You want a professional Realtor® to represent you, but there are thousands out there. Part-time agents and full-time agents flood the market. Among established, working Realtors®, there is a general consensus as to what makes a professional agent and what to watch out for. Here are the top 5 things a professional real estate agent would never do:
5. Cut Commission:
If your agent can be out-negotiated when it comes to his livelihood, would you want him to represent you in negotiating one of the most expensive transactions you’ll ever face? Marketing a property is expensive and comes with a significant amount of legality and liability. Brochures, mailers, online advertising, web pages and other potential extras cost several thousand dollars, which comes out of our pocket as part of our service. To serve clients the correct way, agents invest a significant amount of responsibility, liability, money, time and coordination. It’s a much bigger task than people realize. Our compensation reflects the job we do, so a professional Realtor® would not discount his commission.
4. Bait & Switch:
Telling potential clients that their home is worth a value the agent knows is too high, is an unethical method of getting a listing. For example, a home’s realistic market value is between $800 and $850k. In the initial interview or listing presentation, the agent tells the owner he can sell the home for $950k in order to get the listing. Despite knowing how unlikely this is, the agent signs the listing agreement with the Seller with the intent of convincing the Seller to lower the price to a realistic number after a couple of weeks. A professional Realtor® would never do this.
3. Be Omniscient:
Real estate is an exciting industry, full of changing variables and possibilities. Anything can and will happen. Since Realtors® are in a position to advise clients, it’s important that this advice be sound and well-informed. Even the most seasoned agent has experienced unusual circumstances or uncommon turns of events. In these instances, agents confer with their Broker, coworkers and potentially legal counsel, to come up with a plan of action and the correct advisement for their client(s). A professional Realtor® is knowledgeable and capable, and will give competent advisement at all times.
2. Be Deceptive:
Realtors® must abide by a strict Code of Ethics, outlined by the National Association of Realtors. There are 17 articles within this Code that outline how a Realtor® is to conduct business in relation to his clients, to the public and to fellow Realtors®. The Grievance Committee holds accountable those who violate the Code. The difference between a Realtor@ and an agent, is membership in the National Association of Realtors as well as their local state Association. All Realtors® are agents, but not all agents are Realtors®. A professional Realtor® would never be deceptive.
1. Place His Best Interests Over Yours:
Your agent has a fiduciary responsibility to keep your best interests in mind before his own. A professional agent would never give you biased advice to serve himself. When in the trenches of a deal and red flags pop-up, your agent should do all he can to problem solve. Sometimes, the best course of action is to cancel the escrow. It’s tough when a well-earned paycheck disappears into thin air because of a cancelled deal, but that’s a part of our job. The Realtor® always works in the client’s best interest, even when his compensation is at risk.
Cal BRE Lic #01943064
John Aaroe Group