My New Blog

Housing and the dreams of selling, buying or building are a common topic of conversation among people. We now have several television channels dedicated to this and in the past couple of years; many of the shows have gone from decorating to the actual real estate process. The interest is definitely there on the part of the public but the knowledge of what is really behind the scenes in the real estate world is minimal.

Real estate is a very competitive industry as most everyone knows. There are many Realtors in every community. It is an industry that sees new individuals trying out the Realtor title with little training and high level of resignation. It is an industry that to the public appears fun and easy to get into. It also has the reputation of being a way to make a quick profit for little effort. The perception is not based on reality.

Realtors are required to enroll and be tested on 90 hours of education. This is governed by the Oklahoma Real Estate Commission. Once a pre-licensee passes the test, they are free to practice real estate. My past experience was that passing the test had little to do with my knowledge of how things really work. Our industry is based on two things that few people talk about: ethics and street smarts of the local Realtor customs. There are so many scenarios that happen in each transaction and as a good Realtor, one needs to know how to troubleshoot and have the resources to problem solve. The worst kind of Realtor is one who just “closes the deal.” While most Realtors do not carry a law degree, anyone who has been practicing for a while is heavily involved in the practice of Real Estate Law. It is one of the most important aspects of the process.

Ethics and the Threshold Rule… Realtors have rules regarding Buyers and Sellers and who “claims” them as their client. The most common misconception of the public is that you can call the Realtor with the sign in the yard to look at that property while you still have your own Realtor. This is 100% incorrect. If you have a Realtor you want to represent you, whether it is a past relationship or a referral, CALL THAT REALTOR FIRST. It is out of courtesy to everyone involved. The most common way this plays out is a Buyer calls the Listing Realtor and meets them at the house. The Buyer likes the house, goes home and calls their Realtor and wants to make an offer. The problems lies here… if the Listing Realtor wants to claim that the offer is procured due to the showing by them, they can cut the other Realtor out of the deal. The Buyer will be stuck without representation by their Realtor. We often hear from our clients that they didn’t want to bother us until they saw something they really liked. Please bother us. There is so much more work for us to do when we have to unravel the involvement of other Realtors.  It is much easier for us to show a house to a client, even if they are just looking for fun.  Many times, people fall in love with a house when they are just browing and they want to submit an offer.  This is why your Realtor should be involved from the start.  This rings true with open houses.  Tell other Realtors that you have a Realtor.  We all appreciate the information and the ethical Realtors will respect it.  If they don't... who cares? They are not your Realtor! 

Just in case, it needs to be said, Realtors work solely on commission. They also have some sort of monthly expense to their company to pay for their advertising costs and office space. They have to pay to be a Realtor and the only income they see is when they close on a house. Several people over the years have assumed that I am on salary through my company. It just doesn’t work like that.

In the case that you were unhappy with your past Realtor and want to find another, the best way to do that is get a referral from someone you trust. As a Realtor, I welcome being interviewed by phone or in person by prospective client. It is important that you “click” and feel that you can work together because the client/Realtor relationship is successful if it is a partnership. If a Realtor doesn’t want to talk prior to going out to look at property, you should move on.

In the case of being unhappy with a Realtor, try to end the relationship as soon as possible so that everyone’s time is not wasted. When you find a new Realtor, bring them up to date on your previous experience. Communication from the client is one of the most important things a Realtor can ask for. It helps us to know what you like and don’t like. For example, we ask all our clients if they would prefer phone calls, email or text messaging as a form of correspondence. It helps us to start out knowing the most convenient way for the client to communicate and make the process less of an interruption in their daily life.

Realtors that are professional will react well to any of these scenarios mentioned above. Find one Realtor to assist you in the process and you will see much better results. As a general rule, Realtors work harder for clients that show loyalty to them as opposed to the ones who are floating from Realtor to Realtor and “calling off the sign.” The myth that you can get a better deal if you go to the Listing Realtor, is just that. If you have a previous relationship with a Realtor, let them fight for you and have your best interest at heart, there is so much more involved in the buying and selling process than price! Inspections, appraisal, insurance issues, the loan process are all other aspects that you need an expert to guide you through to a successful close.

Call your Realtor with any questions or comments regarding this. They will be happy to hear from you. We often receive calls from past clients regarding all kinds of questions about their house, refinancing, renovating, etc and it is one of the most rewarding and pleasant parts of being a Realtor is the continuing relationship. It is a huge compliment to us when loyalty is extended to us as your real estate professional.