What separates good real estate agents from poor ones?

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What separates good real estate agents from poor ones?

Account Closed

Investor · Las Vegas, NV · Member since 2016 · 39 posts · 11 votes

Hello everyone, I'm currently in the process of studying for my real estate exam in Las Vegas.

From personal experience, what separates good real estate agents from average ones?

What could I personally learn or do to go above and beyond for my clients when I get started?

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Matt Lefebvre

Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes

Follow up and follow through. Keep in touch with everyone and stay top of mind! When they're ready to sell/buy, be there and DELIVER on the promises. Its less a matter of a specific knowledge base, and more of providing a high level of service that our industry is woefully lacking. Take phone calls, respond to emails, and deliver what you say you will in a timely manner! Just those simple things will separate you by MILES from many other agents.

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Matt Lefebvre
Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
9y
Follow up and follow through. Keep in touch with everyone and stay top of mind! When they're ready to sell/buy, be there and DELIVER on the promises. Its less a matter of a specific knowledge base, and more of providing a high level of service that our industry is woefully lacking. Take phone calls, respond to emails, and deliver what you say you will in a timely manner! Just those simple things will separate you by MILES from many other agents.
8 Reply
Christopher Brainard
Rental Property Investor · Rockwall, TX · Member since 2015 · 891 posts · 701 votes
9y
@Account Closed
A couple things come to mind:
- Communication is very important.
- Be knowledgeable about the market that you're operating in.
- Find properties that fit their investment criteria, don't attempt to fit their investment criteria to properties you've found.
- Be diligent, don't let things, especially important things, slip through the cracks.
-Christopher
3 Reply
Zach SikesBusiness Member
Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
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Thomas S.
Member since 2016 · 13k+ posts · 12k+ votes
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It depends on whether you are working for a homebuyer or a investor. They are two different animals and are seeing properties differently. For a investor you should know the state landlord tenant regulations by heart and would benefit greatly by having several income properties of you r own.
Dumbest statement I ever heard from a realtor when looking at a investment..... Mortgage is $1000, rent is $1200, you have $200/month positive cash flow.
4 Reply
Teresa F.
Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
9y
Hi Maciej! Good luck on your exam. Clearly if you are asking what makes a good agent you are well on your way to being one. I listen to my clients but I also use my knowledge of real estate to ask questions and possibly expand their vision. I do this every day, so I may be able to see opportunities they might miss. When I see those opportunities I raise them and explain why I am talking about something off their list of "what I want". Also, be yourself. Best, Teresa
3 Reply
Malgorzata SadowskaPro Member
Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
9y
Maciej Charyga: all of the above empathy (always about the CLIENT); understanding that client is for life VS. just one transaction; proactive, patient, resourceful, etc. happy to elaborate. Feel free to reach out.
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Matt Lefebvre
Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
9y
Originally posted by @Thomas S.:

Dumbest statement I ever heard from a realtor when looking at a investment..... Mortgage is $1000, rent is $1200, you have $200/month positive cash flow.
Wait you mean you have to pay expenses other than a mortgage?! That's not what my real estate guru told me...
In all seriousness, you make a good point. If you want to be a residential realtor, know how many homes are selling, the average days on market, the average sale price, etc. If you want to work with investors, make sure you understand what they're looking for, understand the local laws, make sure you have a list of resources you can refer them to if they need a manager, contractor, lawyer, etc.

