The best agents have 9 key skills.
Don’t hire ANY agent until you test their skills with these 9 tough questions.
The National Association of Realtors recently published a list of 184 tasks performed by real estate agents during the sale of a property... but does every agent perform every task for every property?
Definitely not. All agents are created equal... but they certainly don’t Perform equally. Only a fraction have the commitment to excellence, the passion for customer service, and the wisdom gained through experience that it takes to truly represent a home and a client.
Buyers & sellers alike often make the mistake of assuming that the possession of a real estate license is proof that an agent is trained to do their job well, but it’s a poorly-kept secret that there is no training involved when seeking a license – merely a test. And a test that’s primarily concerned with real estate law, not day-to-day practice.
Sifting through the throngs of real estate agents vying for your attention with splashy ads and Photoshopped teeth can be overwhelming... but once you learn the nine basic skills every agent should possess – and the nine questions that will reveal their actual competence – you’ll be well on your way to finding an advocate who’s as committed to your goals as you are.
- EXPERIENCE Ask: “How long have you been a real estate agent? Can you show me a list of past sales and/or related statistics?” Don’t be afraid to dig deep. Experience in any business is a strong indicator of future performance, and a truly good agent won’t ever shy away from disclosing their history of success.
- MARKETING PHILOSOPHY Ask: “What’s your marketing philosophy, and how will it specifically apply to my home? Real estate agents are salespeople, and Sales is just a fancy word for Marketing. Good marketing puts more money in your pocket faster, and poor marketing may put no money in your pocket... ever. Listen carefully to their response to this question, and go with your gut. Is the agent speaking in generalities (fluff) or specifics? Are they bragging about how many eyes will see your home, or are they focused on putting the right eyes on your home? And have they mentioned social media at all?
- WILLINGNESS TO INVEST Ask: “How much do you think you’ll be spending to market my property? Are you willing to spend more if interest remains low? Is there a limit to how much you’re willing to invest in this sale?” If an agent isn’t able – and willing – to spend money on your home’s behalf, rest assured that you’ll be footing the bill through fewer and lower offers. Finding higher offers means finding every buyer... and finding every buyer means spending money.
- HOME PREPARATION EXPERIENCE Ask: “What changes do you think should be made to my home in order to increase its sale price? Tell me how changes you’ve suggested in previous sales have resulted in higher offers.” Like it or not, it’s HGTV’s world.. and we’re just living (and selling) in it. Buyers expect more and more from the homes they buy as time goes on; does your agent have a plan to deal with high buyer expectations, and are they prepared to convince buyers who lack vision that your home is still worth its asking price?
- SALESMANSHIP Ask: “What does selling my home look like in your day-to-day life? How long have you been selling homes... and what was your career before real estate?” The word “sales” often conjures up images of car salesmen in ill-fitting suits flailing their arms, never shutting up, doing parking lot math on napkins and dropping phrases like “I’ll see what my manager says.” And yes, sometimes real estate agents fit this description as well, sadly. But selling isn’t talking; selling is showing. It’s asking questions. It’s about finding a good match. And it should never have anything to do with forcing someone to buy something they don’t want; especially since the highest offers come from buyers who actually want your home.
- NEGOTIATION Ask: “How many deals have you negotiated? What will you tell a buyer’s agent when they ask if your seller is flexible on price?” Negotiation is an art, not a science. Sure, you can read about negotiating tactics and strategies, but the skill is fundamentally situational in nature; it’s about reading the room, knowing the right questions – and follow-up questions – to ask, knowing how to respond to different personalities, and above all, gathering information that can be used to push offers higher. None of these skills are easily practiced outside of real-world settings, but mastering them can be the difference between a below-asking offer or an above-asking one... or between an offer or no offer. Want to learn more? Watch this video titled, "The Seven Negotiation Mistakes Agents Make that Cost Sellers a Fortune"
- TREND SPOTTING Ask: “Where do you see the market going, and how will it affect me and my home? What methods to you use to keep up on market trends, and can you share any specific data to back up your market predictions? The real estate market is in a state of constant flux; it’s either headed up or down. Depending on the pace of its rise or fall, your bottom line can be dramatically affected. Learning how your agent handles and foresees trends can help you save – or make – money when buying or selling a home.
- MANAGING COMPLEX PROCESSES Ask: “Do you have a team, and if so, what are their specific roles? How long have they been part of your team?” Real estate transactions have dozens of moving parts... and as noted earlier, good agents have 184 individual tasks to perform for each sale. Now multiply those responsibilities by the number of clients your agent is currently representing, and you’ll understand that buying and selling homes without a trusted, experienced team is virtually impossible. Who’s answering the phone while your agent shows a buyer to 6 homes in a row? If another client’s transaction becomes complicated, will the level of service provided to you suffer? The only agents to work alone are those seeking to control expenses, but this philosophy can cost their clients thousands of dollars when critical points are overlooked or forgotten.
- POST-CLOSING RESOURCES Ask: “Who do you know that can ________________?” Most agents believe their job is over once they have their commission check in hand. However, a good agent remains a valuable resource to their clients long after the deal is done; they should be able to recommend repair companies, contractors, sub-contractors, investment advice, real estate trends, and any other resources needed. Is your agent willing to remain your agent once they’re not paid to be? And how responsive will they be to your questions and concerns in a year, two, or five?
Ed Kaminsky is a leading real agent with over 34 years of experience and has helped thousands of clients navigate multiple market trends, from recessions and crashes to boom markets. He is the founder of SportStar Relocation, a company dedicated to athletes and their real estate and relocation needs, an owner of Strand Hill Christies International, a global real estate company, founder of Procure, a division of the Kaminsky Real Estate group dedicated to the medical community and guiding them in real estate acquisitions, sales and investment. Ed serves on the Friendship Foundation board, which was formed to serve special need children and young adults in developing friends and life skills.
Ed Kaminsky 310-307-2224 • ek@itzsold.com • itzsold.com
440 Pacific Coast Highway, Hermosa Beach, CA 90254 CalBRE# 00958113