10 Character Traits in a Seller’s Real Estate Broker
Smart Home Seller’s Planning Guide – Vol. 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 that “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.
Whether you have chosen a broker to work with, or you are just now beginning your interviews for a 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 app (CRM).
Sellers! 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 bottom line decision making beyond the offer price, or fill you with expectations that didn’t match the outcome? If they are only promoting what the TOP market sales have earned in your neighborhood, you will want to keep on interviewing. You want your broker to be straight with you. I don’t know about you, but I want the bad news first, so I can begin to process and mitigate, if necessary, as soon as possible.
Interviewing Seller’s Broker
What sort of criteria or standard are you looking to 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 appeal to the other side in meaningful ways.
Quick, but Relevant Story:
The best attorney I ever hired was definitely NOT the 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.
Traits to Survey
Traits are more important than skills to evaluate. 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!
#1 Voracious Learners and Generously Philanthropic
Are they both formally and self-educated in fields that apply to real estate? Business (Marketing, Finance, Accounting) Economics, Social and Behavioral Science, Psychology, Construction, Law, etc. Though it is not necessary to have more than a high school diploma to qualify for licensure, you want to make sure your broker continues learning and involves themselves in matters that concern the field of real estate in local business, politics, community and social affairs.
Anyone can show up to the courses required to be a broker, or to obtain the Realtor® designation, but what did they take away from that education? It wouldn’t be offensive to ask about the last class he or she attended, and what value they received or how they put it to work. How are they giving back? This will help you learn the heart of the person and how well connected your broker is in your community.
#2 Committed and Experienced Homeowners
Is your broker a homeowner? How many homes have they owned? How long did their experience last? What kind of experiences were brought about through costly mistakes, and how many were averted through research, organization and proper planning? If they don’t own, or have never owned a home for any length of time, how can they advise you on your purchase, not to mention home ownership?
#3 Wise
You want this person to drip with maturity and common sense. They are your sounding board when you are awe struck, fantasizing about entertaining, working in your garage, workshop or garden, cooking in the kitchen of your dreams while touring your prospective new home. Think of them as your tether to earth, keeping you grounded as you are swept away by the winds of desire. Trust me! It happens! Not to mention the roller coaster ride involved in negotiations and your navigator through the tides of escrow. You definitely want a PRO with a healthy measure of wisdom!
#4 Assertive, Bold, and Charismatic (ABC)
Your broker must be a visionary when it comes to sales and marketing! Are they a wiz at cosmetic presentation strategies? How is their aesthetic perception? Will they prepare your home to show features in the best light to maximize buyer impressions of your property? Do they show up crisp and ready for business?
The best way to gauge whether your broker possesses this asset is to evaluate how he or she made you feel and made you think at your first meeting. You need someone who is an influential personality to get people to drive out for a look at your home and to represent you with buyer’s broker and the parties involved in the transaction, not to mention other industry professionals. How will a broker do that if they are quiet as a church mouse, gruff or demanding?
#5 Confident, Honest and Protective
Your broker must be confident in answering your questions, and honest if they don’t have the answer. What is his or her interpretation of interest conflicts? How will your broker protect your interests throughout your transaction? Do their concerns match yours?
#6 Quick Thinking and Resourceful
Do they always seem to have the right person to call for answers, or for services you need? Are they problem solvers? Do they offer assistance to fix the issues, or if they are busy, do they initiate and guide you in the right direction? Even a mediocre broker will NOT leave you to figure things out on your own, unless you are willing to tackle a challenge autonomously to free your broker to attend to other matters, they should be willing to walk you through perplexing complications.
#7 Perceptive, Knowing When to be Rock Solid or Flexible
No matter if you are selling or buying a home, your broker should pick up on costly details and bring them to your attention BEFORE you lose money, or make a bad purchase decision. You don’t just want them to be an extension of you, you want them to stand back, look at the BIG PICTURE and point out things that should matter to you. You don’t want to be blindsided when it will cost you!
Are they able to smooth out a rough situation seamlessly and with little effort? Are they firm in their opinions? Do they hold their ground without making it too obvious they are making a stand? You do NOT want a broker that is going to roll over when you say you want to increase their suggested sale price by $15,000 without a very illuminating conversation about every aspect negatively affecting your bottom line.
Are they creative in their approach to this conversation? If they allow you to start with a high list price and then lower your price without a quick and predetermined correction IN ADVANCE, FIRE THEM! What do you think they will accomplish on your behalf at the negotiation table? Brokers that won’t take the time or cannot convincingly articulate the problem with overpricing your home are both insensitive about protecting your interest, and that WILL translate to loss for you when it’s time to negotiate. Please read my “2 Must Do Seller Pricing Strategies Explained”
#8 Practical
Do they have personal experience with construction projects, both DIY and working with general or subcontractors? Why? Simple. You may need work accomplished in order to sell, or a buyer may ask for concessions. Is your broker well versed on the intricacies and knowledgeable of construction concepts, jargon and the actual work processes associated with projects? What kind of projects have they accomplished?
For investment purposes, your broker should have personal experience as landlords dealing with tenant issues first hand. How did they resolve their problems? Do they know how to guide you through proper channels to answer your questions and meet your needs? What other practical knowledge do they possess which can provide you with insight, information, or assistance in purchasing, or managing real estate matters?
#9 Tenacity with a Sense of Urgency
Your broker must be bent on follow through! So many forms have deadlines with consequences. You don’t want an broker that lets details slip through the cracks on the sale of your home. You want to know they are accessible with well defined work hours. As mentioned above, you want your broker to return phone calls, emails and texts with a sense of urgency.
#10 Respectful and Articulate Communicator and Mediator
Your broker must be able to mediate, listen and convey feelings. Selling your home and getting into your new residence can be a challenging dance. Making a large purchase can be stressful. He or she must be engaged in your position. They must be patient and able to recognize and help individuals through identification of key concerns, processing and articulating sticking points.
Conclusion
Don’t be embarrassed or 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.
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