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Trulia Miami, Home Buyer in Miami, FL

What are the 3 hardest elements about working as a Realtor or Broker in todays market?

Asked by Trulia Miami, Miami, FL Thu Feb 14, 2013

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23
The three hardest elements about working as a Realtor:

Recognizing how lucky i am to have my most amazing family when I come home from a very tough day. (they soon remind me with hugs)




for numbers 2 and three....see the above
2 votes Thank Flag Link Sun Mar 3, 2013
1. Constantly being interupted and juggleing clients needs.
2. Lack of high quality inventory at entry level price points.
3. People being disrespectful and calling at crazy hours and expecting me to answer the phone and work 24/7. I have gotten real estate phone calls after midnight, and they were upset that I did not want to help them right then. Remember its a job, not a jail sentance. I deserve to have dinner and be with my family, and sleep just as you do. I may work 7 days a week, just not 24 hours a day.
1 vote Thank Flag Link Thu Mar 21, 2013
1) Rampant fraud that I witness on a regular basis.

2) Agents that think they are brain surgeons, so they refuse to answer their phones...ever. Egomaniac agents that are control freaks, 110% unethical and borderline mentally ill.

3) Inventory is quickly disappearing.

Scott Miller
Realty Associates
Boca Raton, Miami Beach, FL
1 vote Thank Flag Link Sun Mar 3, 2013
Hi Scott, I just passed the state exam a couple of days ago and here I am looking for guidance. I liked what you wrote but I wish you had detailed your reasons on your answers 1 and 2.
Flag Wed Jul 3, 2013
I find that the following three are the hardest elements for a Realtor working in today's market:

1. Inventory shortages for quality homes.

While there are thousands of properties listed for sale in Miami Dade County we find that a very large percentage of them are not quality homes or homes we are able to offer to a potential Buyer. The list of unfit properties include, homes in very poor condition, code violations, multiple fines/assessments, over-priced properties, auction terms, multiple offer situations, short sales that even though in the market are actually off the market and "others".

2. Inventory shortages for Owner Occupants purchasing subject to financing.

Our market is flooded with cash investor purchasers both foreign and local. These "all cash deals" are usually preferred and in some cases demanded by the Sellers, a large number of these investors are paying fair market value and above to own a piece of South Florida. Taking the matter into consideration it is extremely difficult to succeed on an offer subject to financing. In addition, the lack of FHA approved condominiums and the inability of many to produce a satisfactory Condo PUD questionnaire for high LTV conventional loans are taking a toll on Owner Occupant Buyers which purchases are subject to financing.

3. Educating a misinformed consumer

The Real Estate Consumer is strongly influenced by media inventory, media statistics, media financing programs, etc. It is the hardest task by far, to educate the consumer and provide them with the real facts regarding, market conditions, market values and available financing programs.
1 vote Thank Flag Link Fri Feb 15, 2013
• Working with qualified buyers and not having enough quality homes to show them.
• Seeing so many houses with illegal additions and code violations.
• Unfortunately that too many realtors never return their phone calls or emails.

Regards,
Alberto Baca
The Keyes Company
1 vote Thank Flag Link Fri Feb 15, 2013
1. Mis-information or misleading information on websites to the real estate public that waster our time

