This article made me laugh – because yes – being a Realtor is part mystery, part tough negotiator. I thought this was a nice article to share since a few of you are curious, a few want to be Realtors and a few just need to know. Of course I added my two cents in bold italics.
8 Things Your Realtor Does Behind Your Back
Have you ever wondered what on Earth your real estate agent is doing behind your back?
No, we don’t mean anything underhanded, naughty, or downright felonious—far from it, in fact. So relax. What we’re talking about is a mystery: In the sometimes confusing, occasionally hectic, and always stressful world of buying and selling, what are your agents really doing behind the scenes?
We’re here to shed some light! For every hour an agent spends in your presence, he or she will spend an average of nine hours out of eyesight working on your behalf. Why? Because agents don’t get paid if they don’t close the deal! Unlike lawyers who bill by the hour, agents won’t receive a penny until (or unless) a sale comes through. It’s all a gamble, in which they could shoot snake eyes and come away empty-handed. This is the business.
So if you’re wondering what that 6% commission is actually going toward, we’ve compiled a list of things agents do when you’re not watching (or should be doing—if they’re not, maybe you need a different agent!).
They shop property online
Don’t we all? And yet, their real estate research goes beyond oohing and ahhing over a few photos on a Saturday night. Darbi McGlone, a Realtor® with Jim Talbot Realty in Baton Rouge, LA, estimates she spends about two hours each day researching potential properties.
“This could include looking up flood zones, previewing the homes for out-of-state clients, or any number of specific things,” she says.
Plus, listings come and go fast in the real estate world, so agents need to check their multiple listing service database constantly, or else they’ll miss out. Sometimes the process of matching up properties with clients can take a very long time.
“I have a client who wants a Mid-Century Modern house in Carlsbad, but there aren’t many there,” says Rachel Collins Friedman, a Realtor with Sotheby’s International Realty in San Diego, CA. That means that she’s been searching the database regularly for that particular kind of property for three years (here’s hoping all that patience pays off).
This my friends is what takes up all our time. And we are doing it at midnight and 5 AM too. When we hunt for a home for our clients, we get just as excited and absorbed. We share in the frustrations and excitement too. Wouldn’t trade it for the world.
They go prospecting
Of course, there’s nothing like seeing a house in all its brick-and-mortar glory, which is why most Realtors worth their salt spend tons of time driving around checking out new listings. In Friedman’s San Diego area, they call it “caravan day.”
“It’s a good way to preview properties, and it’s a good time to network with other agents and talk up your listing,” she says.
In San Mateo County – Tuesday is Tour Day. It might just be my favorite day of the week, since I Love Love LOVE looking at homes.
They attend pitch sessions
Agents don’t spend all their time sizing up homes. According to Friedman, they also spend tons of face time with other pros at pitch sessions—gatherings of local agents at cafes where they swap listing info in order to spread the word about your property if you’re selling, or to find the house that checks every box on your wish list if you’re buying.
Networking is a huge part of being a Realtor. And these days, with so many pocket and off market listings – you’ve got to rub elbow!
They spend their own money on marketing
In addition to not getting paid until a deal is done, selling agents also spend their own money on marketing: magazine and newspaper ads, fliers, hiring a photographer, glossy prints, and premium placements on listing sites.
“Agents can spend thousands marketing a property,” says Friedman.
Yes, yes we do. We spend money even when we don’t make money. But savvy agents, myself included – know where to get the most bang for our bucks.
They write up offers and counteroffers
Offers and counteroffers are an extremely important part of the transaction, as they can save or net you thousands of dollars on a sale. Yet getting to the right price requires written offers and counteroffers every step of the way.
“It’s time-consuming to be writing them up, explaining to the client how to counteroffer and the ways to do so, and just keeping track of it all,” Friedman says.
Just so you know – it takes us about 8 hours to write a complete and thorough offer – and that includes ALL the disclosure signed with the offer. The offer itself is a cinch to write up – well The Caton Team has written thousands of offers in our over 30 years of combined real estate experience. But what sets our offers apart – is the signed disclosures package. So not only do we read those millions of documents, we also make sure our clients have read and signed it too.
They stick around for inspections
You might not be present when it’s inspection time, but a good agent will be. This gives the agent an immediate knowledge of what’s going on. Anything from termites to an iffy foundation can be relayed to the buyer immediately, according to Friedman. McGlone estimates inspections take roughly two hours.
Oh yes. Inspection time is most important – especially when your client cannot take the time off work. The Caton Team is present during inspections, with our questions outlined and ready to observe.
They smooth bumps in the road
Not every sale goes smoothly—buyers and sellers get difficult all the time—but good agents try to shield their clients from the high drama unless there’s a reason to fill them in.
“It’s called putting out fires,” says McGlone. “It’s just fixing issues that a lot of times buyers and sellers never needed to be made aware of.”
They keep you calm when the pressure’s on
Good agents don’t just hand you a house. They can also act as a therapist, making your sale much less stressful.
“People get emotional. You have to be a problem-solver and keep a positive approach and come up with a positive solution,” Friedman says. “It might not take a lot of time, but it takes emotional energy.”
Tell that to your therapist.
Yes, we will stand by you through it all! What can The Caton Team do for you?
I read this article at: http://www.realtor.com/advice/buy/what-realtors-do-to-earn-commission/?identityID=9851214&MID=2016_01_MonthlyNewsletter-ctl&RID=353497822&cid=eml-2016-01-MonthlyNL-sub4_realtorisupto-blogs_buy
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The Caton Team – Susan & Sabrina – A Family of Realtors
Berkshire Hathaway HomeServices – Drysdale Properties
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