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Matt Faix
Investor · Carnegie, PA · Member since 2014 · 259 posts · 144 votes
9y
@Account Closed to me the best agents are the ones that make ALL of their buyers feel as though they are their top priority - Constant communication, knowledgeable about the market where the buyer is looking, knowledgeable about the types of properties (SFH, Multi, Investment vs personal residence, etc) and what to look for in each, sending deals that meet the buyer's criteria, and really just being willing to hustle.
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Bryan Hancock
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
9y
In no structured order:
1. Experience dealing with many situations and the ability to make a deal work
2. The ability to do simple math for screening projects
3. Follow through on commitments
4. Digging and doing the work necessary to find projects others miss
5. Commitment to put their client's interest first instead of doing what is necessary to generate a commission
I know these seem like simple things, but in my experience 99%+ of Realtors can't do them. It is actually quite striking how poor the industry is in general. A great broker is worth 1000 mediocre ones.
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Lisa Juarez
Antioch, TN · Member since 2017 · 15 posts · 3 votes
9y
When I purchased my home, my realtor hooked me up with her favorite home inspector, mortgage broker, title company, etc. I found the properties and she would look to see if they were still available and took us through the homes. Once we chose one, everything fell into place because she had all the connections to make the deal go smoothly. That is what I look for, a person that can help me with every step in the process.
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
9y
@Account Closed , if you simply answer your phone every time it rings, you will be leaps and bounds ahead of the pack.
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Dillon Loomis
Fitness Sales Director · Erie, PA · Member since 2015 · 59 posts · 29 votes
9y
@Account Closed good luck on the test man, took mine in PA last week first time...piece of cake. Keep asking questions! Surround yourself with the best agents in your town that are willing to meet with you once a month or so and pick their brain and find out how they got to the level of "success" they have, whether it be financial, social, however you define success. The day you stop learning and striving is the day you start moving backward. There is no staying the same. There will always be someone younger and hungrier coming for you (metaphorically) and once you embrace that truth and wake up and grind each and every day, you will do great.
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Account Closed
OP
Investor · Las Vegas, NV · Member since 2016 · 39 posts · 11 votes
9y
I really appreciate all of the thoughtful responses guys. Does anyone know any good books geared towards becoming a better real estate agent?
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Mike S.
Investor · Colonial Heights, VA · Member since 2014 · 115 posts · 68 votes
9y
I just passed the Virginia exam. Going to give it a try plus I have a great mentor. I feel that I already have an edge against the cookie cutter agent.
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Wes Blackwell
Real Estate Agent · Phoenix, AZ · Member since 2016 · 738 posts · 1k+ votes
9y
@Account Closed
Lots of great comments and suggestions have been shared, but if I could add one thing... it would be to treat every aspect of your career as a PROFESSIONAL, not an amateur.
A surgeon wouldn't operate on you without knowing how to successfully complete the operation, yet amateur agents try to help people buy or sell a home all the time without having a damn clue as to what they're doing.
Professionals learn every aspect of their trade, and never stop learning either.
Learn about loans. Learn about property management. Learn about real estate law. Learn how to sell a house quickly for top dollar. Learn how to find the killer deal that no one else knows about. Learn about the local market. Learn about the local economy. Learn about the local neighborhoods.
Never, ever, ever, ever stop learning either.
Your primary role as a real estate agent is to inform and advise your clients. Provide them with factual information about the market, laws, and procedures to buy or sell a house, and then advise them on the best course of action. That's it.
Essentially, if you treat this like a hobby, it'll pay you like a hobby. If you treat it like a business, it'll pay you like a business.
Best of luck my friend! Once you've got your license feel free to reach out with any questions you may have and hopefully I can get you pointed in the right direction!
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Elbert D.
Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
9y
Maciej Charyga Congrats. I haven't read the other answers but that's been my problem with realtors I'll say the realtor who understands the investing side of real estate as well as the realtor who understands the consumer part. You could make a lot of being being an agent but the barrier to entry isn't really hard. So there are a ton of realtors out here that just wants to sell but not really adding value to anyone's life. So in order to separate yourself I'll say always be willing to work with investors. Work with the ones who will take care of you and looking to build a team. These guys as well as the regular people looking to buy houses will net you a lot of money. Also think about ways to get better and make yourself stand out from the pack. But remember real estate for most people is their biggest purchase in their life. So this industry isn't easy at all. Don't believe the gurus or people trying sell you hope. Good luck!
1 Reply
Account Closed
Flipper/Rehabber · San Francisco, CA · Member since 2017 · 176 posts · 70 votes
9y
Good agents do these things during the day:
- Prospecting & Marketing
- Service Sales Funnel
- Buyer/Seller Presentations & Negotiation
- Market Knowledge (You should know the market like the back of your hand)
Some skills & traits you need:
- Sales & Negotiation skills
- Excellent writing and verbal communication skills
- SOP (standard operating procedure) development skills
- Organizational skills
- Real estate knowledge (Mortgages, Construction, Financial Modeling, CMAs, Architecture, Economics, and the list goes on and on and on)
- Entrepreneurial
Obviously, there's way more than this to become a top agent.
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Jeff Keller
Palo Alto, CA · Member since 2017 · 226 posts · 95 votes
9y
@Maciej Charyga -
Take a look at some of the books by Garry Keller (Millionaire Real Estate Agent, etc). They give good insight into growing real estate sales into a company.
Clients want instant response. Always be on the lookout for ways to give a partial helpful response instantly, so you can follow up in detail later. Ex: Gmail has a canned response add-on that lets you store many different responses. You can add a little to the canned response, then follow up later.
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Rolanda Eldridge
Investor/Realtor · Hoover, AL · Member since 2010 · 1k+ posts · 459 votes
9y
@Account Closed..Recognizing the needs of each client, because they are all different. Ask, Ask, Ask...information is key. Don't pretend to know all the answers, but find a way to get the Right answer....Be Real...GL
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Account Closed
OP
Investor · Las Vegas, NV · Member since 2016 · 39 posts · 11 votes
9y
Great advice guys. Which resources did you use when you started to familiarize yourself with your target market? I just move to Las Vegas a year or so ago, so I'm still in the process of figuring out which parts of town are desirable.
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Corey Zant
Real Estate Broker · Lubbock, TX · Member since 2016 · 30 posts · 20 votes
9y
My advice might be a bit controversial, so take it with a grain of salt...

