If you are looking to buy or sell a home you may want to ask a question of you real estate agent before making a decision on whether to work with them.
- Do you do this full time? In other words is this their primary source of income?
In my county and I am sure the numbers may be similar across the country. About 2/3 of the members of our Board had one transaction or less last year. I know you are stunned, but this is the number. That does not include all the people who have active real estate licenses who are not member of the Board of REALTORS®.
I am in a class of some kind monthly and sometimes even more often. As a full time licensed broker/ agent I write and review contracts continuously. I allocate a large budget every month for marketing both y client's properties and myself. I attend briefings and meetings constantly. This is a complicated business and it requires that we stay on the top of our game.
- Someone who had zero or one transaction in a year cannot possibly be up on the contract and law changes.
- There is no way that they will be able to market your home properly when they are not successful marketing themselves.
- Will they even have the resources to pay for the marketing?
- Are they tight for money and will they be pressured to close this sale at all costs? Will they be willing to protect your interests even if that puts the sale at risk?
Of the other 1/3 of the agents who had 2 sales or more, how many of them are actually in the business of real estate? How many have a full time job and do this weekends and evenings while balancing their family time?
In this changing market the need to find a professional real estate agent is stronger than ever. To have success in this market look for an agent who is having success. They are out there. They are however in the minority. Like the old saying if you want to get something done find the busiest person to do it.
Real estate is my full time occupation. In 2008 when many agents left our industry, I increased my marketing budget and increased my sales. If you are looking to buy or sell a home in Honolulu County (Oahu), I would be honored to assist you. My services are normally free to buyers and I have aggressive marketing programs for sellers.
Randy, I feel privileged that you ran this by me at lunch yesterday! I have to mention, another agent just emailed me, wanting some help marketing her mother's property. It's been so long since she did a transaction she didn't know where to begin!
Randy - Same can be said from the financing side of biz. I know of nobody off hand doing this gig part-time. In this atmosphere, that's a hard nut to crack anyway.
Randy-
This was a great post!
Mike - She should list it with you and pay her a referral fee. At a minimum she should so-list it so you can manage it properly.
Jason - I agree. I have not been kind to amateur loan officers in my posts either. The numbers for them is even worse than real estate agents.
Sharyn - Thank you!
Being the busiest is not always the best either...they want someone who will spend time with them....and not shove them on an assistant....
You and I have to have hands on with our clients...but I'm glad I have the extra income from the office and you :)
Randi, great post and very truye! Celeste has a great point also. I have taken many a listing that was expired, where the sellers didn't like being pawned off on an assistant!
Sally - You have a point, that was not quite what I meant. I meant that the agent was busy, not their assistant. LOL
William - I agree personal service is a critical part of this business. I am seeing the other extreme, where they are working a full time job elsewhere and can not be reached during business hours.
Randy WOW I would have never have guessed that. 2/3 with one transaction or less WOW.
Boy only 1 transaction. That is not worth the dues that need paid. Why bother.
George - I was stunned when I heard the numbers. I knew it would be high, but that is off the charts.
Sharon - I agree completely. How would you like to be their one transaction or the agent on the other side of them.
Randy - Producers, produce. It is all about production. The person who gets the results gets the business. Good post!
Gary - Well said.
Hi Randy, with approx. 300 realtors and 69 closings since Jan 1, not everyone is having a good year, no matter what they do. But not too many here want to change... And sometimes things are skewed a bit if you happen to be a referring agent. ;-)
Randy I have seen good and bad agents who are full time and part time. I have a hard time telling some apart. I also believe many of them are women who do this on their time. I will agree the full time agent is probably going to do a better job though. Good post indeed.
Randy, GREAT Post. It is time for Agents to GET ALL IN or get ALL OUT.
I do not agree with your post. Before I write something I shouldn't I'll stop. Your to quick to judge everyone before you speak in my opinion.
Do you have a lot of retirees trying RE for a second career and not doing much?
Randy, the decline of the market is defiantly starting to weed out the "weeds". We now have 400 fewer agents in the Greater Augusta Ga MLS than last year and I am sure 1/2 of these did less than 10 transactions last year.
Hi Randy,
I agree with Marie, the same thing is happening in my area--the part-timers are leaving.
Randy,
Most clients want and need a full time agent, because they want the agent to be available when they need them, not just on evenings and weekends. Many consumers don't ask the question when they hire a an agent. Another question they don't know to ask is "Are you a Realtor"?
Sandy
Hi Randy - We allow part-timers to have an informal relationship with our office, but since we are Century 21 and every Century 21 agent is required to be a Realtor (and that is good), those part-timers can't write a contract. If they think they have a lead, they must pass it through a broker in our office and that broker works it and gets the commission, or they can have the office advance their NAR dues and pay that back from their commission and get their share for being the procurer of the business, but either way, until they are legal Realtors and they know what they are doing, they cannot write listing agreements or offers, and their work is reviewed carefully. That way, we don't have any agents writing up agreements who are not up on all the latest info and experience.
With so many full-timers having a difficult time paying their dues and keeping up with all the seminars, meetings, caravans and other educational events and researching the market, I don't see how a part-timer could do the job, but some claim to. Maybe I just expect more of myself than some people do.
Randy,
Pretty scarry isn't it? Maybe that'll = more attrition? I sent a big e-mail out on a listing of mine I've had for some time in Palolo the other day & some of the realtors that inquired on last year, I went to look up in MLS & they're no longer a member of HBR...
Aloha,
David
Susie - I am sure we will see more leave rather than pay their fees and insurance.
Bill - Thank you
Marie - You may be surprised to find how many had 1 or less.
James - You are entitled to your opinion. Being in the business awhile and doing this full time, I do not think I came up with my opinion quickly. I went back and re-read this post and absoolutely beleive what I said.
Jeff - There are some, The last two I had transactions with had a couple of problems: They were not up on technology (could not use e-mail or the MLS system properly). I received hand written documents from both and they are not up on the new contracts and new laws.
Cynthia - They are beginning to realize this is a business and not a part time job. Businesses have expenses and require working them.
Sandy - I do not see as many of the licensed agents who are not Realtors here.
Susan - I agree with your point about part time agents. I have written a few blog posts the last couple of years. I have angered a few part time agents. I believe what we are saying is right on the money. A part time agent can not spend the same time and money to market their properties or themselves or to get as much training as I do.