The Anatomy of a Great Real Estate Agent: A Comprehensive Breakdown

In the world of real estate, the role of an agent is multifaceted and complex. From the selling/listing side to the purchase side of the transaction, a great real estate agent is a linchpin in the process. As a professional real estate investor, my focus is often on using agents to sell an investment property, but the criteria I use to evaluate agents for selling personal residences are nearly the same.

In this blog post, we'll delve into the three main areas I use to evaluate a listing agent: Listing and Marketing, Negotiating, and Getting to the Table.

Listing and Marketing

When it comes to listing and marketing your property, here are some of the key aspects to look for in a great agent:

1. Accurate Pricing: The ability to accurately determine how much a property will sell for is crucial. Overestimating can lead to no offers and a stale listing, while underestimating leaves money on the table. Great agents know how to accurately price a property and can guide you on how price adjustments will affect the property's time on the market. Tools like PHOREE Real Estate AI AccuratePrice can assist an agent in getting an appropriate price, but it's not just about getting the accurate pricing of the property. It's also about working with the seller to convince them of the right price for the property, as most sellers have much higher expectations than the actual market value. The trickiest part is to handle human emotion when it comes to selling their most expensive possession.

2. Great Listing: A great agent knows that the listing is the last opportunity to make a first impression on your buyers. They know how to write listing copy that connects with buyers and how to present pictures that create a 'WOW' factor in the listing. New AI tools can provide help, however, understanding your target audience to write appropriate copy is crucial.

3. Getting Showings: Great agents have a network of other agents that they turn to after each listing to market the property and find targeted buyers. If you can expect to get 3-5 showings in the first few weeks just from listing the property on the appropriate portals, you should expect 10 showings if you have a great agent.

4. Preparing For Showings: Great agents don’t leave things to chance. They ensure that every single showing makes the best possible first impression on the buyer.

5. Soliciting Offers and Getting Feedback: A great agent knows how each of the showings went, what the buyer (and the agent) liked and didn’t like, whether an offer is forthcoming or not, and any other information pertinent to the sale.

6. Evaluating Progress: A great agent can use the market data and feedback they’ve gotten to determine why a property isn't receiving offers. They can advise on whether the property needs a price drop, additional features, or just more time and a couple more showings.

Negotiating

Negotiating is the second major area where I’ll evaluate an agent. Here are two key aspects of negotiation where a great agent can make a difference:

1. Negotiating an Initial Contract with a Buyer: A great agent is invaluable when it comes to negotiating an offer. They are strong negotiators and can also convince you when you’re not thinking clearly about your negotiating tactics.

2. Post-Price Negotiation: After the price and the due diligence, buyers often come back with a list of “demands”, how the process will go and procedure especially inresale (off-plan resale). A great agent has been through this process many times and knows when a buyer is just fishing for concessions and when a buyer is seriously at risk of walking away from the deal if he doesn’t get what he wants.

Getting to the Table

Getting your property under contract (Form B) is one thing, and actually getting to the closing table is another. Here are some things that great agents do to ensure that the property gets to the closing table:

1. MoU Form F: A great agent will get in touch with the other broker within a couple of hours of getting a Form B signed to ensure the Memorandum of Understanding (MoU, Form F) is quickly finalized.

2. Being Present for the Questions: This may be the most important aspect of a deal these days — getting the transfer done. A great agent will either be present throughout the process for the client, armed with appropriate resources.

3. Getting the Closing Scheduled: A great agent recognizes that a firm date will help everyone stay on schedule. They ensure the closing is scheduled within 48 hours of the contract MoU being finalized.

4. Communicating: Great agents over-communicate. There shouldn’t be more than 72 (preferably 48) hours that go by while you’re under the contract that your agent doesn’t call or email you. Even if it’s only to say, “Nothing new…everything is on track.”

In conclusion, these are my basic criteria for a real estate agent. Those that do most or all of these things well are worth every penny they make. Not only do they ultimately make you more money on each deal (perhaps even enough to cover the cost of using them), but they will save you countless hours, countless headaches, and countless sleepless nights. A great real estate agent is truly an invaluable asset in the real estate journey.