Curiosity killed the cat. But, good point Brent. If you look at the real estate industry, about 50% of the agents out there have less than 2 years of college -- 40% (at least) are part time. While numbers may fluctuate between brokerages, areas and Associations, the turnover rate in our industry runs between 50% and 60% before a new agent reaches their 2nd year anniversary (before they re-new their license). It is claimed that 70% of all agents have come and gone by their 4th year. One wonders how one can be an expert in anything within that framework. However, one quickly learns in real estate through sales (or sales failures)! To say it another way, it soon becomes obvious to a Realtor just how important it is (for their clientâ€™s sake) to attempt to control real estate transactions -- by involving the RIGHT people â€“ when possible (e.g., loan officers, title & escrow agents, inspectors). . People with years of experience -- people you can trust. I have been using the same people (in these categories -- not part of my brokerage) because they deliver. I have NEVER lost a transaction when they have been involved -- not because I am perfect (hardly), but because I have chosen to surround myself with great people. And, I don't get a nickel from those referrals. What I DO get is the satisfaction of knowing that my clients have gotten superior service. And, the transaction closes. THAT is worth a fortune. The only transaction failures I have had involve cases where my clients have insisted on using a friend, relative or who knows what. And I am guessing I am not alone. I am sure you see the same thing in the real estate industry.
Now Brent, how does your industry compare in expertise? What is the education level? Do you always use the same underwriter (or, do you have no choice or rely on your underwriting software)? Are all underwriters the same? Do the people who assist you with your client's loan process make a difference -- for you and your clients? The answer to some questions can often be more complex then it appears on the surface. Something about which the general public has absolutely no inkling. The PROBLEM YOU HAVE CORRECTLY IDENTIFIED (agents claiming expertise out of their element) can especially be the case when a Realtor watches a perfectly good real estate transaction FAIL because of a lack of expertise on the part of a loan officer. When that happens about 5 times, many agents jump in to control the transaction.
So Brent, how many times would YOU allow yourself (and your clients) to get burned? In my case, after two years of frustration with someone elseâ€™s loan officer PICKs, I spoke with other seasoned agents and interviewed 5 different loan officers before selecting the person to whom I would begin to make my mortgage referrals. My frustrations led to a loan officer who I know believe is great -- a person to whom I could send my clients with faith that they will be treated with respect and counseled to select the best loan for their financial circumstances at a competitive rate. A person of integrity. Someone I have come to believe (after 7 years) may be one of the best in the business. This is the individual I used for the loan on my current home and to whom I try HARD to get all my buyer clients to go for their financing needs. While I feel I may have a higher level of expertise in financing then many agents, I am a Realtor, not a loan officer. I want my clients to have the best.
The DIRECT answer to your question is that I would not see a Pediatrician to have my gallbladder removed. I agree with your implied answer â€“ but the answer is not a simple one. Also, you asked an â€open endedâ€ question. How long have you been in the business? Any thoughts?
PS. Only 56% of licensed real estate agents are Realtors (at least in Washington State). Those who are not Realtors (46%) do NOT pay dues to the National Association of Realtors. Consequently, they are NOT held to the standard of the NAR Code of Ethics. Not all real estate agents are equal.