Why Does Selecting a Realtor Take Less Time Than Buying a Toaster?

Here is an observation that has had me scratching my head since I got into this business.

QUERY: Why does the average consumer do more research before buying a television, or refrigerator, or car, than they will to find the person who will help them buy and/or sell a home?

It makes no sense to me, but it seems to happen all the time. Buyers pick up their agents at a random Open House, or by calling on a sign. Sellers choose their boss's daughter, or their work colleague's cousin, or the name they see most in the neighborhood, to sell their home. They don't bother to do research. They don't bother to interview. On the other hand, they'd be up to their elbows in website reviews and Consumer Reports before buying a toaster. I dunno, it just seems totally bass-ackwards to me.

The Realtor is the professional whose job it is to assist a buyer or seller in the most substantial business and personal transaction that most people ever do. For the vast majority of buyers and seller, their home will be the largest personal investment they ever make, and the most significant component of their personal net worth. That sales agent needs to have the professional skills to get the job done. You and the agent also also need to have a good rapport, because buying or selling a home IS a personal and emotional process. You may have to hear harsh feedback about your home, or the "come to Jesus" talk about what you can afford. A bad "fit" will make a challenging, often stressful, process even more difficult.

So, here are a few basic tips and recommendations on selecting your Realtor, whether you are buying or selling a home. These are just broad brush strokes, but I think it's a bare minimum of what you should consider.

1. Get referrals from family, friends, and work colleagues. Ask them who they have worked with in the past, and why they would, or wouldn't,recommend him or her. Referral is probably the best method for developing your initial pool of candidates.
2. Prepare a list of questions to ask, such as (i) what is the agent's familiarity with the neighborhood? (ii) How much experience does (s)he have in the business? and (iii) Why would (s)he be the best choice to work with you? Make sure to ask about specific things that are important to YOU.
3. Interview at least three (3) agents.
4. Outline YOUR specific expectations, and ask each agent how he or she would meet them.
5. For Sellers, ask each agent how they plan to price your house, how they plan to market your house, and what steps they will take if your house is not being shown. Get a written copy of each agent's listing presentation, including their marketing plan.
6. For Buyers, ask each agent about their knowledge of the market, including the geographic areas you are considering and the type of property you are interested in (single family home, condo, townhouse, investment property, raw land).
7. For Buyers, make sure the agent KNOWS THE AREA YOU WANT TO MOVE TO. And I don't mean he or she knows where it is on a map. Has (s)he sold houses in that neighborhood and if so, when and how many? Ask questions about the neighborhood that will reveal whether or not the candidate has experience in the sub-market you want to move to.
8. For both Buyers and Sellers, ask each candidate what creative ideas and tools he or she has in mind to help you achieve your ultimate objective.
9. Take a day or two to consider the candidates. Then make a decision. Inform them promptly, includingthe agents who did not get the listing or the buyer representation. Thank them for their time.

Does it take more time to do it this way? YES. Should additional time invested on the front end pay off by leading to a smoother transaction? Nine times out of ten, I predict yes. After engaging in this process, you should have more confidence in the person you selected, a greater willingness to listen to their professional advice, and rapport that will make communication, especially about the tough stuff, easier. So take some time, do it right....baby, we can do it, we can do it tonight!

(I know, I know, I'm a big dork).