2. Rediciulous agendas of all parties in transactions

3. Dealing with incompetence in our own industry

If you need anything further please feel free to call me during normal business hours at the contact info in our website link below.
1 vote Thank Flag Link Thu Feb 14, 2013
1. Honesty
2. Commitment
3. Loyalty
0 votes Thank Flag Link Fri Mar 22, 2013
1. Honest Buyers & Sellers.
2. Ability to get home loans.
3. Good lead generating websites for Realtors.
0 votes Thank Flag Link Fri Mar 22, 2013
More than three, but this covers the major issues
1, Time is truly of the essence, whether I am working with a buyer on an offer or a seller in distress. Buyers think they can drag their feet to get a deal and often lose the one they loved ove a minor price difference.
2,. Sellers canceling showings. They don't understand the ripple effect of an unavailable listing, and this is occurring more in distressed situations.
3. We have had the most unusual market in years
4. Buyer Agency is a great thing, because you get more.
5. No, I don't discount what I charge for professional service, amateurs do that.
6. Discount brokerages exist. How many discount heart surgeons do you know? If you know a discount heart surgeon, would you be concerned about the level of service. The same concern exists for discount brokers. cheap value is no service.
7. I work in real estate as a professional business person, and the service is provided BEFORE I get paid, because I only get paid based on your success. I work as a public servant on your behalf, but i don't work for free, and you don't either. Don't expect me to work for free.
8. I will always make a great deal of effort to get many interested in your home. Don't be upset if there are a lot of showings, because the interest also improves the offer price.
0 votes Thank Flag Link Thu Mar 21, 2013
1. Getting buyers to understand the importance of being pre-approved or at the least pre-qualified.
2. Showing homes that were beautiful homes at one time that were left to die from the inside out due to no heat.
3. Inventory is shrinking in the first-time home buyer range, but buyers still think it's a buyer's market.

Although, I expect number three to change soon.
0 votes Thank Flag Link Thu Mar 21, 2013
1) Lack of Financing Knowledge and Associated Services
2) Lack of true Real Estate training, and/or experience
3) Lack of Ethics
0 votes Thank Flag Link Sat Mar 2, 2013
Being current on loan products, and short sale rules set up by each participating lender. Dealing with client emotions, and getting lenders to respond reasonably and reliably. Dealing with Equator (cumbersome, and mechanistic, dehumanizing, and depersonalized).

I also hate it when I have to cut a distressed owner free, because they will not do what is needed to help themselves. I can't afford the luxury of wasting time, though.
0 votes Thank Flag Link Fri Feb 15, 2013
Low inventory in the most popular price range here in Fort Wayne.

Unrealistic buyers in the lower price ranges.

I can't think of a third right now.
0 votes Thank Flag Link Fri Feb 15, 2013
House values are low and doing market analyses for sellers is quite difficult to inform them on the reality of what price they need to list their property, if they want to sell .

Dealing with the reality that many of the home sales is not a true indication that sales are up because the market is doing great, but due to many foreclosures and short sales. Those are a great part of the housing market that shows sales #s up, when in fact, these are distress statistics.

Due to the economic downfall, the real estate profession has a real challenge of obtaining listings with sellers when the discussion turns to "how much commission will your company charge me" is usually the # 1 obstacle. Sellers have been approached by discount companies and agents who state they will take a listing for 3% or less. This is a real problem !
0 votes Thank Flag Link Thu Feb 14, 2013
Trying to survive, Dealing with buyers, keeping up with education and new changes to the law..
0 votes Thank Flag Link Thu Feb 14, 2013
1. Competitive Bids - The market has heated up and now with well priced listings there are multiple offers. I can't prepare my clients for what the competition may do because some people just want to "win the house" and so I show them the comps and tell them not to bid more than they value it at and make sure they are comfortable if they only lose it by $1,000.

2. Value jumps - the number of buyers have outpaced the number of sellers and with increased demand a property can comp for a higher price in a very short period. When I sit with sellers and tell them what i can list there property for as I recently did, on list day we popped the price up an additional $25,000 because the sale prices being published were higher. We sold it on the first weekend over asking with multiple bids.

3. Relationships with Clients - A realtor learns very personal things about her clients and without a doubt, lifetime friendships are created. When you worry about your cleints and are wanting to do the best you can for them, it has a tendancy to keep me up at night ....because I want to make sure I got them in a home at the lowest price possible (or sold a listing at the highest price possible) and then you worry about their family members and such. I love all the friends I've made, but I feel worry abou them and their happiness even when it no longer has to do with real estate. It's totally worth it, but it takes a toll on the circles under my eyes ;-)
0 votes Thank Flag Link Thu Feb 14, 2013
1. Tolerance.
The willingness to tolerate incompleteness in work in personal life. End the tolerance.

