Unfortunately many agents are not truthful about their experience with Buyers and Sellers in their
practice of residential real estate. My suggestion, ask for referrals to people with whom they have
done business. Ask for proof that they are the 'top' agent in sales in a specific neighborhood; ask
to see their 'closed' files.
In a study commissioned by Metrolist a few years ago, it was discovered that most 'new' agents
last about 18 months in the business before they give up. If they make it that far, they may continue
on for 5 years, Agents that 'pass muster' after 5 years of practice usually continue on for 10 years
Most newbies get little to no advise from supervising brokers as to what type of prospecting they
should do to get an good start and continue on a savvy program of building their business. When
I started in real estate almost 40 years go, my supervising Broker suggested that I should work
'For Sale By Owners' and 'Expired Listings'. While my efforts in these two pursuits did result in
some success, if I had not left that company and gone to work for a Broker/Manager in a high
producing office who guided me to other ways of building a 'book of business', I would not be
in real estate today. Real Estate is a 'Prospecting Business' !! Work smart.
I have encountered agents in my area of Commercial real estate specialty who don't know how
to calculate a 'Cap Rate' on an investment property. Nor do they know how to calculate 'Internal
Rate of Return' or 'Cash on Cash' computations. They also typically fail to advice their client of
1031 Tax Deferred Exchange opportunities while selling a partially or fully depreciated property.
My best advice: Interview several Realtors. Ask about their transactional experiences. Ask for
recommendations from past clients. Call their Supervising Broker/Manager for an assessment
of that particular agent's level of competence. Ask the agent to bring blank forms of Listing and
Sales agreements and to review the forms and explain the intent of the contracts.
Take the same care in selecting the 'best' Realtor for the job as you would in selecting a doctor
to evaluate your medical condition and recommend solutions.
Broker, CRS, ABR, NCE, SEC
stimson KENNEDY Realtors
Cellular: 303 478.9494