Why Experts Matter in Real Estate
When the real estate market is strong, some real estate professionals don’t have to be—the market does the important work for them. But when the easy money starts to dry up, it’s critical to work with the most competent professionals you can find.
The truth is that when markets are at their strongest, less-than-great realtors can look much better than they really are. Over time, more and more less-than-stellar “professionals” wade into the field, oblivious to the coming storm. When markets correct, these “pros” are unequipped with the experience, resourcefulness, and negotiation skills required for the new environment.
Today, another variable complicates the situation even further—hundreds of millions of dollars being invested into disruptive forces that are driving costs down. This is an unprecedented change in the last 5 years, and puts even more pressure on the realtor to make a difference. Realtors who delivered for you in previous years may not cut it under these new pressures. Don’t make the mistake of believing that someone who sold your home a few years ago is still the best person for the job.
Sit down with your realtor and get into to the nitty gritty. Ask them about the neighborhoods they’ve represented, and see how deep their expertise runs. Take a look at their listings. Check how long recent properties stayed on the market, and whether they got the asking price or better. If you can, look back at how they performed before the bullish seller’s market to see how they handled these tougher conditions.
Make them lay out their approach. What do you think the price point should be, and why? What are the chances of this property selling, and how quickly? What kind of network do you have? What will you suggest if the property sits for 60 days?
Experts matter in real estate. As markets correct and the balance between buyers and sellers finds greater equilibrium, they matter more than ever.