2. Interrupt the interruptions.
This is a interrupt driven business. It would appear everything can be sacrificed should the phone ring with a 'I need help' message. Real estate professionals must interrupt the interruptions with a well conceived schedule and planned, program responses.

3. Embracing discomfort.
Complacency keeps one comfortable and unchallenged. With the lighting fast changes in the market conditions and business strategies. a professional must press steadily on the borders of their envelope. The presence of discomfort, always turning towards the unknown, are the travel companions welcomed when you are growing.

Best of success to you,
Annette Lawrence, Broker/Associate
Reamx Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
Movie Tour
http://youtu.be/g1H-_ny-Mnk
0 votes Thank Flag Link Thu Feb 14, 2013
In todays market you truly have to be on your toes and keep up with all the changes and being up to date on education. The lending end of it is also a huge change and requiers many more hoops to jump through for the buyer. The third is that there are so many of us (realtors) and to be compared with someone who is not keeping up is one of the hardest elements. As a Realtor you want home buyer's or seller's to know you are there every step of the way because that is what we do. When you hear that someone is unsure to use a Realtor because of a bad experience with another realtor or broker it makes you wonder how is this possible. This is a customer service industry and if you can't treat people as you would want to be treated then maybe they are in the wrong business.
0 votes Thank Flag Link Thu Feb 14, 2013
Three hardest elements about working as a Realtor is knowing when not to speak when talking to Buyers and Sellers. Listen, listen and listen. When you learn to listen as a Realtor.....nothing is hard, just doing your job helping Buyers and Sellers.
0 votes Thank Flag Link Thu Feb 14, 2013
Are you asking this question because you are planning to get into real estate or trying to get the agent of your choise.Every market is the same depends what you put into it and what you can get out of it ,Life is not easy and neither is business.We all do our best to accomplish our goals.
HENA MARTIN BROKER
0 votes Thank Flag Link Thu Feb 14, 2013
Took me a few minutes to come up with 3 because when you love Real Estate it's only as hard as you make it and every business has its list, I'm sure. I would say the following 3 are the hardest for me.

1. Pricing. We provide an honest and accurate CMA on each and every property we hope to list. The seller almost always wants to list it 20 to 30k higher.

2. Gas prices. Gas stations are becoming a great meeting place for Realtors and Brokers. :-)

3. Finding the right CRM (customer relationship management) and actually using it.

That's it....thanks for asking.
0 votes Thank Flag Link Thu Feb 14, 2013
In today's market you have to be on your toes. This is not a business as depicted once on television of the big Cadillac, driving around collecting hoards of money. This to me has always been the hardest element of the business. The image of the money hungry Realtor. 99% of the Realtors I know are hard working, smart, ethical, and will eat your lunch if you slack off. I mean that in a good way. The current Realtor has to be smart, tech savvy, outgoing, ethical, and out hustle everyone on the street. This is truly the best business in the world. I cannot come up with three things!
0 votes Thank Flag Link Thu Feb 14, 2013
The hardest thing is convincing buyers that just because the market is still down in their hometown doesn't mean it is here - and that it is really a sellers market now. The two days of looking at homes to find the winner is trigger pulling time - not wait and think about it, because half a dozen other people will figure out the same thing and someone if not multiple people will pull the trigger.
The cost of flying down again and going through the process again can be significant and the prices may be higher and the selection may not be better. I hate to hit people of the head and be a pushy sales guy but I am seriously thinking of putting a rubber hammer in my car to break out as a joke when they start talking about going home to think it over.
In Sarasota the market is hot - we have great beaches, great cultural activities and all the people on the fence for 5 years are all in the game now. Inventory is low and buyer activity is high.
Simple supply and demand - buy NOW! Our bottom was in 2011 and you will most definitely get less for your money if you wait .
Hope this helps,
Albert Wooster
Sarasota Realtor
Allen Real Estate Services, Inc.
(941) 350-1220
WoosterFLA@gmail.com
http://www.SarasotaWowHomes.com
0 votes Thank Flag Link Thu Feb 14, 2013
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