Real estate agents are not all the same
Not all real estate agents are the same
Here’s a ballpark number for you - 2 million. That’s roughly how many people in the US are licensed real estate agents. Almost everyone knows someone or other who works as an agent. However, just being licensed doesn’t ensure quality. This is because getting a real estate license isn’t particularly difficult, but being a great agent is. The trick is knowing how to identify and find the top agents vs everyone else.
Why does that matter? The top agents quantifiably get you a better deal. A good data study on this, found here (http://www.nber.org/papers/w11053), compares agent behavior when they’re selling their own home versus selling a client’s home. Agent-owned homes are on the market longer and are sold for more money. The average agent that represents a client sells faster for less money. If you are able to identify the good agent that will treat your deal as their own, you will get a better deal for yourself.
Since there are so many agents, not all are interested in getting you the best deal. Particularly for agents who view this as a short/part-time opportunity, closing on your deal can deliver a large amount of one-time cash. If they have no plans to create a long-term career in real estate, this may make sense for them. However, for your needs, you want an agent that isn’t going to try and make a quick buck off you. Agents that treat this as a long-term career are more incentivized to deliver client satisfaction. The reason is referral business for agents is more lucrative and can lead to more future business. Referrals are not going to come from clients that felt mistreated.
Our belief is that the best predictor of finding a great agent is how much emphasis they put on your needs. What’s important to you? What are you looking for? Rather than asking these questions in a perfunctory manner, the good agents will take them to heart.
How do you go about accomplishing this? Find a few prospective agents and interview them. We firmly believe this is the best approach that will help you find the agent that cares the most about your needs. From this flows a host of other desirable agent qualities (good communicator, negotiator, and often experience). Here at AgentVet, we’ve built a platform for you that does just this - we help you find and interview agents so you get the best one.