Choose a good Broker and Save BIG$$$Sep 18 '00 (Updated Jan 22 '01) Write an essay on this topic.
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The Bottom Line The Bottom Line is: Deal directly with the Owner/Broker of a real estate agency. It's an almost sure fire guarantee that you'll receive high caliber representation.
As a real estate broker, M.B.A. and owner of a real estate firm with 25 years of experience and hard knocks in the business, the single most important bit of advice that I can offer to the public is: Choose a good Broker to represent your interests when purchasing real estate and you'll save BIG DOLLARS!!! Finding a good Broker to work for your interests is not as easy or simple as it sounds. First, a really good Broker is in high demand for his/her services and time, so, in order to convince someone of this caliber to work for you, you'll first have to convince them that you intend to work exclusively with them forsaking all other agents or for sale by owners and that you intend to rely on him/her to be your sole guiding light through the real estate jungle. The reason for this is that the odds of any real estate agent earning a sales commission as a result of representing a single purchaser are quite slim as compared to the chances of earning a fee while representing a seller with an exclusive right to sell listing contract. A prospective purchaser can: 1)purchase a for sale by owner 2) Purchase a home from another agent or agency 3) Decide to put off purchasing all together, which in every case means that the agent most likely wasted a lot of time, energy and money for zero dollars. An experienced broker would not allow him/herself to get into this type of situation. So, as you can see, unless you find a beginner sales agent, it's pretty hard to get really good representation. The turnover rate in the real estate business is extremely high and if you do happen to encounter a good Broker with a list of solid credentials that most likely will include a college degree and or graduate level education, consider yourself lucky and stick by them like glue! You'll be the winner! Unfortunately, the real estate business is overpopulated with retirees, bored housewives, firemen, teachers, et. al., who attempt to pass themselves off as real estate superstars but in reality probably list or sell one or two properties a year. The majority of real estate agents you'll encounter are just playing in the business, i.e., they consider being a real estate agent as something to do while the kids are at school and hubby is at work. In general, they don't depend on their income from the real estate business as a means of support. Every once in a while lightning will strike and they'll make enough to pay their fees and dues for the year. As a rule only 10% of all of the real estate practitioners do 90% of the business!! Folks, that means that 90% of all agents that you'll encounter out there are phony baloney! It's really up to the individual to sort through all of the B.S. in the real estate industry in order to find someone who'll represent them properly. My best advice and an almost sure fire guarantee is to deal directly with a real estate broker/owner of a real estate agency who has a strong background in the real estate business, solid credentials and an excellent reputation. That is not to say that you won't find a really good sales agent here or there, but the odds are really in your favor if you follow my suggestion. High levels of classified advertising and an over abundance of yard signs are not a good indicator of quality or level of service. If that were the case, well, then we'd all go to McDonalds or Burger King for a gourmet meal, purchase our fine jewelry at Walmart and buy our luxury cars at the local Ford dealer. You'll most likely have to hunt these people down because they are most likely very, very busy, but in the end, you'll be the benefactor. As a general rule, a really good Broker can negotiate a much better deal for you than you can yourself, especially when negotiating with other agents or for sale by owners and that's inclusive of the fee!  |
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