Just be true to yourself.

When I got into the business, I felt pressured to do the typical realtor activities that I personally hated, IE cold calling, door knocking, begging for referrals, pestering family and friends with scripts.

Because I hated being a pest, my motivation to keep on was draining.

When I stopped, I was much happier, but of course I had to fill the void with real relationship building and real marketing.

I also noticed by discontinuing the fake laughs and BS, people noticed I was being true to myself, and my realtionships were more meaningful (and yes, meant more referrals).

Don't give in to gurus. Be real...And be patient...Be very patient. Think "long game".

Also, don't lie. If you don't know a question, just say "hmm, let me ask my broker", and call or text a mentor that does know...but this shouldn't be an excuse to jump into the space knowing nothing, because no one wants to hire a "know nothing."

One other thing, sales and marketing should be viewed like a marriage. Real estate is a lag business- it's easy for the newbies to think "well I've got 3 deals under contract" and discontinue marketing. Your pipeline will be dry faster than you think. Dedicate every day to marketing or providing value to others.

Good luck!
5 Reply
Aaron Lovett
Realtor · Smyrna, TN 37167 · Member since 2013 · 248 posts · 147 votes
9y
In every case, it's about meeting the needs of the client. By definition, an agent represents the client's interests. How do you know their interests without asking questions? How do you know how to help them without knowing their options? How can you help them if you are in over your head? Keep asking questions around the subject of helping your clients, and you'll find every way to go "above and beyond" for them. My thing is, that's not actually above and beyond - it's the job.
@Corey Zant is absolutely correct on every point. It seems like the standard formula for success is based around an idealized extroverted salesperson. It doesn't have to be that way if you're not an extrovert or into "sales". I'm not saying that if you're a jerk you should continue being a jerk - but you don't have to do things the way everyone else does them. Just be the best of who you are.
Oh, and never lie, misrepresent, or talk bologna for fear of having to say "I don't know". Clients want and need the truth, accurate answers, etc. Even if you have to say "Let me get back to you..."
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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
9y
There are those who do the minimum to get by and those that tell themselves everyday with internal dialogue ( How can I get better? ). Those small fractions of improvement everyday start putting you leaps and bounds above your competition. Pretty soon people seek you out to do business with you. You are seen as possessing a skill level not that many have in the market. This becomes especially more and more important when you start working on larger deals and more money is at stake.
Get great at hearing rejection.
I might search for months for off market properties on the commercial retail side. The diamonds not many owners want to sell. So you have to keep calling and working on them. I do find properties and as a commercial principal broker the paycheck is 6 figures per deal. I put in the work when others give up and quit. The client has to be reasonable on values also.
You have to keep adding new contacts to your database. You have to keep improving systems and processes. There is never a time when it is enough. Evolution of learning is constant and infinite in nature. Even if it was possible to learn everything in the world in a spec of time the next second to turn over there would be new things to learn beyond comprehension.
So for myself I focus on the joy of learning everyday. One new item of knowledge helps me give that much more value to my clients. Don't do it just for the money. If that's the reason quit now. Has to be more to it than that. You have to enjoy the art of the deal and finding the deal. The satisfaction that you got your client an amazing property that will propel them to then buy the next one when they are ready.
Some brokers and agents try to sell crap to anyone with a pulse to make a quick buck. Do not ever even think of becoming one of those types.
To be fair there are a lot of brokers,agents,investors,etc. that are sleazy and only out for themselves. I avoid those types of people. I like relationships that are harmonious and genuine in nature. Define the kind of business you want and then work toward that plan everyday.
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Iverem Rose
Brooklyn, NY · Member since 2016 · 152 posts · 44 votes
9y
@Account Closed
Know the product you are selling and take a genuine interest in your clients. There are tons of agents who are clueless about what they are talking about and come across as 'used car salesman' who are only interested in pocketing a commission at the expense of a consumer's ignorance. That's pathetic and embarrassing!
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Iverem Rose
Brooklyn, NY · Member since 2016 · 152 posts · 44 votes
9y
@Account Closed with The Millionaire Real Estate Agent. Its a great read for agents starting out
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