Not all agents are the same. There are a few Great ones, a few more good ones, a lot more so-so ones, and then there are others. Let's look a little closer at the characteristics of "GREAT" agents, so you can select a great one for your team. After making careful consideration and selection of the right agent to assist and serve you with your real estate transaction, turn to your agent and use him or her as the key counselor, the anchor of your sales team.

All “Agents” have the responsibility as a fiduciary to educate you, the principal (seller and/or buyer), so you'll know the difference between asking prices and fair market value, as an example. Once you learn property values, your agent helps you buy or sell your property as close as possible to its fair market value.

Great agents understand that selling is an education process. They'll completely explain every step of your transaction so you always understand what is happening.

Great agents don't make decisions for you. Instead, they'll advise you regarding your options so you can make correct decisions for yourself. As a matter of fact, unless specific power and authority is granted to the agent, the agent never makes decisions for the principal.

Great agents discuss various transaction situations in order for you to know if you should add other professionals to your sales team, such as attorneys, accountants, inspector, engineers, and others. Experts don't threaten great agents because their only concern is serving you well and helping to assure the success and appropriateness of your transaction.

Would you give a stranger your life's savings to invest? Incredible as it seems, that's exactly what you'll do if you casually select the agent to represent you in the sale or purchase of your property. It is very important in this day of tremendous competition and the horrendous volume of paper work and disclosures, that one be very deliberate, informed and comfortable when selecting the agent.

Great agents can save you thousands of dollars through their knowledge of property values, financing techniques and negotiating skills. Conversely, a less competent agent may be part of the worst financial mistake you ever make.

Here are specific questions you should ask during your agent selection process:

Is the agent working in real estate on a full-time or a part-time basis? As you wouldn't let a part-time doctor operate on you or a part-time attorney defend you, don't trust your life's savings to a part-time agent. Real estate brokerage, like other professions, is a full-time business. Some 27 years ago (1975), this writer thought he had the best of two worlds when he became licensed as a real estate agent and intended to maintain his other profession. It didn't take long to realize he could not serve two masters. The business of real estate is too complex to try to be competent and professional on a part time basis. That was before the day of disclosures, due-on-sale clauses and non-“assumabilities,” and so forth. So how important is professionalism, competency, knowledge and availability today?

Is the agent a REALTOR®? Not all people who have a real estate license are REALTORS®. An agent who is a REALTOR® is a member of the local Board of REALTORS® as well as the State and National Associations of REALTORS®. As a REALTOR®, the agent is committed to the highest standards of integrity, honor, fairness and competency in business relations, and is obligated to uphold the REALTOR®'S Code of Ethics and abide by its lofty ideals.

What is the agent's real estate experience? How many years' experience does the agent have in real estate sales in your geographic area? Information about property values and player knowledge is extremely localized. A top agent from one part of the country would be a novice in “Happy Valley” without personal knowledge of comparable sales, data, local customs, laws and regulations and personal relationships with local lenders, contractors, title company people, etc.

How successful is the agent? Find out how many sales the agent made in the last few years-- and how many listings the agent had. The norm for success will vary from area to area, depending on the kind of housing being sold. But ask the agent what the norm is for his or her area. After all, you'll be talking to several prospective agents and from their different answers should be able to get an idea of who's being honest about their record.

Get names and phone numbers of the agent's buyers and sellers. Call them regarding their experience with the agent. A great agent will be delighted to give you client references.

How well focused is the agent? The Division of Real Estate issues agents real estate licenses that permit them to sell any type of real property anywhere in the state. Perhaps this is too broad.

Great agents voluntarily restrict themselves to a very specific type and geographical area. They understand that trying to be all things to all people results in mediocre service. Advice regarding agent focus is simple: select a specialist and avoid generalists.

Does the agent have time to service you properly? Don't kid yourself. You're buying the agent's time because that's all the agent has to sell.

Doing business is much different today from yesteryear. How current and up to date is the agent with education, training and professional designation to possess the knowledge to best serve. One cannot work smarter than one has knowledge.

What is the scope of services the agent is qualified and competent to deliver? In this day of technology, the internet, sales support teams, and other service inventories, the Great agent is the manager of his or her own business system and is quite varied from the ordinary individual real estate practitioner.
The Great agent has the “know how” and “work means” to provide you with the “get it done.” So follow Shakespear’s advise: “Unto Thine Own Self Be True” and remember, your great agent as the anchor for your sales team, and continue to be part of the great real estate experience.

Author
Jim Coleman writes a weekly real estate issues column for THE DAILY SPECTRUM. He is Associate Broker at ERA Brokers Consolidated and the owner of Real Estate Specialist, the RealtyU® Affiliate in Utah.