I have been in real estate since 2001. Since then, I have spent a good part of my time in my career devoted to being a BUYER'S AGENT. I know buyers. I like buyers. I LOVE first-time home buyers. But with every client I work with, I am continuously reminded how little the general public knows about how real estate agents operate.
Myths abound as to the secret lives of Realtors. So, in an effort to clear things up, I decided to let you in on a few important facts about my career.
1. I don't can't work 24/7. If I did that, I would be no good to you. I have a family. I like to get to bed at a decent hour. I celebrate holidays. This would seem like a given, but I've had clients call me at 11:30 at night. Would you call your CPA at that time? Your doctor? No. Please respect the time of day you call. I'm happy to listen to your message, but understand that it might be during normal business hours that I get back to you.
2. 
Not all Realtors are Millionaires. We do not work on salary. If we don't sell something one month, we don't bring home any money. We are not paid hourly, by the mile, or by the number of showings we do. So, when you wonder why we ask a few "intrusive" questions before putting you in our car to show homes, it's just that we want to make sure you can actually afford to buy a home, and that we aren't wasting either of our time by looking at the wrong homes.
3. Clients are not HANDED to us. Our company does not simply hand us clients ready to sign a contract. This was a big misconception that I had to overcome. When I left RE/MAX and Keller Williams to start my own brokerage, some people said - "Well, where will you get your business from?". Answer: the same place I've always gotten my business - through referrals,networking, and smart marketing. I like to ask my clients when I first begin working with them to keep me in mind for anyone they know who needs my services. That way, I'm not spending all of my time working to get more business, I can focus on the clients I have and do a better job for them in the end.
4. My Crystal Ball is Not Working. Oh, wait...I don't have a crystal ball. I don't know what price the seller will take. I don't know how long it will take a home to sell. I don't know how many houses we'll have to look at before you find the right one. It is my job, though to find out as much information as possible and give that to you. It is my due diligence to research a property, to obtain disclosures and as much info as I can get from the other agent to help you make the most informed decision possible.
5. I'm working for YOU! Now, I know there are some not-so-truthful agents out there that spoil it for the rest of us, which is why you need to do a thorough job of selecting your agent. It is my JOB to protect YOUR best interests. I will not go behind your back. I will not lie or decieve you. It is not in my best interest. It would only hurt my relationship with you, in turn, stopping any kind of referrals you might send my way. I'm bound by the Realtor's Code of Ethics on this one!
6. I can sell homes not listed by me or my company....That is the benefit of belonging to the local MLS. By being an MLS member I participate in broker reciprocity - we can all show each other's listings, thus allowing us to uphold our duties in #5.
7. ...And in other cities OUTSIDE of the city that my office is located in. Just because my office is physically located in McKinney, TX, doesn't mean I can't sell outside these limits. Ask your agent what areas they serve. Chances are, they can help you in that city or help you find a reputable agent that does.
Whew, now that I've got that off my chest I feel a lot better.
Bottom line is this - I love my job. I do my job well. I just want you to understand the basics of how I work, so I can help you better! So let's do it - interest rates couldn't be better, and McKinney, TX and the surrounding areas are a Buyer's Market right now! Now is the best time to find your dream home...
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If you're looking for a home in the McKinney, TX area then search for homes on my main Collin County real estate website at www.ServinginCollinCounty.com.
Connect with me online at:
And don't forget...
I tell people that if they feel they need to "call" late because they've forgotten to tell me something, send me an email. If I'm up, I'll respond. If I'm not, you'll get a response the next day. Do NOT call me at an hour that you don't want your own phone to ring!
Also remember that we can't answer our phone every time it rings, on occassion we are in the shower, driving, already talking on the phone, talking with a real person, in the checkout line at the grocery store.
The answer to the question you have may take me a few minutes or hours to find the answer to. Leave me a message and I'll do my darndest to get you what you need.
Excellent. With the Internet, consumers often believe that they know as much as their agent or any agent. Not so, but they believe that they don't need us and that we are willing to perform unnatural acts to get their business.
I guess I never want to go to explain about what I make money.
