“Real estate agents” is the thing that comes to mind when you think of purchasing a home. But have you considered the rate at which a real estate agent is successful, which of course, depends on numerous factors?
Surprisingly, it is not just the age, physical appearance, or the type of city you live in that affects the success rate of an agent. To better understand the success rate of real estate agents and how you can avoid buyers agents altogether, here are some of the factors that determine an agent’s success.
Location: The location of the home will drastically affect the rate at which a real estate agent is successful. Suppose you happen to live in a smart city in a big metropolitan area such as Los Angeles or San Francisco. In that case, your agent has plenty of resources to show you the best possible home for your particular budget. However, if you live in a rough part of town where a developer is attempting to bust out a dream house that a new generation of buyers demands, then a few cold concrete walls with a ventilating duct on the roof is the last thing you want to hear.
Selling Price: If your home is the stuff of dreams, but it only reaches around $1 million in value, then a real estate agent who specializes in your area has a much greater chance of earning your confidence and buying the home for you. However, if you’re looking for a home in New York City for an alimony payment, then be prepared to fork over about three times the price of your dream home.
Privacy: The sale of your home is often the most stressful point in any transaction, so ensuring you keep your home an exclusive source of light and privacy for your family is absolutely critical. If you plan on giving the agents access to your home for any reason, you may want to look for an agent specializing in such areas.
Withholding income: Agents that deal with a wide range of properties in multiple cities all may try to milk the system to make a quick buck and be ready to sell a home at a discounted price if they can. On the other hand, agents that work with one or two residential properties are a safer bet for helping you achieve your end goal.
Typical household income: An agent who works primarily with people who make the same amount of money as an accountant may be the best option for you. It’s easy to identify the agents that focus on high-paying jobs and those that do not.
Your financial situation: Understandably, homeowners tend to be conservative when buying a home, but the most successful agents always have some other financial cushion. Sometimes, the best people to find a real estate agent are those who can use a little help with their budget. For example, some would love the option of buying a fixer-upper but are afraid to spend the money on it. Then other people are hoping to purchase a larger house but are unsure about making a sizeable down payment. Agents who manage to persuade you that you can still buy that bigger house with a decent down payment will be your best bet.
Security of payment: Buying a home is one of the most stressful and exciting things that you will do in your life. But if you take the wrong steps to buy the house, you can ultimately be charged with fraud. If you think that the real estate agent you hired is not as competent or aggressive as you hope, consider seeing if you can get to work out an arrangement with them independently of your transactions. Also, when deciding on an agent, think about whether they work with an average or good seller. Some agents who want to make more considerable money may encourage you to push your hard-working real estate agent to sell your home for a significantly higher price than what the actual market is asking.
Author: Delroy A. Whyte-Hall, the real estate copywriter at Whyte-Hall Communications, LLC.