Be A Better Agent

6 CHARACTERISTICS OF A COMPETENT REAL ESTATE AGENT

Posted on 12/14/2021 by Team CHR

Undoubtedly, the brokerage industry has an issue with competence when it comes to real estate agents. Low barriers to entry allow almost anyone to be licensed in 30 days with less than $1,000 out of pocket. While many others talk about the problem, very little is done about it.

  • Competence, however, is the key to providing great value.
  • Competence is what gets a seller the most net money in her pocket.
  • Competence is what gets a screaming deal for a buyer.
  • Competence is what ensures a safer transaction without post-closing drama or surprises.

A truly competent agent provides value in excess of the fee charged to the consumer.

Competence is the true disruptor in real estate. Become a truly competent professional and your future in this business is assured. Here are some characteristics of competent agents:

1. PRICING WIZARDS

We teach a class on pricing properties. As part of this class, we survey agents before the class begins on the amount of time they spend pricing a property before putting it on the market. The average time? 10 minutes! Let’s just call this what it is: malpractice. A skilled agent will spend several hours studying trends and doing in-depth analysis on specific comps to make sure a seller can squeeze every dollar out of a sale.

2. STAGING ADVOCATES

The competent agent will advise sellers on the many ways the show-ability of a property can be improved. From no-cost and low-cost strategies to full-fledged remodeling, the agent will show the seller what is possible. A client might not choose to do all or any of the recommended items, but they’ll do so with full knowledge of the money they are leaving on the table by failing to optimize their property’s appeal.

3. MARKETING GURUS

From professional photos to compelling copy, good agents know they can get a higher price for a seller by maximizing the presentation of the property on public portals and on the MLS.

4. NEGOTIATING MASTERS

Well-honed negotiating skills are an under appreciated opportunity for agents to put more money in a client’s pocket. A competent agent has mastered the special type of negotiating required in real estate transactions, which is less aggressive and more ninja-like than other types of negotiating. Getting small improvements in price, terms, closing dates and contingencies adds up to a big bottom-line improvement for clients.

5. CONTRACT EXPERTS

An agent can’t be competent if he does not understand the contract in-depth. Contract knowledge allows an agent to know when to let things slide and when it is important to press for changes. Additional provisions are a specific area where potential pitfalls can be created by sloppy language and the competent agent won’t let those things go without getting the needed modifications.

6. BE A CONSULTANT

The professional agent has stopped selling and has started consulting. She is skilled at ferreting out what a client is trying to accomplish and coming up with a plan to get the clients to their objectives. Expectations are set and the whole project of buying or selling is skillfully managed. Proactive communication with the client is another trait of a competent agent. Perhaps surprisingly, a really good agent advises certain prospective clients that it is not in their best interest to sell or buy at the moment.

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