I've really never had a problem with late night phone calls now that email is accerssible to all. Do you feel the same way?
Kim-Awesomely written post! Most buyers really don't understand how much we do behind the scenes to make sure they have a smooth transition to close. Best to you in 2009!
Many of my clients think i work 24 hours 7 days a week. I tell them " I have a life/Family" One of my clients said i want a agent to answer my calls all the time even 10:00p.m and weekends. I told them if i dont answer my phone i am busy or on the phone and ill get back to them as soon as i can. That client left me and found a new agent. I didn't care.
I wish I could fit this on my business card. Even with the "education" the Internet provides, many people just do not understand the true role of a Realtor.
YEAH!!! I think this should be on every Realtor's website, flyer, etc, etc!!!
Applause, Applause, Applause! Encore! Encore!.... All I can say is well put!
Kim, You did a great job with this email. I must admit that I rarely have people call me at wierd hours but I do wish they would make appointments in advance. I often have buyers call and say I'm almost to your office. I want to see:....list of properties. These are folks from three hours or more away and I know that since they're almost here, if I'm not available somebody else will be.
Kim, Nicely stated. I appreciate that fact that you put it into words.
Kim, Good post! We are always explaining...everything.. including our personal lives. :) It's all in a days work.
Kim,
You do make a great point, however, some real estate agents work 24/7. some agents don't have lives. lol j/k. Great post and I am going to put this in my office on the counter so all our clients can read it!
-Lisa
Evening Kim, Great reminder of our role in the buying/selling process. Amazing how little some clients seem to understand.
Hi Kim
Client need to have a respect for a real estate professional and the services we provide, I enjoyed reading your blog.
Good luck and success
Lou Ludwig
Thank you for putting that so well! What a great blog!
Kim, Well said. I especially like the part about the fact that we don't get paid unless we successfully close a house, and that's why we ask a question or two!
Kim, Excellent post. I also am amazed by clients who think we can drop everything and come right over with a listing presentation in a matter of an hour or two. It takes a great deal of time to research a home, a neighborhood, and price structure, and to formulate a plan of action and a well-thought out opinion regarding competitition.
I completly agree.. I do seem to let the late night phone calls get out of hand. I will work on this..
Thanks,
I use my cell phone exclusively with clients so when I go to bed, I turn my cell phone off. Years ago a very wise woman said - Never let your cell phone see you naked! - In other words, when it is time for bed (what ever time that is) - turn that cell phone off. Then the phone just doesn't ring!
Very correct. If we don't sell a house a month we don't bring money home.
So how can we work? Clients needs to understand this and we must do our duty to make them aware of this and educate them.
I find setting the tone at the bringing of the intial consulation is the best way to approach this.
Great Post Kim. It is amazing how many people have no regard for our time.
Don
Great posting Kim.
We should add these rules to our buyer brokers contracts.
Joe Abreu
AbreuRealty.com
Well said my friend. I couldnt have said it any better. Congratulations on the gold star too. Very well deserving.
I look at it different than most of you but then I don't sleep like a normal human. I tell my clients call when ever, if I'm awake and not tied up I'll talk to you. I don't want you to loss sleep over something that would take a few moments of time to discuss.
Loved reading your post, Kim. It is always healthy to set some boundaries especially in the arena of work-related relationships. :)
Excellent points. A few of the clients also think that there is not need to schedule anything - they call and expect you to show up in 5 -10 minutes. Even when they know you are busy and have emphasised the need to get some advanced warning! ~Rita
when we get the big bucks, we will be available 24/7!
Good Job Kim! That was a great blog.... nicely done. It is frustrating sometimes with buyers when they don't know how we get paid, or IF we do. Some potential buyers have absolutely no respect for us. In these lean times in real estate we do need to ask "intrusive" questions and make sure we are operating wisely.
Hope our new government takes housing in a different direction - and SOON!
Joan Cox
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
Great post, Kim. You made points that every client should know. would be great if we could begin every client relationship with a little indoctrination.
Another well thought out post Kim and deservedly featured. You made the newsletter too! What was it you were saying about setting goals? You're already surpassing them! Bravo!
