The Importance Of Choosing The Right Agent

The Importance Of Choosing The Right Agent

We are all aware that choices have consequences, however, there are times when you simply must get things right the first time to avoid very painful, costly lessons that almost always ensue when you try to take the path of least resistance. It’s no different with real estate and we’re going to give you some insight and sage advice on avoiding the pitfalls of bad agency. As the saying goes…

The best investment on Earth is earth - Louis Glickman

Anyone can get a real estate license given the right circumstances, some cash and a working phone number, but not all agents are equal. First, some of us take it one step higher and join The National Association of Realtors. We are held to a higher ethical standard than your average agent which is crucial. Secondly, just because Aunt Jenny has a license doesn’t mean they’re automatically capable. Yes, the market is hot, but can Jenny carry out the deal? As an agent, you must be adept at the art of negotiation and on the fly problem solving, and that means 24/7. You must interview your potential agent and not be afraid to end your association with them if they cannot perform. I’m going to explain a few situations that have occurred during my time as a Realtor. 

Non Disclosure and Potential Litigation

I worked on one transaction where the agent failed to disclose that they were a relative of the seller, which is real estate agent 101 and a huge violation. You learn from day one in school that you must disclose always, if you are a relative of your client. The laws of agency are strict and straight forward.That was only the beginning, because my client did not win that bid but was placed in a backup offer position. That agent then sent a signed around offer as if my client were in first position. If I was a lesser agent or one that wanted to push the issue, the selling agent would have been in a lot of trouble both legally, professionally and could have cost her clients money in extensive litigation, as both are considered a binding contract. I took the high road and called that agent explaining the situation very gently. The same agent also calculated the escalation clause backwards, thus making the offered bid less which would have cost her client, again. 

There Can Only Be One Contract At A Time

This sale was already stressful enough as it was. My buyer’s needed a larger home because they had custody of their grandchild in a tiny apartment. They were under contract and at the last minute, their lender completely botched the loan and basically walked away. The seller’s agent knew we were in a bind and even emailed me that the seller’s were considering renting to my clients in order to allow a few more weeks to secure the loan. She then ghosted us shortly after that offer. Lo and behold, I see that the home that my desperate clients had under contract, was under contract to another party and our contract that was very binding, was still in force and the escrow money had not been released. That’s a career killer and another glaring violation that could have had long lasting repercussions for that agent. I am not that agent that will get another agent in trouble or quick to report. I believe in at least giving the other agent a heads up as to what the issue is. Taking food out of people’s mouths is a Karma killer, so we moved on. Luckily, we found a terrific lender and an even nicer, bigger home for about the same amount and it closed smoothly with no surprises. Prayer and strategy go hand in hand for my team along with the Golden Rule. Whatever you put out in the Universe, comes back to you whether good or bad, so do the right thing always.

Selecting Your Agent and The Hiring Process

If you have nobody that you’ve hired before or are just starting out in the home buying process, you have a few choices. You can ask family and friends who they have worked with before. Make sure you find out they actually hired and have gone through a home sale or purchase transaction. Remember what I said about Aunt Jenny. Just because she’s a relative, doesn’t mean they’re qualified. There’s also the matter of personality. Sometimes people just don’t mesh well for whatever reason, so be prepared to move on if you feel you just don’t see eye to eye or you get a funny feeling. Interviewing the potential agent is crucial. Ask them what services they offer to their clients, how they would handle your transaction and if they can get you to the finish line once your offer is accepted. Are they part of a bigger team or do they have the support and guidance of senior brokers. Ask them which Brokerage they work for, then google reviews of that brokerage. Check out reviews for the agent you interview as well. If they are new, don’t discount them just yet. You’ll know if they have the temperament, knowledge and intelligence to deliver the goods, so to speak, after you interview them and do they have a good support system behind them. Is your agent responsive when you call or text? These are very important things you must do to secure a great agent and make for a pleasant experience for all involved. 

Amy Maiello

The Amy Group at EXP Realty