real-estate-transactions-with-a-real-estate-agent

You know the type. The know-it-all type. The person who, no matter who else is around, has all the answers…always the smartest one in the room.

In the age of seemingly infinite online resources that can teach anyone how to do (or at least attempt) almost anything, more people believe that they don’t need to hire a professional for much, if anything.

In some cases, that might be true. Google “How to fix a toilet,” “How to build a deck,” or “Tips for changing a riding mower belt,” and many people would learn enough to give it at least a shot. But just because they might be able to do those things (kind of) doesn’t mean they will be done exactly right or that they couldn’t benefit more by hiring a professional with the expertise to handle the task.

This is also true when it comes to buying and selling homes. With more and more home listings available digitally – photo galleries, 3-D virtual tours, and videos – some folks think they can act as their own real estate agent. I mean, how hard could it be – put a “For Sale by Owner” sign in the yard and wait for the phone to ring off the hook. Right?

Wrong.

Maybe some of your current or past clients found this out the hard way. Maybe they thought by doing it themselves they could save a buck or two.

…Only to later come to their senses and retain you as their advocate. Once they realized they weren’t a real estate expert and found you, they figured out the value of having a professional like you in their corner.

So, what makes YOU so smart that home buyers and sellers should hire you instead of going rogue as a DIY agent? Plenty. Here are some reasons you should make sure prospective clients consider when deciding whether to hire you:

Professionals have training

Chances are, your clients already hire professionals for other essential services. Accountants. Lawyers. Doctors. Investment advisers. Vehicle mechanics. They hire these professionals because they recognize that they have specific, unique skills and training that are vital to doing the job right. And, the service or work they provide is important. So much so that they are willing to pay the professionals whatever is required.

It would be best if you made sure prospective clients understand that hiring an agent is no different. Your function as a highly-trained and educated professional in the real estate industry provides tremendous value to them. You know the market, the communities and neighborhoods, the lingo and intricacies. By not trusting you to help them buy or sell their home, they could stand to lose thousands of dollars, waste tons of time, or create a significant hassle.

Paperwork stinks

Most people hate paperwork, whether it’s literally hard copy paper or online forms. Well, the home buying and selling process can require a significant amount of paperwork. Loan papers, escrow requirements, home inspection forms, disclosure forms, bidding paperwork. It goes on and on.

The amount of documents to initial and sign is frustrating enough, but what may be worse for your clients is not knowing what most of it even means. That’s why they need you. You’re the pro. You lead clients through this complicated part of the process all the time.

Ensure your prospective clients realize that it’s a potentially expensive mistake to lean on their own understanding of all the legal mumbo jumbo in the paperwork. If they want the process to go smoothly, they need to let a professional like you navigate them through the reams of paperwork.

You play the game

Buying or selling a home can be exciting. But it’s also a game – one that requires strategy. Buyers and sellers are guided by money and emotion when it comes to making or accepting offers. They have a hard time being objective and don’t understand that the key to winning this game is patience, persistence, and professional negotiating skills.

They should understand that this isn’t your first rodeo. You’ve successfully counseled past clients on the art of negotiating bids, closing costs, repairs, and more. Since you understand the market, you know the sweet spot for home prices. You can keep buyers from overpaying and help sellers cash in on the “sellers’ market.” You’re well worth the commission.

Professional obligation

Often, it gets understated that an agent’s duty to their client is not much different than a doctor’s Hippocratic Oath or a politician’s Oath of Office. The obligation every agent has is to protect and promote their clients’ best interests. Meaning, you are looking out for them every step of the way. If a prospect’s hesitancy is that an agent will try to sell quick or get them to pay for a more expensive house just for their own gain – they need reminded of this obligation.

Not only does this obligation ensure that clients get the most fair deal, it also helps to keep them comfortable and composed throughout the process – making it a more enjoyable experience. And if there is a gain or incentive for the agent, it’s that a better client experience leads to more client referrals and a longer, better career.

So, the next time you hear someone ask, “Why do I need a Realtor®?,” send them a link to this blog. And remind them that just because they can operate a butter knife doesn’t mean they are surgeons. They should leave important work – like surgery and buying or selling a house – to the professionals.

*Not all borrowers will qualify. Contact us for more information on fees and terms. Not intended as legal, financial, or investment advice. Contact your financial representative for more information.

5 tips to survive a real Estate bidding war. (n.d.). Retrieved February 19, 2021, from https://www.atlanticbay.com/knowledge-center/homeownership/5-tips-survive-bidding-war/

Diana Olick. (2021, February 13). Bidding wars are off the charts, as home listings fall to a record low. Retrieved February 19, 2021, from https://www.cnbc.com/2021/02/12/bidding-wars-for-homes-are-off-the-charts-as-listings-fall-to-record-low.html

Diane Saatchi. (2018, December 19). How to survive (and even win) a bidding war. Retrieved February 19, 2021, from https://www.dianesaatchi.com/blog/2018/11/13/how-to-survive-and-even-win-a-bidding-war

Directo-Meston, D. (2017, July 13). Buying a house in la: How we survived the bidding wars. Retrieved February 19, 2021, from https://la.curbed.com/2017/7/13/15951074/buy-house-making-offer-tips

McDermott, M. (2020, November 29). Bidding wars and beyond: Tips for buying a home during the pandemic. Retrieved February 19, 2021, from https://www.newsday.com/business/coronavirus/homebuyers-pandemic-tips-pitfalls-1.50073938