What you don’t know about your real estate agent may hurt you.
What you need to know about your real estate agent
First of all, a real estate agent and a Realtor® are not the same. Just because someone obtains a license to sell real estate in the state of Florida does not mean they are a Realtor®. A Realtor is a member of an national association that adheres to a set of guidelines regarding ethics and standards of practice for selling real estate. For the complete code of ethics and standards of practice, click here.
There’s much that goes on behind the scenes after you list your home for sale; much of it you can monitor, much of it you cannot.
What sellers don’t know about a bad listing agent:
They’re uncooperative. Bad listing agents don’t return phone calls to other Realtors. They make it difficult for an agent to show the home. They give incorrect information for showings. Other agents may just give up on trying to show the home and move onto one that’s easier to show.
Case in point, we had a 1.7 million dollar buyer and never received a return phone call from the listing agent to show the property.
They put incomplete information into the Multiple Listing System (MLS) Omitting square footage, number of feet on the water not listed for a waterfront home, and the worst offense, no remarks whatsoever about the home! Is the property so bad that there isn’t one thing to say about it?
They take bad pictures of the home. Or worse yet, ONE picture for a million dollar listing! Really? There’s no excuse for this in our technologically advanced society! Photos are key along with video these days as everything is on the internet and buyers are buying homes in Ft. Lauderdale sight unseen.
What buyers don’t know about a bad agent:
They really don’t sell much. That’s not so bad if they have someone helping them, but if not, then they’re probably not up on all of the constant changes affecting insurance, financing, appraisals, etc. A good agent will be up to speed on everything and can save you a lot of headaches by heading off problems before they arise, such as knowing whether there is a chance the home will fail a 4 point inspection.
They don’t return phone calls in a timely manner. Time is of the essence with real estate contracts! Not responding to calls in a timely manner from the appraiser, title company, surveyor, etc. can end up costing a home buyer dearly.
They don’t pay attention to time frames in the contract. This could cost you your deposit if deadlines are not adhered to. It is your responsibility to read and understand the contract. However your agent should be on top of the timeframes and getting everyone their needed information, collecting and depositing your escrow check on time, making sure your loan commitment is received in time, making sure inspections are done timely, etc.
They don’t know how to fill out a contract correctly and completely. Many times there are other bidders on the house you’re looking at in Fort Lauderdale. Believe it or not, sellers may choose an offer that isn’t as good as yours just because the offer is submitted complete and correctly.
Case in point: An FHA approved buyer (undesirable in many sellers minds) gets their offer accepted in a multiple offer situation when they were not the highest bidder! This happened because all of the paperwork was complete, correct, and submitted the way the listing agent wanted it. The agent wanted to work with someone professional and pushed for the FHA offer to be accepted by the seller even though it was a little less than the seller wanted.
What you can do to prevent this from happening to you:
Sellers:
You can easily monitor photos, remarks, etc. by looking on Realtor.com (listings get uploaded every night) or better yet, ask your agent to email you a copy of the complete listing from the MLS.
Don’t pick an agent that is handling one of the most important transactions in your life because they’re a relative, a friend, a friends friend, etc. Does that make sense? Choose an agent that has been recommended by someone who used them.
Buyers:
Ask for recommendations from your friends and family members. Ask them how their transaction went…get details!
If you’re choosing an agent online, check their testimonials and recommendations and ask the agent if you can contact them to verify they are real testimonials.
If you don’t know anyone to ask, then hop on the internet and look for someone who works in the area you’re in and then interview them. Ask for references you can call to check out. Find someone compatible to your personality…someone who understands you and is on the same page with the experience and knowledge you need.
Contact us at 954-895-8999 for information on buying or selling a home in the Fort Lauderdale area.