Realtor Service

[marianne]

I remember 7 years ago looking for my first rental property. My Realtor took my criteria and searched the mls for me. He even previewed
places to weed out the duds occasionally. I would look on the mls myself when I found the time but relied on him to do the majority of the time consuming browsing.
Is that not supose to be their job, or is this a thing of the past?

Is it standard for a Realtor to plug my criteria into his automated program and forward it leaving me to do all the sifting through?
I`m not using the "too busy" excuse and can make all the time I need to go and look as well as set up a property, but now I have to
find them as well. Should he or she not be using some of their time this way for me?

Just wondering how your Realtors are working for some of you?
Thanks, Marianne

 

[lanedry77]

QUOTE (marianne @ Apr 20 2008, 08:33 PM) I remember 7 years ago looking for my first rental property. My Realtor took my criteria and searched the mls for me. He even previewed
places to weed out the duds. I would look myself when I found the time but relied on him to do the majority of the time consuming browsing.
Is that not supose to be their job, or is this a thing of the past?

Is it standard for a Realtor to plug my criteria into his automated program and forward it leaving me to do all the sifting through?
I`m not using the "too busy" excuse and can make all the time I need to go and look as well as set up a property, but now I have to
find them as well. Should he or she not be using some of their time this way for me?

Just wondering how your Realtors are working for some of you?
Thanks, Marianne
Hi Marianne,

I had a realtor a while ago that was similar to what you describe - she put my very rough criteria into the MLX system and told me to sort through the 20 or 30 automatic emails I received each day. She said that if something caught my eye, I should drive by the property and inspect the neighbourhood and the outside of the property. If I liked what I had seen, I should email her, and she would then send me the comparibles, and the `private` comments on the listing. If I still liked what I saw, she would arange a viewing, and meet me at the property.

She didn`t last very long....

I now work with a realtor that is much more helpful and willing to put in more effort. We have refined the MLX filtering so that I only get very targeted email alerts, and he is completely willing to do a small amount of pre-viewing legwork for me (but we find viewing in person is just easier). After the viewing, he`s just great and does a large amount of the running around and legwork required to close the deal. I`m pleased to be able to facilitate him earning a comission on the deal, because he earns every penny of it.

I can`t add to your comment about the realtor pre-viewing the property, since I`m not at that point yet. But for sure, your realtor should do more than just deliver 20+ emails to you a day.


David.

 

[marianne]

QUOTE (DavidSandbrand @ Apr 20 2008, 11:23 PM) Hi Marianne,

I had a realtor a while ago that was similar to what you describe - she put my very rough criteria into the MLX system and told me to sort through the 20 or 30 automatic emails I received each day. She said that if something caught my eye, I should drive by the property and inspect the neighbourhood and the outside of the property. If I liked what I had seen, I should email her, and she would then send me the comparibles, and the `private` comments on the listing. If I still liked what I saw, she would arange a viewing, and meet me at the property.

She didn`t last very long....

I now work with a realtor that is much more helpful and willing to put in more effort. We have refined the MLX filtering so that I only get very targeted email alerts, and he is completely willing to do a small amount of pre-viewing legwork for me (but we find viewing in person is just easier). After the viewing, he`s just great and does a large amount of the running around and legwork required to close the deal. I`m pleased to be able to facilitate him earning a comission on the deal, because he earns every penny of it.

I can`t add to your comment about the realtor pre-viewing the property, since I`m not at that point yet. But for sure, your realtor should do more than just deliver 20+ emails to you a day.


David.


Thanks David,
I didn`t express the situation properly. I always go for viewings, it`s the mls browsing on the computer I find time consuming and would prefer my Realtor
to be doing more for me. As for pre-viewing properties ,I don`t expect that, it was just a nice bonus I`ve experienced in the past when My Realtor wanted to save
me some of MY TIME. Thanks again and I`m going to re-word my posting.

 

[robertmcleod]

Marianne you bring up a good point, many things have changed in our market, and some expectations on the end of the realtor and buyer have to be adjusted.

All I can comment on is what we see in the market. At this point when a buyer calls we try to screen all the pertinent details, many clients still don`t divulge all the "real" facts about the purchase which can lead to guessing by the realtor, both parties should work hand in hand to really offer all aspects of what and why are you looking. You will always get 100% more comprehensive service with a realtor if you hire them as your exclusive buyers agent. Look at it on the realtors side, with the time and money agents invest in working with buyers, many buyers tend to have 3-4 agents on the go for them and if the realtor knows you`re working with several parties they may find it hard to invest 100% of their effort.

