How to chose a Realtor

Not all Realtors are created equal. In fact the vast majority of licensed Realtors are not full-time professionals, but rather part-timers looking for a quick buck. They lack experience, education, focus and industry knowledge. So...what to look for:

1) Education: All Realtors in Oregon are required to go through the same basic training and continuing education. Beyond that...its a free-for-all. Be wary of Realtors who dazzle you with industry designations like; GRI and ePro, but have little to no formal education. Ask your Realtor prospects what formal education they have (AA, BA, MBA). Ask them if they have ever applied their education in traditional business. Look for a Realtor with a strong background in business, finance, contracts and taxation. All very important aspects of every Real Estate transaction.

2) Experience: Try to find a Realtor who not only has broad experience and many years of transactional history, but specific experience to YOUR needs. Currently short-sales are all the rage. If you think you qualify for a short-sale make sure the Realtor you chose knows how to execute them and has experience with them. Or, say you are an investor who needs to do a 1031 exchange. Verify that your Realtor knows what he/she is doing.

3) Area Knowledge: Many Realtors will claim to service very large geographic areas. I can guarantee that their specific knowledge of neighborhoods will be nominal and they will have extreme difficulty physically servicing listings or Buyers who are far from their place of business. Chose a Realtor who lives in the local area, or at a minimum does a lot of business in the area and knows the local market thoroughly. A Happy Valley Realtor would be a bad choice to sell a home in Beaverton...

4) Reputation: The wrong name on your listing can scare away many Buyer's Agents. Quality Realtors do not like doing business with the group of Brokers who don't follow the industry ethical standards and generally create problem transactions. If an unreputable Realtor is submitting offers on your behalf as a Buyer, the Listing Realtor will be more likely to counter back with tighter contract terms, larger earnest money and even a higher price to protect their client from possible problems during the transaction.

Reasons not to hire a Realtor:

1) They are a friend, family member or some other associate. That in and of itself is not a reason to hire someone.
2) They tell you what you want to hear. You are paying for the truth and quality advice, not for a "Yesman".
3) They offer you a financial incentive. It is illegal in Oregon for Realtors to give financial kickbacks to clients.
4) They are super busy, so they must be good. If they are that busy, when will they help you?
5) They have a Team. Teams' often play bait and switch and stick you with less experienced members of the Team, while the Principals focus on marketing to new customers.

Reasons to hire a Realtor:

1) Personal reference from someone who you trust.
2) They tell you the bad with the good during your interview.
3) They are not stretched too thin with other clients.
4) They seem to understand your specific Real Estate needs and demonstrate expertise with your particular type of transaction.

Hiring the right Realtor can make a huge difference in the outcome of your transaction. They can save you thousands of dollars and cut the time it takes to complete a transaction by months. Buying or selling a home will probably be the largest single financial endeavor you undertake in your life. Make sure the Realtor you hire is the best suited to your needs.