Geez, g.friend! I was laughing so hard at this I almost dropped my coffee! TOTALLY RIGHT ON TARGET!!!!
Good post! Adding to #2, EXACTLY! I have health insurance I pay for to cover myself, disability, car insurance (which is a lot higher then the state's minimum), state taxes, payroll, monthly RMLS fees, desk fees/or broker splits, E&O insurance, etc., etc., not to mention anything we do for our clients -- the countless hours. At one point in my career, I was going to get a "billable hour" software program that attorneys use, and I wanted to "bill" the time I spend with customers/clients, documenting each 15 min. interval of my day (I used to be a legal assitant and know how to do this type of thing.) Not to bill anyone, just to keep track of all I do, and at what costs.
Nice!
I LOVE IT AND TOTALLY AGREE!
Good post -- and yes, the point about not calling at all hours is a great point!
I think we've all been there. I try to set very real expectations for the Buyers (and Sellers for that matter) at the first meeting. The one thing that bothers me the most is having to convince the Buyer client that I really am working for them and in their best interest. I've come to realize that those that don't trust you are more than likely not trustworthy themselves. Thanks again for the great post.
Love it and I think we should all include this list when we are interviewing so people have a full understanding of these basic truths (If only we could!). Enjoyed this post.
I LOVE IT AND TOTALLY AGREE!
Kim - you did an excellent job of sharing some basics about this business and the ways in which it is so different, and pointing out the things that prospects should know so that we can help THEM more effectively. I suspect some of this, while we would like to be so or think it is, is NOT obvious or known to everyone. Congratulations on a well done feature.
Jeff
Kim: AMEN!! Some customers will allow us to be a door mat if we let them. Great post and a well deserved gold star!!
Kim: Very well stated.. Many buyers don't understand how we work. Great post.
Kim, great buyer tips, a lot of which clears up many prevalent misconceptions.
Thanks everyone - I feel like I've struck a chord with everyone on this.
Good post, many important items. Its important to set ground rules about when we are available and what we can and can not control. We work hard for our clients (or should) but at the same time we need to be smart and make sure our time is well invested.
Kim, In light of you having your buyers' best interests at heart, I wonder if your are familiar with the ALTA Home Owner's Policy vs. the Standard Owner's policy? It may be old news in Texas (I'm sorry-not familiar with the purchase contracts there), but in Utah the ALTA Home Owner's policies haven't been widelly publicized until recently, but they really do provide better coverage for the buyer (and seller). As far as I know, all underwriters/title companies can provide the ALTA. I would be happy to email you some information on the differences, if you'd like. That was a very well-written Blog!
The more the client and the public see us as professionals that know we mean business , the more people will pay us what we're worth and shut up right?
Great post! I've had my fair share of those 11:30 pm calls. They always leave me wondering...
When you get a call from your customer at midnight, call them back the following night at midnight -- obviously that is their preferred time to do business, right? (wink, wink.) Might teach them a lesson.
Kim,
Excellent post. You are right about the general public knowing very little about Realtors and how real estate works. I understand providing good service but do you really need to speak to a client about a possible house purchase at 11:30 a night? I don't think so. Most things can be discussed during business hours.
That's why I love email and txt..much easier to do some form of business in the later hours.
When we moved to Texas, we were referred to an Agent by a good friend. Our agent was awesome! Never whined, bitched, or complained when I called him in the middle of the night. He showed up everytime, on time, to take us to see different houses, in different communities.
This agent probably drove us 300 miles around North Dallas and showed us at least 30 houses that he wanted to get us into.
The Fun Part
Our agent educated us (my wife and I) about the Texas market. We did end up buying a house that he did not help us find -- but, everywhere we went, we put him as the referral agent. We figured out, the least we could do, was give him credit for his time and effort. Our agent friend did not know about the property until the day we were submitting the offer, and we asked him to join us at the builders office.
Lennar not only paid him his finders commission, but also a bonus for being a preferred seller.