In this market, if we screen the client and have a realistic expectation on area, price and ROI we can easily source the product, send a preview to the client, narrow it down then arrange the showings. We tend to show as a team 10 or so units per day so by chance we normally have seen the units first and can comment to its suitability. If the product isn`t available (crazy to think in our market, but in some areas is the case) MLX hotsheet is a great tool to wait and see daily what new pops up, it take 5 minutes for a realtor to set up and both the agent and buyer will see the listing in real time. A side secret about MLS... there is a 48 hour delay, MLX the intranet site holds the listings for agents and their buyers first, the unit then appears on MLS 48 hours or so later as it takes time to filter though the system.

The flip side is on the agents to be responsible business managers to sort the business.

There are many tire kickers in the market, who ask us to do the impossible, find the home $50k below any others, or throw out an offer and see what comes back, trust me last week we got an offer 50% below list, which makes the buyers and buyers agent look bad on the listing agent and vendor. Its the agents responsibility to also educate the buyer on pricing, do your research too, but have your agent do a reverse CMA on whatever you`re looking at.

So I guess service hasn`t changed but the market is causing confused buyers, working with confused realtors and confused vendors all to wonder how do we start on a clean slate.

My best solution, work with someone who works with you. Remember as a realtors client on the buying end, you`re the client, choose the service you want and lay it out before hand. Good luck!

Robert F. McLeod, csi
Top #1 Residential Agent Re/Max Real Estate
780-905-8920
[email protected]


QUOTE (marianne @ Apr 20 2008, 11:49 PM) Thanks David,
I didn`t express the situation properly. I always go for viewings, it`s the mls browsing on the computer I find time consuming and would prefer my Realtor
to be doing more for me. As for pre-viewing properties ,I don`t expect that, it was just a nice bonus I`ve experienced in the past when My Realtor wanted to save
me some of MY TIME. Thanks again and I`m going to re-word my posting.

 

[marianne]

Thanks and fair enough...It`s good to get a reminder of the flip side.

 

[RedlineBrett]

Excellent post by Robert. He captures the essence of a good agent/client relationship with two important phrases:
QUOTE when a buyer calls we try to screen all the pertinent details, many clients still don`t divulge all the "real" facts about the purchase which can lead to guessing by the realtor, both parties should work hand in hand to really offer all aspects of what and why are you looking. You will always get 100% more comprehensive service with a realtor if you hire them as your exclusive buyers agent.

and again here

QUOTE My best solution, work with someone who works with you. Remember as a realtors client on the buying end, you`re the client, choose the service you want and lay it out before hand. Good luck!

In the three years since I began my sales career nearly all of my business has come in the form of representing buyers. Because of my demographic and aptitude for investing the leads I get just seem to be tailored towards this type of service.

I`ve done buyer interviews with all types of clients and have come to the conclusion that there is no cut and dry relationship that can be forced upon any deal. We aren`t buying furniture or used cars here - so the sales approach cannot be treated the same way. For a homeowner a property will be a reflection of how they want to identify themselves and achieve the lifestyle they`re after. For an investor the end game is the same but the property serves a different purpose and thus the buying process is much different.

In either case Buyers like to be involved but it is up to them to tell the agent the extent that they want to be. Some know exactly what they want and my job is as simple as protecting their interests, writing a good offer and ensuring a smooth close. Others have no clue or concept and almost beg for me to take more control of the whole process and help them define their needs. I am comfortable in either role I just like to know what hat I have to wear. Most agents are the same.

So, long story short - if you want excellent service tell your agent precisely what your definition of excellent service is.

Top sales people WANT to do a good job for you. I love that feeling more than I love the money. In a world of temporary relationships and sub-par shady agents on the other end of the phone it is very gratifying to know you waded through it all and really delivered for someone. I think of my golden retriever. He loved to go and get the ball and bring it back. I loved to get outside in the fresh air and play with him. Conversely, I love to go and get good deals and bring them to people. Now, I`m not saying treat your agent like a dog (

) but when the roles are appropriately defined both sides will be happiest.

Good luck!

