What Makes a Good Real Estate Agent or Realtor®?
With over 1.5 million Realtors® and another million or so real estate agents (we talk about the difference below), selecting the right person to help you buy or sell a property can be overwhelming. To help you make the right decision, Maleno listed 6 traits that make a good real estate agent or Realtor®.
1. Honest & Transparent
Given the high financial stakes of real estate transactions, an honest and transparent agent is a must. We encourage homebuyers and sellers to find a Realtor®, as opposed to just a real estate agent. The key difference is that a real estate agent is anyone licensed to help people buy, sell, or rent real estate. Conversely, a Realtor® is a licensed real estate agent who is also a member of the National Association of REALTORS® (NAR).
As a member of the NAR, Realtors® must follow the NAR Code of Ethics. This document establishes obligations that go beyond what local, state, and federal law requires. For instance, when representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors® pledge themselves to:
“…Protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant, or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly.”
This alignment with a strict Code of Ethics and Standards of Practice is an excellent sign that showcases a real estate agent’s values. Having that baseline level of trust is critical as they’ll be handling sensitive information throughout any transaction.
2. Efficient & Effective
While there are certainly exceptions, full-time agents are likely to be more efficient than their part-time counterparts. However, less than half of all real estate agents (49%) work full-time. To find an agent that’ll move expeditiously, ask if they see real estate as a side hustle or their career.
At the end of the day, you need an agent who can get the deal done. However, research from The Consumer Federation of America (CFA) and Inman suggests between 49 and 71 percent of real estate agents sell only one or no homes in a year, and nearly three-quarters of the agents (70%) sell five or fewer. That said, only about 5 percent of Realtors® have zero transactions in a year. Therefore, it’s critical to find an agent who has the sales numbers to prove their effectiveness.
3. Often Referred & Well Reviewed
A referral from a trusted friend, family member, or colleague is one of the best ways to learn about a good real estate agent. But, if you’re moving to a new city and this most trusted form of review isn’t an option, you can turn to online reviews. Some of the most popular and trusted platforms include:
- Zillow
- Realtor.com
- Google Business Profile (Previously Google My Business)
Quick note: When CFA compared Zillow, Realtor.com, HomeLight, Facebook, and Yelp, researchers found that Zillow was by far the most helpful source as it includes current listings, past sales, customer reviews, and a host of other helpful information.
4. Experienced & Informed
When searching for an agent who can execute, you want to find a real estate agent with extensive knowledge about the local housing market and who is well-networked in your given area. With this foundation in place, they’ll be able to work faster, provide better guidance, and be better negotiators.
Years of experience are a helpful metric to consider when choosing an agent as well. Because here’s the truth: At least 50 percent of agents leave the industry within two years. That means those who stick it out are skilled and successful enough to make a living working in real estate. Further, those with a notable number of years under their belt will likely have worked in a wide variety of neighborhoods in your area.
5. Recognized & Multi-Faceted
Find agents who have been recognized for their service and awarded for their work. Also, look for post-certification education, community service, and a dynamic professional background. These elements in an agent point to the fact that they’re keeping their skills sharp, locally tied in, and can operate effectively across sectors. Ultimately, a multi-faceted real estate agent will likely position you for a better deal.
6. Socially Savvy & Technology Literate
Back in the day, most people found their next home in the newspaper. But marketing listings has changed rapidly in the last two decades. You want to find an agent who knows how to leverage the power of social media, their website, email newsletters, and, of course, multiple listing services (MLSs).
A Team You Can Trust
Whether you’re buying, selling, or looking for an investment property, Maleno offers a full complement of real estate services that help you navigate the process with ease. Our principal broker and Realtors® are skilled negotiators, experts in the Erie market, and savvy marketers. Learn more about our real estate services by reaching out today.
