10 Character Traits in a Buyer’s Real Estate Broker
Smart Home Buyer’s Planning Guide – Volume 1
Selecting the Right Broker
I would like to go on the record here. I want to be clear. I do NOT believe it is in seller’s or buyer’s best interest to do business with brokers who “specialize” strictly in one side of the transaction or the other. Why? Please check back soon, I will address that in an upcoming post and place the link here.
Interviewing Buyer’s Brokers
Whether you have chosen a broker to work with, or you are just now beginning your interviews for a buyer’s broker, please continue reading. If you have worked with your broker in a prior transaction the most important questions to ask yourself are: is my broker willing to help me solve problems after the deal closed? Is she or he easy to reach by phone, text, or email? Is he or she prompt in his or her response time? Feel free to select from these and many more pertinent questions which are listed below to help you make this important decision. You should never feel like a number in your broker’s latest customer relationship management (CRM) app.
Buyers! What kind of broker are you looking for? Is she or he a “yes” person? Did they fill you with high energy and serve your dream state, or did they encourage analytical investment decision making beyond the furniture fitting, or fill you with expectations that didn’t match the outcome? If your agent is pushing their own listings even though they don’t fit your criteria, if they are not detailed in collecting selection criteria, or fail to remain mindful of your limitations and sticking points when showing you properties, you will want to keep interviewing. You want your broker to be straight with you. I don’t know about you, but a salesperson who shows me something out of my reach, for qualification purposes, without a strategy for making it happen for me, has guaranteed the loss of my confidence and my business.
What criteria or standard will you hire?
Brokers should have character traits that serve the other side of the transaction! WHAT? WHY? Simple! You want your broker to know what the other side is thinking! What is the old adage, “To catch a crook you’ve got to think like a crook?” Let me explain, this is NOT to infer the other party is attempting to gain at your peril, they are also looking to benefit however, your broker must be versatile to strategize and negotiate effectively. What does this mean? They must be able to speak to the needs on the other side in meaningful ways.
Quick and Relevant Story:
The best attorney I ever hired was definitely NOT one who was fun, or easy to work with. The person I hired was terse, conniving, mean and aggressive. Why, you ask? Simple, I hire the right traits for the job! Hopefully, you never need one, but those traits are invaluable in a divorce attorney.
Why Traits?
Traits are more important than skills to evaluate. WHAT? That’s right, traits tell you the type of person you are working with. Any horse can learn a trick or two. Skills are learned easily over time, boom! A “professional!” Skills don’t guarantee you have a person that will watch over your best interests.
If you are NOT in the same line of business it is difficult to know what skills she or he should command. The traits that fit the work to be accomplished are more important because, for brokers, doing the busy work required to complete a transaction is usually a breeze. The traits are what save you money, precious time, and frayed nerves. You can’t get THAT in an APP!
Traits to Survey
#1 Determined and Trusted Professional
You will want to find an broker with which you can see yourself building a relationship. You want a determined and true professional who thinks beyond the current transaction and cares about your well-being into the future. Keep in mind you WILL inevitably need to consult with him or her in subsequent and sometimes unforeseen circumstances. You want a credible and compassionate person you can trust.
#2 Knowledgeable and Adept Yet Humble
Be sure your broker is knowledgeable and adept with foresight and a willingness to inform you in all matters revolving around your purchase and ownership such as pitfalls associated with upgrading your home above the potential return on investment (ROI), and other matters that could affect you as a homeowner, or investor into the future.
Taking into account that everyone experiences a bad day from time to time, someone who is gruff, dismissive, short, or determined to exert control, doesn’t actively listen or communicate with you or others in your presence are likely compensating for some deficit. This won’t win them any points at the negotiation table, and will eventually create stress for you in the long run.
#3 Experienced Educator and Coach
If you are a first time home buyer, or you don’t think you received enough quality information from a former broker(s) to evaluate properties in which you have an interest purchasing, or you would just like to know a little more . . . seek out a broker who fully understands and can adequately explain the determinants of value BEFORE you set out to look at homes so that you can properly analyze your potential purchase from an investment standpoint. Why are you allowing other ordinary people to attain wealth at a much faster pace, when you could be doing the same for you and your loved ones? You need a coaching broker! You want an broker willing to continue to guide you to reach your full potential, and willing to advise you and encourage your investment in real estate opportunities as they arise.
#4 Fearless, Focused and Genuine
You want a broker who is fearless and will tell you when they think you are reaching beyond your means, play devil’s advocate when you are considering a purchase elementally different than your initial selection criteria, and keep you focused on what you CAN achieve versus what is UNattainable at the present time. She or he should be genuinely interested in helping you grow and prosper.
#5 Creatively Skilled Negotiator and Problem Solver
Professional brokers should be highly skilled and creative in negotiations and problem solving strategies to maximize your purchase power. They should be very perceptive in finding elements, conditions, qualities or terms to utilize to strengthen your position.
#6 Analytical Strategist
Buyer’s brokers should understand the principle of leverage. Can they explain to you how this principle affects you in the short and long term regarding the purchase of your home? They should prepare you to shop for a home with strategies to prioritize your choices from the inventory and your favorites from the available selection. When you KNOW the home you are interested in making an offer is THE ONE, does she or he provide the insight and tools to help you make informed decisions?
#7 Strong Verbal Communication and Presentation Skills.
There is nothing worse than hiring a broker who fails to ask you or the other parties the right questions, to follow up to prevent loose ends, or struggles to articulate your message effectively to the other party, or their broker. You want a broker who doesn’t miss a beat, but make sure in doing so, they do not get ahead of themselves, or worse get ahead of you in conveying your thoughts or concerns in the midst of an important transaction.
#8 Motivator and Organizer
It can be really disheartening when you’ve looked at 10 or 15 homes and nothing appeals to you. Does your broker keep you energized and make suggestions to prepare you for a happy day of house hunting? Does he or she pull out their bag of tricks to explore seldom used strategies to open the market for you? Your agent should keep you motivated and organized. Did they bring the tape measure, flashlight, etc., encourage you to take notes, and photo features that determine pros or cons in making a wise selection? Are they keeping track of it all?
#9 Persuasive Writer
In a hot real estate market, you will want every edge to get the house you set your sights on purchasing. If you are not quite the influential writer, you will want a broker who can guide you in writing the love letter of every seller’s dreams. These people are rare, because most people do not like to write, or do not know how to appeal to others in a persuasive way. Ask your broker if they will help you prepare and edit your “Seller’s Love Letter.”
#10 Technologically Inclined
Your broker should be able to make technology work to your advantage. Social media such as Instagram, FaceBook, Pinterest, etc. and the clever use of websites to feature and view homes can be an advantage in some markets. The convenience of reviewing and signing documents via the internet is absolutely invaluable, especially if you are a busy person, or one who travels extensively for business or pleasure.
Conclusion
Don’t be afraid to ask for references. It’s never an imposition to a broker who wants YOU to be confident in your selection and earn your trust.
Let’s Get Started!
Thank you for your time. I will respond within 24 hours.
Oh, by the way . . . I am never too busy for your questions, your business, or your referrals!
Thank you in advance for your confidence, and recommendations to your family and friends.
I hope this post was constructive. I appreciate your feedback. Please send your thoughts, or ideas via email, or let me know how the information helped you. I find it useful to keep me on track.