 

[YLCorporation]

QUOTE (RedlineBrett @ Apr 22 2008, 08:55 AM) Excellent post by Robert. He captures the essence of a good agent/client relationship with two important phrases:
.

and again here



In the three years since I began my sales career nearly all of my business has come in the form of representing buyers. Because of my demographic and aptitude for investing the leads I get just seem to be tailored towards this type of service.

I`ve done buyer interviews with all types of clients and have come to the conclusion that there is no cut and dry relationship that can be forced upon any deal. We aren`t buying furniture or used cars here - so the sales approach cannot be treated the same way. For a homeowner a property will be a reflection of how they want to identify themselves and achieve the lifestyle they`re after. For an investor the end game is the same but the property serves a different purpose and thus the buying process is much different.

In either case Buyers like to be involved but it is up to them to tell the agent the extent that they want to be. Some know exactly what they want and my job is as simple as protecting their interests, writing a good offer and ensuring a smooth close. Others have no clue or concept and almost beg for me to take more control of the whole process and help them define their needs. I am comfortable in either role I just like to know what hat I have to wear. Most agents are the same.

So, long story short - if you want excellent service tell your agent precisely what your definition of excellent service is.

Top sales people WANT to do a good job for you. I love that feeling more than I love the money. In a world of temporary relationships and sub-par shady agents on the other end of the phone it is very gratifying to know you waded through it all and really delivered for someone. I think of my golden retriever. He loved to go and get the ball and bring it back. I loved to get outside in the fresh air and play with him. Conversely, I love to go and get good deals and bring them to people. Now, I`m not saying treat your agent like a dog (

) but when the roles are appropriately defined both sides will be happiest.

Good luck!


Can someone tell me what CMA and MLX ( assuming its not the same as MLS) stand for?

 

[robertmcleod]

Hi Lynn..

CMA is a Comparative Market Analysis, sometimes clients think they`re appraisals; they are not. A CMA is a valuation that a Realtor is licensed to perform. You can do a CMA when you sell or buy, the same logic applies, its an analysis of the property compared to recent sales and current active listings.

MLX is the internal intranet that Realtors use to sort and sell property, in a nutshell it`s MLS on hyperdrive. In it we can see all listings, past history, tax information, past sales, perform analysis of properties and so much more.

Hope this helps!

Robert F. McLeod, csi
#1 Top Residential Agent Re/Max Real Estate

QUOTE (YLCorporation @ Apr 22 2008, 08:36 PM) Can someone tell me what CMA and MLX ( assuming its not the same as MLS) stand for?

 

[AndreiAngelkovski]

My comment to this topic would be the following:

1. Figure out what exactly you want in real estate and communicate this with your realtor.
2. Be upfront with your realtor and keep the communication lines open and honest.
3. If you cannot find a realtor, ask people you know and trust to refer you to a realtor who can assist you with your goals & expectations.

I personally think you will be able to find a good realtor out there who is willing and able to assist you with most if not all your real estate goals and expectations. And when you find him/her, keep them and be loyal to them.

 

[writeabooknow]

Hi All!

My wife and I have been seriously buying and selling houses for six years now, and I guess I`m missing the boat when it comes to realtor service expectations. I haven`t found a single one who does a thing for serious investors.
They ask you what you want, they look on MLS, then tell you what they find.
Hey, folks, I have a computer and an internet connection. I can do all that in 60 seconds, first thing in the morning.
In the last few years it has become even more pathetic. They`ve automated the process with emails.
Hey realtors, in the words of Gordon Gecko in the movie Wall St., "Astonish me!"
Find me the houses that fit my solid gold criteria (transporation, top-ten location, motivation, price, etc.) If it`s not listed on MLS, knock on doors of houses that I would die to get. Tell the owners you`ve got a buyer lined up if they`re thinking of selling. And keep in contact with those folks. The moving parade changes every 30 days!
You bring me an investor and I`ll bring you a sale, so I expect my realtor to badger his broker and scour his contact book to find a constant stream of investors for me. It doesn`t cost you a thing to do that one, and you could be selling houses to me and my JV partners all day long. And don`t hesitate to line up great tenants for me. I`ll pay you a month`s rent if you can make that one happen regularly with long-term, equity building renters.
When I make an offer, I want you there selling it to the vendors. Telling them they`d be out of their minds to let this one pass by. If you`re just going to shrug your shoulders and hand it off to the listing agent, I can fill out the forms and fax it to the listing agent myself.
Do I want everything? Yes, I want everything. If I go into a restaurant I expect more than a plate of ingredients and access to the stove.
Okay, I`ve finished venting.
My sincere apologies to any and all whom I have offended.
Cheers
Steve Manning

 

[AndreiAngelkovski]

QUOTE (writeabooknow @ Apr 25 2008, 04:38 PM) Hi All!

