Or "How Professional Is Your Realtor?"
Having recently finished a four week Keller Williams course on “Buyer Mastery” I wanted to share some of the awesome insights gained during the my time with instructor Steve Chader.
What is a buyer’s agent? First let’s explore what it means to be a “buyer’s agent”. To the average person (or to the average real estate agent for that matter) it means specializing in working with buyers rather than seller or both. So why do it? Everybody has strengths and weaknesses. Productive real estate teams tend to match team members to their strengths. This makes the whole team more effective and it should make the clients happy.
So what does the typical buyer experience with the average buyers agent? For most it begins with a short conversation between the buyer and agent about the criteria of the search; what size, style and price range the buyer is looking for. Then, a quick search is done and off go the buyer and agent in the hopes of stumbling into the perfect house. Other times the buyer has already found a house of interest and the agent is along for the ride (and to open up the house). I find very often that with less experienced real estate agents, the buyer leads the search. This means that finding the best house, is left up to chance.
A Professional Buyer’s Agent’s model is very different. Like visiting a doctor or lawyer, a set of expectations and time frames are communicated. The professional buyers agent has a set of systems and tools in place that insure that each buyer has the maximum opportunity to find the best house in the shortest time and with the least effort (on the buyer’s part). The buyer consultation, rather than 5 minutes of “describe your perfect house”, consists of a 30 to 45 minute discussion which goes deep into the goals of the buyer. It is very important that the agent has a clear understanding of not only the perfect house, but also every part of experience of finding it, negotiating and closing escrow. The buyer must also understand the nature of the local market. The professional needs to educate the buyer to make sure there are no unrealistic expectations. For example, many agents have worked with a buyer who confused market value with list price, or expected an offer of 50% of list price to be accepted. I find that the more time I spend asking about the buyers’ needs and wants, the less time I spend showing them houses.
For the professional, the day is already scheduled with time blocks. For me, it starts with 3 hours of lead generation; communicating with buyers about their goals and progress, searching all new listings and price changes and setting up new appointments for the day. At noon begins my home previewing time. I make it a point to preview at least 35 new homes each week so that I know the market very well. (The typical agent often sees a home for the first time with his buyers. The professional on the other hand has already previewed the home and know that it matches the buyer’s criteria). Finally, the rest of the afternoon is spent out buying homes with my clients.
Many agents also use the word “client” loosely. However when a professional buyer’s agent finishes with a good buyer consultation, the buyer then hires the agent with a buyer broker or loyalty agreement. Only then is the buyer truly a client. Most Realtors work with “customers” which means that technically the agent represents the seller. Professionals are hired and have a clear understanding of what they are offering and receiving in exchange.
Next let’s explore the knowledge base of the buyer’s agent. At the end of the day, people hire an agent, not because they like them, but because of the value the agent brings to the table. That value is made up of knowledge, systems and tools. If you walk into an open house the average agent can tell you the price, number of bedrooms and year built. The professional however can tell you average sales price and days on the market for comparable properties. They can also tell you about 2 or 3 other similar homes in the neighborhood and which one is currently the best deal. They can help the buyer to understand the current inventory relative to the rate of sales. And perhaps most importantly they can convey their unique value proposition, or why it would be a good idea for a buyer to work with this agent.
It always amazes me that most people view themselves as “above average”. But the truth is, we don’t know where we stand until we compare ourselves to the best. After 10 years of full time real estate sales, I believed that I too was above average. Now thanks to the best training available in the industry, I can honestly say that I was solidly in the middle of the pack. Only by working with top performers and modeling their behavior can we rise to the next level of service.
Dave Conners enjoys learning, teaching and connecting with people, especially home buyers:) If you are considering buying a home in the Prescott AZ area, why not recieve the highest level of representation available.
