What should I expect from my RE Agent ? - Posted by MV

Posted by John Merchant on July 11, 2005 at 10:25:20:

As his broker actually is the owner of that listing, call him and tell him your complaints…and that you’re thinking seriously of canceling your listing and finding some other agent who cares.

Agents’ duties can be found in your state’s RE Commission regulations, probably online.

If the agent is Realtor ™ or MLS member, those organizations impose extra duties which are spelled out in great detail and which you can see by finding their websites…and a call to local Realt Estate A**sociation or MLS office will get you their sites and resources.

What should I expect from my RE Agent ? - Posted by MV

Posted by MV on July 11, 2005 at 10:11:27:

I have my very first property listed with a RE Agent and I’m not sure what to expect from the agent. He doesn’t call me with updates very often and he even had the wrong information about the building on the advertisement at one time. I did get them to lower their commission to 5%.

How do I know if he’s working hard enough? What should I expect him to be doing? I’ve never sold a piece of investment property before as this is my first one, so I’m uncertain as to what expectations I should have of the agent.

Re: What should I expect from my RE Agent ? - Posted by Cronk

Posted by Cronk on July 11, 2005 at 14:55:01:

Should of posted prior to lisitng. Good interview of a few agents and companies would of answered your questions and clearly established the right broker. Also at that interview you should of got a pretty good idea of market time. So relax with good showing updates, open house results, and buyer/agent feed back on price, staging, etc. If you don’t get those results, sit down and have another meeting with your agent. Still not happy the broker involment could help or terminate the listing IF TRULY NOT DOING THE JOB. KC

Re: What should I expect from my RE Agent ? - Posted by brian, ut

Posted by brian, ut on July 11, 2005 at 12:15:00:

What do you expect of your real estate agent? To hold your hand? To call you every hour on the hour on the hour with an update? Is it a single family home, a duplex, what? Congradulations, you got them to take a 5% commission, what did that accomplish? 80% of sales are cooperative, meaning another agent other than the listing agent will bring the buyer and what does that agent get, usually half the commission and in this case thats 2.5% instead of 3%, so you managed to give 2 agents a 17% pay cut. I’m sure they will come flocking to your door.

If you want to be in control of things then selling it yourself might be and option, you could still offer agents with a buyer their normal %. Just put broker co-op on your for sale sign and you would know everything that is going on. If your property is vacant, an extra month or so on the market will normally wipe out that 1% you saved in commission. The listing agents goal is two-fold (1) to find a buyer himself, but only 4% of homes on the mls are sold directly from signs, ads, or open houses, that means 96% are sold to a Buyer obtained from another source. (2) to get other agents to show his listing instead of someone elses. that is where most of his effort will go and it is something that isn’t visible to the seller.

I don’t know what city your in but generally the listing agents goal is to get an acceptable amount of showings, if things are right the property will sell, if not, somethings wrong, the property is priced too high or its being used to condition buyer prospects for other properties. In one case, I had a tenant that didn’t want to move and when an agent showed it to a buyer prospect the tenant would slip the buyer a note for them to call her later whereupon she would tell them great tales of how horrible the property was and the mean landlord wouldn’t let them out of their lease until the property is sold but she felt it was her duty to save the buyers and she would hold out until her lease was up. She neglected to tell them she was on a month to month and had lived there for 5 years.

Anyway, back to the subject. Ask the agent for a copy of listing as shown on the mls. Review it to see if everything is correct and take special note of what is being offered to another agent to sell it, if it isn’t 3%, or whatever is the norm for your area, you need to have a frank discussion with your agent, secondly he should advise you every week of the number of showings and any comments the showing agents had, no matter what they were. Of course, there is much, much, more but I will end up writting a book if I went on.

Re: What should I expect from my RE Agent ? - Posted by KPC

Posted by KPC on July 11, 2005 at 11:53:27:

We all learn as we go along. Next time, find out what the agent will do, make a list, hold them to it. You are comparison shopping for the best agent for you. Do not fall into a real estate office and do business with whoever happens to be on duty.

Meet with your agent, by appointment, to talk about what is being done and why. Not calling you and an error on an ad are not that big a deal if the big picture is good. Rather have them call prospective buyers than call me. They do need to call you with feedback from prospective purchasers that would help you in selling the property. Don’t ask a good agent to hold your hand. No need to be confrontational with your agent. They are on your side.