Real Estate Round-Up: Don't discount yourself
Last updated 4/7/2022 at 4:55pm
I hear titles or cliches in my head, often when I think about the real estate marketplace. Titles like “The Fast and the Furious” or phrases like “the devil is in the details.” Sometimes it feels like we’re spinning plates on sticks, praying that none of the plates crash to the ground. Take your eye off the ball and “you’re out!”
Sorry about that, I can’t help myself. The fact of the matter is that all those phrases apply to today’s real estate market and the importance of the role of your Realtor. Yes, I’m on a rant again this week, about you not discounting yourself out of additional profit from your sale, by simply hiring a Realtor based on their fee. Every seller deserves to maximize their investment at a time like this. It takes wise counsel from your Realtor, strong negotiating skills, and a hands-on approach to every facet of the transaction.
The internet innovators would like you to believe that your best efficiency is reached when you rely on all the online tools that equate fast with best. Twenty-five years ago, when I first became a licensed Realtor, we spent a lot of time in our cars previewing homes, sitting kneecap to kneecap with clients writing up offers, and making face to face presentations of offers on property. That was not efficient, but it recognized the importance of relationships and effective communication.
The ability that we now have to view homes 24/7, with all the photos and virtual tours, saves time and money, especially as gas prices continue to climb. But ask yourself, is the efficiency of completing contracts via DocuSign really efficient or is it just fast? And what about offers simply being emailed over for the seller’s Realtor to share it with the seller? That’s like having the coach of the opposing team doing color commentary on your play.
Can we talk about how complicated the real estate process has become? As fluid as the mechanics of the process has become, the details of the transaction have become more complicated because many Realtors rely solely on the tools of the trade, like DocuSign, text, and email, rather than the importance of the relationship and the communication connection between the parties. The details can be subtle. The details can be bold, so they need a delicate delivery.
The best Realtors, those that help their sellers make a lot of money, or help their buyers win the deal, recognize how important that personal connection is, and work tirelessly behind the scenes for the clients to make sure their clients cross the finish line with either the most money in their bank account or secure the home of their dreams, with as little drama as possible.
The best Realtors do not pass you off to an assistant, they show up at all inspections, they are your one-on-one coach making sure you know all your options and then helping you decide which is the best one for you and your circumstances.
It breaks my heart when, most commonly, buyers are immediately handed off to a lesser experienced assistant to walk them through the inspections, or a TC to review the disclosures and reports. You hired “the Realtor,” where are they?
For sellers, it’s the lockbox instead of their agent showing your listing. How much selling is going on if your Realtor is not there to get the buyers excited about your property or share all the details about your property? How much does the buyers’ agent know about your home? How much confidence do you have if your Realtor isn’t there to represent you and secure your home after the showing? Not much.
Back to last week's article. Pay attention to who you hire. A discount broker is a discount to you. You get what you pay for and in the case of discount brokers, you get streamlined service, which means no personal service and no personal contact, but hey, they were cheap and fast.
The best Realtors charge for their service, but you get white glove service. They take their time with you. They answer your questions. The give you your options and make sure you understand them. Their focus is on your success, not closing the deal and moving on.
So, what does that mean? In simple terms, if you hire a discount broker, they have a lot of clients, because many people fall for the saving money part of that message and don’t realize the cost. If you hire a broker who doesn’t discount their fees, you get their time, because they limit the number of clients they work with, you get their coaching, and you get results that more than cover the difference between their fee and the discounter. In other words, suppose you elect to have cosmetic surgery. Would you shop for the cheapest or the best? Get it now?
Don’t be fooled by the tag line that promises the impossible. Don’t be fooled by slogans and tag lines. Check out those statements by speaking with the Realtor's most recent clients, and then get your facts. The internet has plenty of information about what homes sell for. Compare all the Realtors you are interviewing with each other, and make sure their results match up with what they’re slogan or tag line is saying, and make sure you’re not discounting yourself, because you are simply believing without verifying. Or better yet simply call Murphy and Murphy. We don’t discount ourselves, and we definitely don’t discount your real estate investment.
Kim Murphy can be reached at [email protected] or 760-415-9292 or at 130 N Main Avenue, in Fallbrook. Her broker license is #01229921, and she is on the board of directors for the California Association of Realtors.