My wife and I have been seriously buying and selling houses for six years now, and I guess I`m missing the boat when it comes to realtor service expectations. I haven`t found a single one who does a thing for serious investors.
They ask you what you want, they look on MLS, then tell you what they find.
Hey, folks, I have a computer and an internet connection. I can do all that in 60 seconds, first thing in the morning.
In the last few years it has become even more pathetic. They`ve automated the process with emails.
Hey realtors, in the words of Gordon Gecko in the movie Wall St., "Astonish me!"
Find me the houses that fit my solid gold criteria (transporation, top-ten location, motivation, price, etc.) If it`s not listed on MLS, knock on doors of houses that I would die to get. Tell the owners you`ve got a buyer lined up if they`re thinking of selling. And keep in contact with those folks. The moving parade changes every 30 days!
You bring me an investor and I`ll bring you a sale, so I expect my realtor to badger his broker and scour his contact book to find a constant stream of investors for me. It doesn`t cost you a thing to do that one, and you could be selling houses to me and my JV partners all day long. And don`t hesitate to line up great tenants for me. I`ll pay you a month`s rent if you can make that one happen regularly with long-term, equity building renters.
When I make an offer, I want you there selling it to the vendors. Telling them they`d be out of their minds to let this one pass by. If you`re just going to shrug your shoulders and hand it off to the listing agent, I can fill out the forms and fax it to the listing agent myself.
Do I want everything? Yes, I want everything. If I go into a restaurant I expect more than a plate of ingredients and access to the stove.
Okay, I`ve finished venting.
My sincere apologies to any and all whom I have offended.
Cheers
Steve Manning

Hi Steve,

If you can`t find a realtor who can do all that for you, my suggestion would be to speak with other successful investors who are currently happy with their realtor`s service.

I know quite a few realtors who provide excellent service and who are always looking to raise the bar and provide that extra 10%.

Unfortunately we are not able to post them in our resource directory.

If you wish to chat, feel free to PM me.

Thanks.

 

[RedlineBrett]

QUOTE (writeabooknow @ Apr 25 2008, 01:38 PM) Hi All!

Hey realtors, in the words of Gordon Gecko in the movie Wall St., "Astonish me!"
Find me the houses that fit my solid gold criteria (transporation, top-ten location, motivation, price, etc.) If it`s not listed on MLS, knock on doors of houses that I would die to get. Tell the owners you`ve got a buyer lined up if they`re thinking of selling. And keep in contact with those folks. The moving parade changes every 30 days!
You bring me an investor and I`ll bring you a sale, so I expect my realtor to badger his broker and scour his contact book to find a constant stream of investors for me. It doesn`t cost you a thing to do that one, and you could be selling houses to me and my JV partners all day long. And don`t hesitate to line up great tenants for me. I`ll pay you a month`s rent if you can make that one happen regularly with long-term, equity building renters.
When I make an offer, I want you there selling it to the vendors. Telling them they`d be out of their minds to let this one pass by. If you`re just going to shrug your shoulders and hand it off to the listing agent, I can fill out the forms and fax it to the listing agent myself.
Do I want everything? Yes, I want everything. If I go into a restaurant I expect more than a plate of ingredients and access to the stove.
Okay, I`ve finished venting.

Realtors can do all of this for you if you outline an agreement with them. I would say that the onus falls on you to tell your agents what you expect of them. They have a right to expect an unconventional renumeration structure if you are asking them to do unconventional work for you.

How is an agent supposed to know you want them to find you JV partners, screen your tenants or try and buy things that aren`t for sale if you don`t specify this to them? Do you think it`s fair to pay them regular rates for this type of work? How can you expect to be `astonished` if you haven`t told them what it takes?

It relates to properly managing expectations. If you want it all you better ask for it first so your agent knows what they`re getting into. Your agent should have the right to say `no` to your business if they think you are never going to be satisfied. No agent wants a high maintenance client at regular rates - they are running a business same as you are.