The number of Real Estate Agents or Realtors is mind boggling. Many claim to be a Top Realtor or the # 1 Agent or an Award Winning Realtor. Many experienced Realtors truly are among the top but unfortunately Realtors faking their experience happens. Given the fact that 10% of the agents do 90% of the business, part of the 90% could have been the #1 agent (of the month in their office 2 years ago)! Before you hire a Realtor to market your home, read about Realtors Faking Track Records.
Clues Of Faking A Track Record
The agent bio section on their website will be missing key information. Those with little to no realtor experience or the underperforming realtor typically will deflect your attention. Usually there is focus toward the brokerage company’s sales record rather than their own. Don’t let the brand building of the large brokerage up sell you. After all it’s the agent you’ll be relying on for their expertise rather than the company. Other ways include:
- Emphasizes their knowledge of the area and how long they have been a resident yet the number of years in real estate is omitted.
- Emphasizes prior experience in sales or customer service yet the years of experience specifically in real estate sales is omitted.
- Most agents websites include a ‘My Listings’ link which reflect their own listings. If they have none it’s easy to mistaken the company listings as their own .
Tips To Deciphering Their Track Record During The Interview
Be savvy and interview at least 2 or 3 Realtors so you can compare their track records and personalities. Experienced Realtors usually have a minimum of 8-10 years experience and have closed 24+ transactions per year. Ask each to furnish copies of their statistics (see below) from the Multiple Listing Service (MLS) during the interview.
- Agent transaction history list (shows agents name, transaction dates, sold price and city for all years).
- Agent detailed transaction sales history in the MLS for the past 12 months (shows list price, price reduction, final sales price and ratio, days on market-DOM).
- List price to sales price ratio on all Seller listing transactions for the past 12 months (98%+ ratio, shows accuracy and negotiation strength).
- List price to sales price ratio on all transactions representing the Buyer for the past 12 months (under 98% ratio analysis shows negotiation strength).
- Minimum of 10 client testimonials including name, number and email.
- Awards, recognitions and designations (can be good indicators of an agents experience and performance).
Experienced Realtors have the ability to comprehend the market, execute the marketing plan and respond efficiently. These 3 factors directly affect the length of time a home stays on the market, which in turn affects the final sales price and the overall satisfaction of the Seller.