When interviewing brokers and salespeople to find a purchaser, investor or tenant for the sale, rent or lease of your home or commercial properties, what process and probing questions do you ask?
Do you ask if they are part-time or full time? Over half of all 2 million agents in the United States have jobs and perform their real estate on a part-time basis. Some 1.4 million are considered Realtors, e.g., which means they are dues-paying members of their local multiple listing service association, who are allowed to use the Realtor logo in all their advertising as it is part of their investment in their business and career.
There are approximately 600,000 licensed Brokers who are not part of their local MLSs; therefore, they are not considered Realtors and cannot use the logo in the advertising. Remember, that one’s home is generally the most valuable asset that you will own in your lifetime and you will always want to hire the absolute most knowledgeable, expert, credible and straightforward Broker that you can.
I always say, if you had a business and ran it like one, why would you want or need a job that would never pay you what a smart and business savvy Realtor earns? There are exceptions to the former thought, e.g., if you had a job with a pension, civil service job, and were halfway through your career, you aren’t going to quit to do real estate, unless it is part time, which is generally the case; or if you are president/CEO of a company earning way above the average pay scale and income of a blue collar or even most white collar workers, again, you are not leaving your position.
But once you retire those professional white collar CEOs and presidents, vice presidents, managers, etc. are perfect candidates due to their training and knowledge to transition into an amazing industry to enjoy the fun that I have and continue to experience and can be had while earning some very serious money.
The knowledge of a qualified Realtor is based not only on their street knowledge and their regular interaction and relationships with client sellers, investors, landlords, purchasers, renters and lessees of residential and commercial properties. What’s more critical and crucial are the required as well as the thought-provoking and exciting optional CE classes leading to specific designations that they may have earned throughout the years. A seasoned Broker and/or salesperson should have at least their GRI and potentially their CIPS designations as these comprehensive courses provide an immense insight into deal making, negotiations, financing strategies, transactions, as well as an extremely important facet in today’s global business world: the specific and varied cultural customs of different segments and groups of the world’s populations.
As an example shaking a women’s hand or even patting them on the shoulder in certain cultures is taboo and not acceptable, while kissing both cheeks of a man may be the everyday customary method of saying hello or good bye in other cultures. Not knowing the multitude of customary traditions, ethnic behaviors and rituals and acceptable social attributes can cause much financial pain not only for sellers, investors and purchasers, and renters but just as important for those Realtors who lack knowledge and expertise in dealing with all those situations.
It is financially painful when we lose sales due to just plain “not knowing what to do.” What’s worse is when the incomplete education of a Broker and/or salesperson can and does cause issues affecting their licenses as 68 brokers and agents experienced when they had their licenses revoked due to “steering” in 2020 after a three-year investigation by Newsday via video and audio recordings. This raised a red flag and the NYS Dept. of State stepped in and did their own investigation based on Newsday’s reporting int brokers directing buyers away from certain neighborhoods. However, I am quite sure many are appealing their situations as this is their lifeblood and career in earning a living.
Being ignorant of basic common sense and updated laws and discriminatory practices is no excuse for not doing the right thing. There are way too many who wait until the last minute to stay on top of their continuing education and the required 22.5 credits that is required every two years to renew their licenses. All of a sudden there is a rush to meet their deadlines, when one should be taking classes on a regular basis which in turn would allow them to learn, absorb and retain more of information and knowledge. This makes them better qualified, enabling them to be more beneficial and in the end to be able to offer greater value to their clients.
So hire an experienced, qualified, knowledgeable Broker, regardless of the size of their office as opposed to getting hung up on a company name and all their advertising and smoke and mirrors, spouting how big they are and the amount and number of deals that they do. Historically from my past and current experiences and dealing with Brokers and salespeople day in and day out, only 10 percent of all agents earn a living that provides them a lifestyle worthy of being called an entrepreneur and a successful business person.
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 40 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S). For a “FREE” 15-minute consultation, a value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com Just email or snail mail (regular mail) him with your ideas or suggestions on future columns with your name, email and cell number and he will call or email you back.