Afterfact
We are in the process of negotiating on a million dollar property in McKinney, and guess who is listed as the referral agent? - and no, we have not informed him yet, just like we did not inform him the last time - since we want it to be a surprise should the deal go through.
Believe it or not... it works, or can work both, or either ways!
Nicely put Kim - I think sometimes we ourselves can lose sight of the fact that we are human too !
Good list !
Cheers !
Sheldon
Very well put. Let's hope the clients see this. I have never advertised 24/7 and I always had dinner with my family when they were young. I just told my clients I had another appointment, would 7:30 be OK? It always was.
Diane Plant, Broker
Kim....Right On!!!!
Now, in only a slight defense of those 11:30pm calls.....there are many times I'm in my office at 10,11, 12...ok even 1am! And I think, gosh, if I could call them and tell them something. Of course, my rule is 9:30pm, no later. I will text till 10pm, but even then, it could send a phone ringing.
But it is true, that many, many people don't really understand our lives. Take the current market situation....where is OUR unemployment check? Ah....we don't get one! We just hope we have put enough away for rainy days....and we've had some monsoons as of late!
Again, great post about us! Sometimes it does NEED to be about us....if only for a few minutes.
Great stuff and the perfect education for the buyers of this world! I just wouldn't quote the code of ethics - they have no idea what those are either! I liked your CPA quote which I use to my buyers on every occasion I can get - what you don't work 24-7 or you call your doctor at 11:30pm and expect him to answer? That's not RATIONAL. It's a problem with 'instant access' and nuts with their 'crack berries', why won't you answer me NOW syndrome.
Kim, great post. I hope many buyers read this one.
Great post, Kim! In response to the informed buyer, I would be a little embarrassed to take your commission check when I had done nothing to help you while you were closing. Why don't you call your agent and tell him about the house you're buying? I'm sure he would love to do his job to get your deal closed. I would rather have the satisfaction of getting paid for a job well done instead of accepting a check at closing. Just my opinion! :)
The importance of our time is the key. When we demonstrate how important our time is by telling them the available times that are available, it works in getting buyers to reduce the number of homes they HAVE to see. I will never ever show more than 10 homes to a buyer....or they are going to be referred out. Good post......
First rule of thumb for me: turn my phone to quiet after 9PM at night, unless we're in the middle of contract negotiations and it's long distance.
Also, I'm always on guard for the client who wants Julie, the Cruise Director, to entertain him or her by driving them all over the county just "looking" without any real intention of buying "right now". I'll give buyers a little time to get their feet wet, and look at various styles and neighborhoods, but after that I think it's my job to focus them enough to choose something. If not, then they start being moved to the back burner until they're ready to get serious.
Actually, this would be a really good way to segue into signing a buyer's agency agreement. I firmly believe in setting up a client's expectations but sometimes we get so caught up in the process that we don't take the time we should to explain the process well. Great post!
Another great post!
I second what Loreena said. Great job and I have to say your approach for asking for referrals is great. I would actually feel comfortable asking my clients to keep me in mind if any one they know ends up needing real estate services.
You could leave a message on your voicemail that sa ys "If you have reached me after 6:00 I will be happy to return your call the following business day." I don't do this but I know an agent who does- seems to work for her. She says it is all about setting boundaries.
I love it..I want all my clients to read this.
I think I'll do a whole sales meeting on your post - -great stuff, thank you!
Kim I have to say AMEN x 7! Sovery true on the misconceptions of this business and thanks for shedding light on many of them. Take care and happy blogging!
Bravo! Couldn't have said it better myself. Thanks for the post.
Great post. You're right, the general public knows very little about the extent of a realtor's responsibilities. Many think they show a couple of houses and then get a check for thousands of dollars. Yeah, don't i wish!
My idea of what is expected of a realtor has changed since I have trudging through so many foreclosures in 13 degree below weather. This is insane!
Dear Kim,
Maybe, we needs to explain this to more people. Not in a formal presentation, but a little bit at a time!
Congrats on the faeature!
We don't get paid by the hour.......
