Despite our obsessive online culture, the vast majority of homebuyers and sellers prefer working with a real estate agent, 87% according to the National Association of REALTORS®, when they’re looking to buy and/or sell a home. To underline this statistic, the Bureau of Labor Statistics anticipates that the employment of real estate agents and brokers will grow +7% from now to 2028, faster than the average of all occupations.
Here are some essentials to consider when scouting for a real estate agent or broker to help consumers actualize their housing goals. And, simultaneously, here are the same essentials for you as a broker and/or agent to emphasize in your marketing materials and listing presentations.
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- Buyers and Sellers are motivated to “get” the maximum bang for their bucks. Buyers want to pay fair market value for a house, and not a penny more, and sellers want to get fair market value for their home, and not a penny less.
- Both buyers and sellers need an agent/broker who has deep knowledge of their respective local market.
- Buyers and sellers need insight from an expert.
- Buyers and sellers of investment properties need expertise on rental returns on investment, ROI.
- Buyers and sellers of fix and flip properties need expertise on local markets, comparative listing prices, local construction and renovation professionals and how much to pay for foreclosed properties or properties in physical disarray
- Buyers and sellers want solid references and recommendations.
- Have on-hand recommendations from former clients, building professionals and city regulatory officials that speak to your expertise as well as your ability to “get the job done” on time and at or below budget.
- If your prospects are new to the area, offer them a list of clients, professionals, neighbors, etc. AND their phone numbers so they can talk with them.
- Make sure you have the “right” designations.
- Obviously, there are different designations for different transaction specialties. Make sure you have earned those designations that match your market specialties and marketing targets.
- For example, if you are “just” in the market to help your clients buy a home, make sure you have the Accredited Buyer’s Representative (ABR) from the Real Estate Buyer’s Agent Council listed in your professional credentials.
- Buyers and Sellers want to pay “reasonable” fees when buying or selling a house. Most agents and brokers charge commission fees between 5%-6%. Regardless of the fact that the seller pays such fees, paying a lower commission fee means more money in the pockets of both the buyer and seller.
- There is nothing “wrong” about negotiating commission fees. The worst that can happen is that the agent/broker will say no.
- Certainly negotiate for a lower commission fee if and when there is a high sale price home at the center of the transaction.
- Offer consumers a contract with “favorable” terms.
- Consumers are encouraged to find an agent/broker who offers a reasonable contract length.
- “Reasonable” contract length can be defined as anywhere from 90 to 180 days depending upon how fast homes sell in a particular neighborhood.
- High priced homes often require more days on the market than lower priced homes so have these DOM statistics at your fingertips so you can share this information with prospective buyers and sellers.
- The key here is to market yourself carefully before you lock yourself and your prospective buyer/seller into a contract that makes no sense.
Thanks to Millionacres, a subsidiary of The Motley Fool, for source material.