Current Article

Working with a RE Broker

by Jon Richards

Make up your mind at the beginning of your search for good real estate deals that there is absolutely nothing to gain by shifting the big burden of finding your property onto the shoulders of only one broker – no matter how good he or she is. Remember that if this broker is really any good he is already extremely busy. Also, any seasoned broker knows he must stick with the property, rather than with the buyer. Finally, most brokers and agents are not very good at finding you the best properties. They are in this business only for the commissions, not for the good will of their clients. If you trust a broker you are not a sophisticated buyer.

So you must depend on many brokers, just as the broker knows he can safely depend only on many buyers.

You don’t need to be over-choosy about selecting a broker after all the broker does not charge you, the buyer. And you never know who the lucky broker is going to be who will just happening to have the listing on the very property you want to buy. On the other hand, common sense would dictate that you spend the greater portion of your time with brokers who have a high caliber background and training plus adequate experience in the area in which you are looking. I have found that it is best to work with a broker who has about three years experience. He has the knowledge to help you, and is not experienced enough to compete with you for properties:

You can tell a lot about the broker’s integrity and ability from the way their ad reads, the way you are handled on the telephone or in the office. Drop the agent fast if:

1. They have practically no listings.

2. The listing is obviously overpriced, indicating either ignorance or lack of honesty with the seller, when they took the listing.

3. They have mostly multiple listing or co-broker listings to show you. Often the seasoned brokers put only their overpriced properties on multiple listing. Few brokers will share a “hot” listing by putting it on multiple listing.

4. They are obviously more interested in high-pressuring you into buying what they have, rather than trying to find what you really need.

Stay with the broker who gets most of their business by referral rather than by high-powered promotions. The promoters depend on volume and turnover, rather than rendering service to you.

So, the best broker is experienced, but not too experienced; has their own listings; and above all is willing to listen to you and your needs.

Trackback URL

Post a Comment