When interviewing brokers and sellers to find a buyer, investor or tenant to sell, rent or rent your home or commercial property, what process and questions do you ask?
Are they working part-time or full-time, you ask? More than half of the 2 million agents in the United States are employed and part-time in real estate. Roughly 1.4 million people are considered realtors, for example, which means they are dues-paying members of their local multi-listing service association who are allowed to use the realtor’s logo in all of their advertising as part of their investment in their business and career. …
There are approximately 600,000 licensed brokers who are not part of their local MLS; therefore they are not considered realtors and cannot use the logo in advertisements. Remember that a home is usually the most valuable asset you will own throughout your life, and you will always want to hire the absolute most knowledgeable, experienced, reliable and straightforward broker you can.
I always say: if you have a business and you run it as a business, why do you need a job for which you will never pay as much as a smart and business savvy realtor makes? There are exceptions to the first thought, for example, if you had a job with a pension, a civil service and you have completed half of your career, you are not going to quit real estate, unless it is part-time, which is generally the case; or if you are the president / CEO of a company earning well above the blue-collar average pay and income scale, or even most white-collar workers, again, you are not leaving your position.
But once you retire, these professional white collar CEOs and presidents, vice presidents, managers, etc. will be ideal candidates because of their training and knowledge to move into the amazing industry to enjoy the pleasure that I have. I receive, and continue to experience, and you can receive them while you earn very serious money.
The knowledge of a qualified realtor is based not only on their knowledge of the streets and their regular interactions and relationships with clients-sellers, investors, landlords, buyers, tenants and tenants of residential and commercial real estate. More important and more important are the must-have as well as thought-provoking and exciting additional CE classes leading up to specific titles they may have earned over the years. An experienced broker and / or salesperson should have at least their GRI level and possibly CIPS level, as these comprehensive courses provide a tremendous understanding of dealmaking, negotiation, financing strategies, transactions, as well as an extremely important aspect in today’s global business. the world: specific and diverse cultural customs of various strata and groups of the world’s population.
For example, shaking a woman’s hand or even patting her on the shoulder is taboo and unacceptable in certain cultures, while a kiss on both cheeks of a man may be an everyday routine method of saying hello or goodbye in other cultures. Ignorance of many traditional traditions, ethnic behaviors and rituals, as well as acceptable social attributes can cause serious financial problems not only for sellers, investors, buyers and tenants, but equally important for those realtors who lack the knowledge and experience to solve all of these situations. …
When we lose sales because we just “don’t know what to do,” it’s financially painful. Worse, when a broker and / or seller’s incomplete education can and does cause problems affecting their licenses, as 68 brokers and agents experienced when their licenses were revoked due to “steering” in 2020 after a three-year investigation by Newsday via video and audio recordings. This was a wake-up call, and the New York State Department stepped in and conducted its own investigation based on Newsday reports from international brokers directing buyers away from certain areas. However, I am quite sure that many turn to their situations as it is their life force and career in making a living.
Ignorance of basic common sense, updated laws and discriminatory practices cannot be an excuse for doing something wrong. There are too many who wait until the last minute to stay on top of their continuing education and the 22.5 credits required every two years to renew their licenses. Suddenly there is a rush to meet deadlines when they need to attend classes regularly, which in turn will allow them to learn, assimilate and retain more information and knowledge. This makes them more qualified, which allows them to be more profitable and ultimately offer more value to their customers.
So hire an experienced, qualified, knowledgeable broker, no matter the size of his office, instead of getting hung up on the name of the company, all its ads, smoke and mirrors, revealing how big they are, and the number and amount of deals they make. Based on my past and present experiences and daily interactions with brokers and sellers, only 10 percent of all agents make a living providing them with a lifestyle worthy of being called an entrepreneur and successful business person.
Philip A. Rice is the owner / broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 40 years of experience in the real estate industry and is a Graduate of the Realtors Institute (GRI) as well as a Certified International Real Estate Specialist (CIPS). For a “FREE” 15 minute consultation, analyzing the value of your home, or to answer any questions or concerns you may have, please call the mobile phone: (516) 647-4289 or email: Phil@TurnKeyRealEstate.Com Just write or send him a regular email with your ideas or suggestions for future columns with your name, email address and mobile number, and he will call back or send you an email.