of the three suggested he paint his home inside and out and do a few other “staging” items before marketing. The third, asked detailed questions about the condition of the property and suggested inspections before it went on the market. The seller chose the third agent because his experience offered a more thorough approach.
As a buyer, you need someone with the real estate background to put each potential purchase into perspective. He needs to answer questions that will assist you in making a choice: What is the quality of the location? Is the asking price high, low or right on relative to the current market? How high might it sell in multiple offers? What would he consider too high an offering price and why? (This is his opinion, but your decision).
Giving something back
In life, some people seem to be taking and never giving. Others realize the importance of contributing something back to the community. Although this may not be a top-of-the-list item, it makes sense to work with a person who is a “giver.” There is a great probability that an individual who is altruistic will act in a giving way toward you.
Many Realtors make the time to give generously of themselves to others. They volunteer at schools, hospitals or libraries; they take an active part in their local, state and/or national Realtor organizations; or they help those less fortunate, such as with home visits to the elderly or those with physical challenges. These are but a few examples of how giving is part of one’s reputation.
Advanced designations
If you notice letters after a Realtor’s name, he may have one or more advanced real estate designations.
These letters mean that the agent has taken the time to get additional training. Some categories are working with seniors; computer/technical skills; residential specialist; and buyer representative. Attaining designations is prestigious and it enhances the individual’s standing with his peers.
Final Thoughts
One’s reputation is something to be treasured. It takes a lifetime to develop a good one. People want to work with others they can trust and respect. My feelings about it are reflected in my aphorism: “Your reputation will outlive you and your money.”
Related Articles:
How to Interview Agents, Part 1
How to Interview Agents, Part 2
How to Interview Agents, Part 3
How to Interview Agents, Part 4
The Zen of Real Estate
Deciphering Those Letters