I hear many people say that it’s easy to be a Real Estate Agent in a booming market; That could not be further from the truth! Most people who udder those words are not involved ina real estate transaction in such a market.
If they were in the middle of trying to find a home, they would be ready to pull all their hair out because they would be on offer #7. If they were lucky enough to be in escrow, they would be pissed off because the home they decided to offer the stars on didn’t appraise!! People tend to forget that offering over list price is not always the answer (it can be if done correctly which we will talk about later).
If you have a buyer’s agent that does not have much experience and a listing agent who has the same amount of experience, it could be a recipe for disaster!!
The secret to getting your offers accepted in a booming market is NOT price, it’s NOT offering the world and not getting and value for your buyer client. The secret is relationships, speed & experience!!
Using an agent who has been in the market for 15-20 years and knows many of the listing agents in the market is one of your biggest secret weapons. Having an agent that works 6-7 days a week, from sun up to sun down, that’s available to show you the new listings the minute they come onto the market is your next best secret weapon. An agent that knows the value of the neighborhood and that can put a deal together with the listing agent before the contract is ever written is what gets offers accepted.
Experienced agents LOVE working with other experienced agents… Why? Simple: They know that once that offer goes into escrow they will be getting a check in about 30-40 days. Most important, they have peace of mind that they will get the home sold and closed for their client. The highest offer ISNT always the best!!!
Now when selecting a listing agent in a booming market it is equally as important to have an agent who has the same experience.
I have sellers asking to reduce the commission structure just because they know their home is going to sell once it hits the MLS. And I can appreciate that point as a seller BUT I would argue that in a booming market it gives the opportunity for a seller to receive LOADS OF CASH in their pockets as long as their agent knows how to work the multiple offer process. Why shouldn’t the agent share in the rewards? Only if the agent does hit the agreed upon purchase price. For example, I sell a home between $300-$320k, I get a full 6%. Should I have to drop the price below $300k, I will reduce the commission to 5%. If you as the seller hit the big time we share in the reward! If I can’t than I will also reduce the commission.
The average agent does not have the experience to handle 10 offers coming in at the same time while screening buyers, protecting the seller and keeping the train on the tracks!! It is not easy!! There is nothing worse than taking a listing off of the MLS after selecting an offer and 15-20 days down the road have it cancel because of a low appraisal or the buyer can’t get their loan done. An experienced agent knows what other experienced agents have vetted their buyers properly… They also knows whatlender are strong and which ones to stay away from.
At the end of the day, selecting your agent when wanting to buy a new home OR sell your home to buy another is one of the most important decisions you will ever make! Making the wrong decision can literally cost you 10’s of thousands of dollars.
I am a true Las Vegas native of 45 years and have been licensed for 15. Ranked in the top 1% of LV agents for the last 6 years I can get you into a new home or sell your home for top dollar!! Call me today 702-218-4585 DarylHanna@gmail.com