Great Question! To be honest it is a love hate business. You have to be very much on your toes in the area we are in now. Buyer and Sellers are now looking more for Agents to have all the right answers. As we all know that no one can be perfect, these times are the real test for agents to be at the top of their game having experience and knowledge in all areas of the business. We are who people look for to be truthful and real and often times that can be a blessing and a curse. What is important to remember is that even though these times are flooded with people buying and placing offers at a fast pace, you can't forget the basic principals of what it is to be an agent with or for someone. It is their interests you are looking out for, yes, but you have to also remember to cover your own back; dot all i's and cross all t's . Now is not a time to be sloppy, for I have found the quick deal that you do for one that ends well can generate new clients to follow. If you have the stomach to whether the good and the bad then it may be worth it for you.
Real Estate One
So many people will string you along and not even attempt to understand the time and effort we put into something only to have someone vanish and never call you back, etc.
Either that, or the people that think they can do Real Estate on their own and wind up getting themselves into a whole legal mess that could have really been easily avoided.
Plus, as a buyer, working with an agent is free. People are seemingly reluctant to talk with just one agent in many cases as if it's a bad thing or something -- when in reality, you're hiring a professional to look out for your best interest and to HELP you...for FREE.
I am not really worried about the price fall as it is a free market and your house is worth what a willing, able and ready Buyer is willing to pay, but Hellllooo, One has to look at the data and then make an offer.
Just be reasonable! Am I wrong in expecting that? Then, put yourself in the Sellers shoes and act accordingly.
I don't know if you're just curious or considering entering the business. If it's the latter, I'd suggest reading "Your Successful Real Estate Career" by Kenneth Edwards. It is a really good overview about starting out in this business.
My biggest dislikes in this business are all related to Realtor behaviors actually. There are a few basic areas in which I'm referring. One is the everyday on the street Realtor behavior and the other is the behavior of our representative Associations (i.e. the National Association of Realtors, and local Realtor Boards and Associations).
There are many Realtors practicing who do not adhere to the standards of behavior and practice that the Realtor community expects (and that consumers should expect). Michael from Hamburg NY gives a great example of that in his answer. There are many things that should ALWAYS occur in any transaction (like pre-qualifying buyers over the phone and having buyers sign Buyer's Brokerage Agreements- which virtually no agents do in Illinois at least). But because of the sloppy and common past practices of these many Realtors consumers do not know or realize when they are being served well or under-served. In some cases adhering to the true standards of practice in real estate brokerage can put you as a Realtor at a competitive disadvantage against other Realtors who are not "demanding" the same things from their consumers or clients.
The second edge of that particular sword however is that if you are the agent that tends to do things by the book, you often have much more happy and well-informed clients who understand the value that you bring to transactions (as well as much less legal liability).
Our local and national associations of Realtors could and should do a much better job of setting expectations for and educating consumers about what they should expect from their Realtor. Susan is very right about educating consumers, but I think that the associations that I referred to earlier are in a much better position to do that than we as individual practitioners are. Although I can acknowledge that local practices may make it difficult to have a uniform national message about what clients should expect, the local and regional associations should be able to pick up the proverbial ball a bit and run with it with respect to local variances in real estate practice.
The only other on the street practice that I sometimes have a hard time with is people who say or ask things that are legally actionable (meaning someone in the room speaking of listening could get sued over them). This most often revolves around people making statements about someone's ethnicity, race, national origin or sexual orientation. Acknowledging what was said and dealing with it in a positive way that does not completely obliterate the relationship (either with the client or another agent)- those can be trying conversations.
The rest of the real estate business can be handled with good humor including clients who are abusive, clients who conveniently forget things that are problematic for them (or cost them money) and delivering "bad" news to clients. There is nothing to fear in real estate except fear itself (and occasionally other Realtors).
Broker Associate, Sudler Sotheby's International Realty
For me, the most shocking revelation was how many liars, cheats and thieves there are out there. Buyers, Sellers, Lenders, other Agents. Not all of them, of course, but you will run across them and it's just astounding to learn how some people think. Whenever possible, disassociate yourself from these creeps. Keep your nose clean and stay on top of the industry news. Always remember... credibility is expensive and easy to lose. Without credibility, an Agent isn't likely to build a sound business.
To the agents just thinking about them selves~think about what is best for you customer or client and it will give you and them the best chance for things to work out. If you feel someone is unreasonable, fire them and move on to nice people. Mary
Owners in distress need to realize there are professionals like me ready and able to help them avoid foreclosure. Don't just give up or do nothing and walk away. You have options and I can help you find the best possible resolution to your situation. I know because I have been through the process myself. It is difficult but there is help. For buyers, I can often show you ways to raise credit scores and find money for down payments to take advantage of this excellent time to purchase.
I don't particularly like the way some people try to take advantage of a down market to get cut rate services from their broker but by prequalifying my clients and making clear up front the way I work and the remunerations I require for my expertise, I can usaully avoid wasted time without positive results.
Are you saying that because of media and other things, people think that the prices in those areas should be extremely low (although they are not) so they are low-balling on everything and causing the prices to fall?
That would be frustrating...
As for the request for commission cut (the above applies), and, let's face it, clients will never respect you more or be more likely to do business with you again for doing that. And we are certainly less likely to cultivate future customers in that scenario. I think the best thing we as Realtors should do, is EDUCATE out clients as to how the "business" really works; that is a transaction and not a "game", and there need not be a loser -- in any part of the transaction.
I am not new to the industry, and was in general one time before (in 2001) then left Real Estate and worked for a leasing company. Then I got hired with a builder right as the boom was leveling off, then fell completely... and after making it through 3 lay-offs, finally was too. So, here I am, feeling like a Salmon fighting my way upstream, and every customer (it seems lately, - I have two wanting this) wants my commission!
lives like slobs, leaving dishes in the sink, beds unmade, piles of stuff on the floors, and a general state of uncleanliness that buyers and their agents wanting to scurry out the door before they linger more than 15 seconds? Sad, but true. Households that appear that way give the buyers more than a second thought about the condition of the house itself, not to mention what pathogen is lurking in the cracks should they buy.
That's what makes our jobs harder, particularly with careful proding and encouragement is met with
anger and unresponsiveness.
Please feel free to introduce me to any one you know moving in to or out of the greater Everett area.
Emmanuel J. Scanlan
PS Inspection & Property Services LLC
TREC License # 7593
International Code Council, Residential Combination Inspector #5247015-R5 (Electrical, Mechanical, Plumbing and Building)
Texas Residential Construction Commission, Third Party Warranty Inspector #1593
Texas Residential Construction Commission, Inspector, County Inspection Program
Texas Department Of Insurance, VIP Inspector # 08507061016
Hayman Residential Engineering Services, Field Technician
CMC Energy - Certified Energy Auditor
Knowledge is power, but sharing knowledge brings peace!!
The second time is when they dont fully understand the paperwork. After speaking with them for hours, they come back to the original question. My patience is very good. I am calm by nature however it can be very trying at times...
If you are looking for distress properties please call me with your requests...
I have never understood how people can justify getting part of the commission.