Page 34

Loading...
Tips: Click on articles from page
Page 34 168 viewsPrint | Download
Stick with a qualified Realtor

Last week there was a typographical error. Mine! My article depicted 83 ZIP codes and the math was wrong in one paragraph. My apologies. The correct number was 46 that were lower or unchanged, not 47.

Now on to another topic. Let’s look at real estate licensees, professional Realtors and just those who want to be real estate agents.

OK, Tom, what is the difference? As many of you know, there are many licensees who have little to no experience in representation. By that I mean they are either new to the field and lack proper training, they are lacking self-motivation or allow distractions to overcome follow through and therefore create some difficulty in an already difficult time.

This does not mean that they are meaning to be difficult, but the fact is there are part-time and there are full-time brokers. It takes practice, and it takes a full-time commitment to become respected in this field. A license gives a person the right to work in many real estate-related categories, such as mortgages, commercial, residential and investment property resales, property management and new homes sales. But there is a misunderstanding of what qualifications each may have or need to succeed in this competitive marketplace. I have seen the difference and can attest to the difficulty it can create.

In fact, every associate may believe they are qualified to do all of the above but few have the qualifications to represent all of the categories. In difficult markets, mortgage brokers attempt to sell residential real estate.

Real estate agents attempt to do mortgages, commercial brokers try residential and residential attempt to sell commercial. It’s a panic attack for professionals, who have devoted their life to doing the best they can in one field, but as I said few are qualified to do all.

When I end my articles with seek a professional’s advice I am referring to finding the right person who is qualified in that field.

Why the article on this? As I have traveled and represented consumers, brokers and agents both as a manager and a senior leader of top real estate company’s I have listened to their frustration. I now write for the Daily Pilot, and I get calls regarding my comments to seek professional assistance. Let me share some of the anxiety shared with me regarding this market and the frustration real estate associates go through to assist consumers.

Consumers are really not the problem since they are the customer, and we are taught that the customer is always right. Right?

Some may disagree but that is the professional way to assist our clients and find ways to seek out the best way to represent their interest without making their issues seem troublesome. So if that is the professional way to act then what is the problem to which I am referring?

Many licensees are not trained properly to act in accordance with the code of ethics we strive to maintain. And some of the mistakes are due to choosing an agent who has little understanding of a very detailed business. The comparison is: I wouldn’t go to a knee surgeon to have brain surgery. Probably a bad comparison but you get the picture. Choose wisely!

As an example, as stated above, most transactions are engaged by agents in the best possible representation of each client’s wishes. How that is delivered to the associate agent can be the death of a transaction or the success of one. Commercial brokers represent differently than residential and so on. The most common complaint is the lack of “time is of the essence” to come to an agreement.

Just showing property can be difficult because some licensees are complacent, and it interferes with their daily routine, therefore delaying access to a property and, in turn, a potential sale. Many of these comments come to me, and I thought it time to clarify who and what to look for when seeking advice. There are many well-qualified and successful associates in each area. Interview them, ask good questions and qualify their ability. If they are new and you are OK with their being freshly licensed, ask that they be coached by their broker.

Just to clarify that every associate (even me) was new at some time in their career. But I see many who have little knowledge of real estate fundamentals, contracts and sales and are vastly deficient in their passion to learn. This is not a game, nor a part-time adventure. It is a serious business and needs those who are devoted to their craft to benefit from their investment of time and education.

So in closing, when I suggest you seek professional assistance, I am referring to seeking the qualification of someone who has the knowledge, passion and devotion to this business as a full-time Realtor and broker.

Thank you for your comments and questions. I have been a broker for many years, and I can attest from the street level that these conditions exist and I hope that you the professional act accordingly and you the consumer respect the highly trained and professional people real estate agents strive to be. We work to earn your respect and work hard for the rewards. Remember, professional full-time real estate agents receive nothing until the escrow closes. All the pre-work is free.

TOM IOVENITTI is the former president and chief operating officer of Coldwell Banker. He lives in Newport Beach.

See also