What Makes a Good Real Estate Agent Great?

I've spent several hours over the past few days talking to past Pearce clients about their real estate buying or selling experiences.  It was so useful, and so gratifying, that I've decided that I need to do it on a regular basis!  I asked each of them to tell me what qualities s/he found most important in the agent used in a particular transaction, and which services offered were most appreciated.  And here are the results:

1.  Overwhelmingly, the number one factor that made agents great was communication.  Clients were happiest when agents kept in touch regularly, yet this simple fact was not taken for granted, as many agents don't do that.  People I contacted told me over and over again that it was really important to their selling or buying process that they be kept informed, and that their agents were excellent at living up to this need.  It was mentioned so often that it should be the first thing buyers and sellers ask about in an interview.  However, the fact that you ask about it and someone says that they will communicate often, does not guarantee that s/he will.  Tip for clients:  Make your expectations clear upfront.  Tip for agents:  Don't prejudge what a client will want to hear.  Tell him/her everything.

2.  The second point that arose again and again was that great agents control the process.  They serve as backups for clients, who may be buying or selling from far away, who may never have bought or sold a property before, and who almost always have a lot going in, in addition to the transaction in question.  Many people mentioned that their agents kept track of dates and deadlines, always reminding them not to drop the ball or let an important clause lapse.  Great agents anticipate the next need, and regularly remind clients to stay ahead of the curve.

3.  Great agents are knowledgeable about local customs.  They can explain mill rates and closing practices.  They can talk about differences from town to town.  They serve as sources for questions and research help.

4.  It was surprising how many people mentioned that their agents went above and beyond.  We don't always know that clients recognize what is part of the job, and what qualifies as doing "extra".  I heard of an agent getting the mail, checking the property often, taking care of repairs that needed to be done before the closing, and other tasks big and small.  It was gratifying to know that clients do appreciate that such service is more than the basic representation.

5.  Flexibility was a key trait mentioned.  Buying and selling are activities often done outside of the regular working day, and clients were impressed that agents rolled with the punches.  Also, great agents accepted that needs ebb and flow, and that sometimes searches would get back burnered, while at other times people were ready to move quickly.

What did they not tell me?  I was a little surprised that they didn't mention help with pricing or offers, or advice on choosing among properties.  That doesn't necessarily mean that clients don't look to agents for actual real estate advice, but it does seem to indicate that all the points above are what made the difference.  That suggests that there could be less emphasis on how long an agent has been in business, and more on service.  One seller used a questionnaire to choose an agent, and got pushback from those who didn't want to answer questions formally.  From everything I heard, great agents have no reason not to make promises upfront, because they really deliver down the line!  In fact, I should close by quoting one client:  "She really became a friend".  That's right, everybody.  While you are buying or selling, you may talk to your agent more than anyone else in your life, for that period of time.  Choose someone you like!

The Passing of a Legend

Yesterday I went to the funeral of Rhoda Brownstein, a longtime Pearce agent, who retired a number of years ago, and died this week at 88.  She was so outstanding as an agent, and so iconic in the East Rock and Westville neighborhoods where she typically worked, that I felt moved to blog about what made her so special.

Rhoda came to real estate after her husband, Gerry, died young.  She had moved her family into New Haven from Woodbridge, at a time when that was an unusual choice among her friends, and had been working as a research assistant at Yale.  She was the first agent I hired after I came into the business, and she was the first one who thought of me as the head of the company.

 Her background in psychology really helped her get a footing in her new field, as I came to realize.  When she took someone on as a client, she became a combination of mother, mother confessor, social secretary, and life coach.  It was common for her to have someone living in her upstairs apartment while they waited for a property to close, and even more common for her to introduce her new client and friend to everyone she thought he or she should know in New Haven (More than once, she would get so involved with someone that she would introduce the person to me, forgetting that it was I who had referred him or her to Rhoda in the first place!).  She felt free to advise you on staging your old home, decorating your new home, or telling you what house was best for you to buy.  She was truly a consultant before that became the new norm; information about listings, the reason people used real estate agents then, was only a small part of the service she offered. 

