The TRUE Value of the Local Realtor…

The TRUE Value of the Local Realtor…

We have all heard many things said about realtors as a group. Most times these statements are negative such as they did not communicate well, they disappeared once we wrote the contract, they did not understand the area, they did a terrible job negotiating, or they did not deserve their commission.

In most businesses there is the “80/20” rule meaning 80 percent of the business is done by 20 percent of the people or the reverse, which is always eye-opening, 80 percent of the people doing 20 percent of the business. Well I wish this was the case in real estate. In the Dallas/Fort Worth area, 8 percent of the agents do 92 percent of the business…meaning 92 percent of the agents only do 8 percent of the business!  Let that soak in for a minute. You literally can choose any agent to work with and you have a 92 percent chance they could be an under-performing agent. To be fair, they may be new or they may only want to sell a few homes a year by design, however most times it is because they have not done a good job in the past or do not aggressively work for their clients.

Back to the negative comments regarding realtors. I believe these comments are well earned by our community. For the most part realtors struggle with follow up, returning phone calls, doing what they say they will do, and professionally handling transactions and relationships. I also believe many realtors are hired to do a job they were not qualified for by individuals who have not done their due diligence. It always surprises me how much someone will research a dishwasher or a car before they buy, however, when it comes to selling their home they will hire the first agent they speak with, without any due diligence, to manage one of the largest wealth-building opportunities in their life.

It is not gloom and doom though. I did mention that 8 percent of the agents do 92 percent of the volume. There are some fantastic agents out there to work with. I can promise there are several great agents in each market. It is up to the seller or buyer to do some research and ask some questions though before deciding on an agent.

If you want a fantastic experience selling or buying your home invest time in finding the best agent for your situation. Ask lots of questions and verify their responses. Request to see a trailing 12-month production report for the specific agent. Do not be fooled by an agent providing a production report for their entire office.

Ask to see photos of listings so you verify that they know how to properly prepare a home to be marketed and sold. Ask to see their current or most recent listings online so you see how they market homes on the Internet. Ask what type of communication and response times you should expect through the transaction. Have them describe their team to you, the roles of each person, and who you would deal with if the agent was on vacation or not available.

It is my firm belief that a local agent or team should always be utilized when buying or selling a home. Take our area for example. An agent would need to understand septic tanks, zoning issues, ag exemptions, utility hookup costs, wells, types of barns, fencing, etc. Imagine using an agent to find you land to build on and to own horses only to find out after you bought the land that you could not actually have horses on it or only have one horse due to the size of the land.

Most likely if you have a bad real estate experience it is because you did a poor job of hiring the right agent.  Spend the time and energy to find the right agent. We have so many great local agents that it should not be difficult to find a strong and competent partner to represent you in all of your real estate transactions.

Please contact The Woods Group if we can ever be of service to you in your real estate transactions.  You can reach us easily at 214-733-9239.

By Will Woods

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