Choosing the Right Realtor®
The most frequently asked question homeowners ask while interviewing a real estate broker is "How many listings do you have?"
The thought is that a real estate broker must be a good broker if they are listing alot of homes. While it is important for a real estate broker to know how to list a home it is more important for a broker to sell the homes they list. When preparing to interview a broker to sell your home this is what you need to ask.
#1) How many homes did you list last year?
#2) How many of those homes sold?
#3) How many of those homes expired or terminated?
#4) How many licensed real estate agents are on your team?
#5) Are you a full time agent?
If a broker has listed 50 properties but only sold 27 of those properties this means they have only sold 54% of their listings. Initially, it sounds great! They listed 50 properties last year. But now when you ask the right questions you find out if they actually sell their listings. If a broker is only selling half of their listings, would you wonder if your house will be among those not sold?
When comparing statistics, it is very important to also consider single agents vs. team sales. Many times, it will appear that an agent has sold more properties because their stats have been combined with team members. To get a truer number, divide the number of licensed agents in the team with number sold. This will give you a clearer picture as to how many homes an agent has sold on their own. If an agent is listing with a team, will your property be given the personal touch? or will your property be handed to another agent that you haven't yet met or who hasn't even seen your property?
PART TIME AGENTS
There are many licensed real estate agents in Central Oregon. Not all licensed real estate brokers are actively selling real estate. Many have full time jobs in other industries. If a real estate broker has a part time job, can they really stay abreast of the real estate market? When they have a property listed, can they really provide full time attention toward that property? Is that property competing with the real estate brokers "other job"?
Listing homes is not a race to see how many homes a broker has listed. What is important is that your real estate broker sells the homes he or she lists. If a real estate broker is spending much of their time going to listing appointments and getting the listing posted to the MLS, do they really have the time to spend selling those listings? If the broker doesn't spend much time with buyers, how do they understand the local current buyer in today's real estate market?
For me, I find I understand what buyers want vs. what sellers need by working with both buyers and sellers. I spend my time searching for homes for my buyers and heavily marketing my listings for my sellers. This approach has helped me understand both sides of the transaction when we get to negotiations.