Yes, and we are not rolling in money to buy every lunch, dinner, supplies for a vacant house etc. For some reason they truly believe that because we sell real estate we are very wealthy. I would love to be able to just show them my marketing coast, how much time I put into planning and detail work to show property let alone get it to settlement. Then of course there are the splits to the broker and franchise fees etc. Yes, Yes, please.....every buyer and SELLER read this post. I actually had one seller ask ME to pay for painting and carpet because I was making that big commission. Yea, right, and then when it still doesn't sell at his price they list with another agent and I have an "investment" in their home that I will loose more money. Oh dear. The internet and the media just does not help us in this area.
I don't answer my phone after 9pm....
Good list of insights into the Real Estate business. Many consumers do not understand how our profession works and how will they ever understand it unless we infor them.
I will answer my phone up until I go to bed. Just the way I always have done things.
Super post! These myths continue to prevail, don't they? My favorite part of your blog was the reference to pre-screening buyers. To protect ourselves, our time, our energy, and even our pocketbooks, we have to have a formal relationship with buyers, We also need to know their financial history, motivation level, time-line for purchase, needs and preferences. This is really about setting boundaries and establishing expectations- a very healthy way to begin any relationship!
fantastic post and hurray on the "celebrating holidays" I just lost a listing because I wouldn't come view his home during the super bowl. oh well!
I love asking the intrusive questions. I like to see how they respond. I always tell them that I don't want to waste each other's time. My time is worth money and if they waste it, then it is time away from my family!
Great post!
Kim,
That 24/7 is an issue that comes up all the time, even with us mortgage consultants. I agree that within normal business hours we can usually accomplish everything that needs to be done.
Hi Kim, These are all things we either tell our clients or wish we could, yet often they don't get it anyway, or they simply forget. I almost wish I could give my clients a list like this and have them sign acknowledging receipt. I am fortunate that nearly all of my clients are nice and understanding and will apologize profusely if they think they might be bothering me, so I'm pretty lucky. I always make a deal with my clients that I will take their calls if I can, so long as they don't abuse the privilege, and if I can't take it, I will call them when I can - either later that day or first thing the next morning. Just leave a message and understand that I have other commitments, but that they are important to me.
OMG...and precisely, I have a buyer that wants to see homes today SUPER BOWL DAY. .and I will be arriving at the party LATE. .and if she wants to write an offer?
Kim, Thanks for the great reminders. Many many buyers and sellers think we work 24/7 and I don't. I have a family. So very true.
Kim,
Good luck with number 1, I know what you mean, but they don't.
Johnathan
Kim I think you are very smart to educate your clients right up front on how things work. There are so many that don't have a clue and will take advantage of you if they can.
Amen! Maybe if we keep singing this song, the public will start to hear the words.
Yeah!! T I agree. I think this should be on every Realtors web site as well. Thank you
Hi Kim,
Loved this top 7 list.! Right on the money.
Cheers & hats off to you!!
Paul
Paul Weir
Associate Realtor
United Country - Town & Country Realty
226 Mill Street
Grass Valley, CA 95945
530.273.3900 main
530.388.8641 mobile
Want to learn a little more about me? please visit my ActiveRain site . . .
Kim,
I have said many of these (in nicer terms) to my clients. Because, if they don't understand the nature of our jobs and all that it entails, they DONT respect our time, and I get the impression of the general public, that we, as real estate agents, are: lazy, untrustowrthy, greedy, unethical, etc. There are some real estate agents that fall into this category, but the mass majority of us are the most hardworking and ethical people out there-especially in a sales field. We are underappreciated for the level of service we provide.
It can be easy selling real estate, but often times, each transaction has a new set of challenges and if we are doing our job correctly our clients do not feel the pain and suffering, therefore, they believe it is easy money, and that we are overpaid for what we do. Not even mentioning that just because we have a commission check coming to us for a certain amount, that we get to pocket it all. We do have expenses!
Oh, I want to add to your list on #2, we do not have a company gas card, a company car, our a spending allowance for clothing and taking our clients out to dinner or closing gifts. I really have heard this!
There are many misconceptions out there, thanks for putting it out there!
Amen to that! Do you think are clients would get upset if we mentioned these 7 items to them? :-)