Rhoda really picked the perfect career for someone starting over in so many ways in midlife.  She gave legendary parties, particularly on New Year's Day, where all of her current and former clients mingled and met.  Her customers became her friends, and filled her life with gatherings and, sometimes, great gossip.  Rhoda reduced New Haven to one or two degrees of separation, and had a fluid boundary, at best, between her work and personal lives.  I often thought of Rhoda when I read stories in the NY press about the grand ladies of the Upper East Side real estate market, who entertained and obtained their clients with exclusive and fabulous dinner parties. 

As her career progressed, Rhoda became more of a "persona", with quirks and opinions well known to us all.  She didn't like to compete or to argue, preferring to walk away from a listing rather than run the risk of losing it to someone else.  Her business came to her instead by referral, often with the line "You MUST work with Rhoda".  She was often indulged by other agents, especially Pearce agents, when she got on her high horse about how things should be done.  I called that her Queen Mum stage, when she ruled graciously and gladly over our New Haven office flock. 

We will miss her, but think of her often.  We will hear her voice, heed her remembered words, and wear our pearls. It may be the end of an era, but her spirit and influence live on in all of us.

Cell Phone Etiquette

We brought up an interesting issue in our sales meeting this morning.  Often our clients expect that we will answer our cellphones at any time and in any place that we might be, because, of course, to them their issues are urgent and our input is often necessary.  Unfortunately, those are sometimes the very same people who complain when we are with them that we shouldn't be taking other calls.

Agents tend to feel one way or the other.  Either they take all their calls, and tell you as the client that you can always reach them, or they hold their calls while they are with clients, and tell clients calling that they will have to wait.  I can see both sides of this issue, and was wondering how you readers feel.

Of course, like all parents, I'm always afraid not to take a call from my kids. In my case, especially since the time that my daughter's school called right back while I was in an important meeting, so I let it go to voice mail and she spent the whole day in the nurse's office....I'm sure it will come up someday, when she wants to make me feel even worse!  In the meantime, I'm going to try to turn my phone off more often.  And you?

Independent Contractors

Yesterday I explained to a client that real estate agents are independent contractors. I know that most people realize that real estate agents, and companies, only get paid when someone buys or sells a piece of property. But sometimes I doubt whether they know the full extent of what that means. It means that agents don't get paid for their time. Or their gas. Or the lunch that they might buy you when you spend a long day looking at houses. Or their cell phone. Or their car, car insurance, and repairs. Or their real estate license, continuing education, Board fees, and MLS fees. Or the extra advertising and marketing that they may do on your property (while our firm pays for postage, advertising, and training, many firms charge agents for those services). It's expensive to be a real estate agent, and even more expensive to be a real professional, with all the tools.

Indpendent contractors, who don't get salaries or benefits, deduct their business expenses themselves. In effect, they run their own small businesses. They affiliate with brokers, and use the branding and offices of those brokers, but they don't work set hours. We aren't even allowed to carry worker's comp insurance on them. They assume the costs of working, and, as I often say, they "eat what they kill" in terms of compensation. They get paid for what they do, when it goes well. When it doesn't, they bear the risks.

Why, you may ask, did I decide to blog about this now? The simple answer is that, when I was told by this client that he understood that an agent only got paid when he bought, and that those were the breaks, I'm not sure he really got what he was saying. I guess it gets down to the Golden Rule, as most things do. How much time would you spend doing work for someone and not getting paid, before you felt that it was unfair?

Clients didn't create our compensation system in the real estate industry, and I'm not asking them to be responsible for changing it (although I would certainly love to change it!). I just want them to understand that, if they aren't serious, or they aren't willing to stay with someone until the transaction is completed, then they are really asking for services for free. And the way you treat someone who is doing you a favor may be different than the way you behave if you think it's someone's paid job to help you. It's that simple, and that complicated.

I agree with Nelly

Nelly's comment about the weather and 2009 rings true here in Guilford, where the wind is whipping around the house at gusts, they say on the news, up to 60 mph! It's been so windy this winter so far that I'm beginning to think it has something to do with the economy, like the dust storms in the 30s. It feels like winter everywhere. I'm raising my glass tonight to a better '09, a healthier real estate market, and good health and prosperity for all our associates, employees, clients, and friends.