"If You Think Hiring a Professional Is Expensive...

...wait till you hire an amateur." - Red Adair

Being a professional Real Estate Agent is not a Las Vegas vacation, having fun in the sun while you rake in the money. It's hard mental and physical work, especially in today's market. The best of us keep ourselves educated and knowledgeable in our local market trends and best practices. We give our best professional opinions on realistic pricing and then take a beating from some sellers with preconceived notions of home values that are grossly overestimated in today's market. We serve as the middleman for buyers who unintentionally insult or frustrate sellers with their lowball offers. We support our sellers and buyers in fights with lenders in long, drawn-out short sale situations. We put our money where our mouth is, promoting properties using our own cash and then hoping for the best. It's definitely not a get-rich-quick profession.

Realtors are, in effect, gamblers. They take a listing and place a bet that the time and money they spend on promoting the property will bring in winnings; or they take on a buyer and gamble with their time and fuel that, eventually, that buyer will purchase a property. Some agents are timid or close-fisted and refuse to place much of a bet; they don't share (or don't have much) real estate advice with their sellers, and their listings don't get marketed anywhere but the MLS. Other bigger-picture or knowledgeable Realtors can spend a fortune in time - educating their sellers or buyers; and in cash - on hours of driving to showings or for online and print advertising, trying to capture not only fellow agents' attention but buyers searching for themselves. It's a delicate balance of knowing when to hold and when to fold.

Oftimes the big gambles pay off: The agents pour out blood, sweat, tears, and all their market knowledge and experience to their sellers or buyers; the transaction happens, and the Realtors get their commissions. But many times, those same Realtors get zilch return on their bet.

Every time a Realtor enters into an agreement with a buyer or a seller, it's a gamble he or she may lose.

I recently withdrew the listing to the last home in a small development that had slowly been going under, home by home, to foreclosure - homes I had been marketing and trying to sell for 2 years. The retired gentleman who originally conceived of and starting building the subdivision had unfortunately done so just as the real estate bubble burst in 2008. He put everything into the project and has watched his dreams and cash die away, month by month. We had finally - after months and months - gotten a short sale offer approved on the final home he had left, only to discover that there were so many liens against him that this one home would never get through closing.

I spent 2 years of effort and thousands of dollars putting these homes in front of consumers and other agents. They've appeared on hundreds of Websites, in TV advertising, in mailers and magazine ads and marketing newsletters. As with most agents, I got nothing up front to help pay for this exposure. And I get nothing now that they've all been foreclosed on and the contracts are dead. It's a gamble I lost.

On the flip side of the coin, one of my Team's Buyer Agents has spent months showing properties to a potential buyer, who is obviously not impatient to buy. She's spent not only days and days of her time but also a lot of fuel driving to showings. Luckily for her, the buyer finally found the home he wants. Her gamble is finally paying off.

And so the story goes. It's a story that's being played out in every city and state in this country, by Realtors everywhere.

So when you are ready to buy or sell a home, remember that Realtors are licensed professionals, and you're hiring them for their knowledge and service. We're not out to hoodwink you, cheat you, or take advantage of you. We are educated and trained to represent you in a real estate transaction.

Some Realtors are better trained and educated than others. Some are more willing to place a bigger bet than others. Just like hiring any professional - doctor, inspector, or tax preparer - do your homework and get the right agent for your needs. Then trust him or her and the professional advice they bring. It's definitely worth the gamble.

Yours in smiles  : )
Abbey

Posted at 10:37AM Jun 24, 2011 by Abbey Turner in Real Estate  |  Comments[0]