The Wall Street Journal recently released its national rankings of real estate agents, and it was no surprise to see several Peninsula realtors on the list. If you’re getting ready to buy or sell a home, you may be thinking that hiring one of these top realtors is the obvious choice, but is that really true?
Is Bigger Always Better?
Not necessarily. McDonald’s sells more hamburgers than anyone else in the world, but I know I’d rather eat at my local burger place. I also prefer mom and pop hardware stores and boutiques where I receive more personal service than I would at a big box store.
While there are undoubtedly some benefits with going with a superstar agent, there are plenty of reasons to decide instead to work with an experienced, knowledgeable, local agent who focuses on a smaller number of clients at a time.
Personalized Service and Attention to Detail
If you look at the sheer volume of sales of some of these top agents, it’s clear that they can’t do all the work involved in the process of selling or buying a home themselves. In fact, many top-selling agents employ assistants to help with everything from arranging inspections to showing open houses. There are so many moving parts in a real estate transaction, and I believe each one is important enough to deserve my attention to all the details.
That’s why I do everything involved in the sale of a home myself—from the listing presentation to managing repair work and staging, to being present for inspections, broker tours and open houses. I’m there when the houses are staged, working closely with the stager to make sure that every piece is right to create the look and feel that will appeal to the buyer that I’ve profiled to be interested in the home. When I’m there for inspections, I can often answer questions on the spot and hear recommendations directly from the inspector, which can result in clarifications that can save time and hassle for the sellers.
Perhaps most importantly, I’m there at realtor tours and open houses, talking to agents and their buyers, and gathering information that can be crucial at the negotiating table. For example, I can often find out buyer’s timing (do they need to buy right away or can they wait?), what they can afford (is the house a stretch for them or does it easily fit into their budget?) and how much they like the house (is it just ok or do they LOVE it?) Having this information helps me understand how motivated the buyers are so that I can get the best deal for my client.
Formulaic vs. Customized Sales Strategy
Agents who do a huge volume of sales may adopt a “one size fits all” strategy for pricing and marketing homes. Whether they are selling a one-bedroom condo in Redwood City or a large family home in Old Palo Alto, we often see the same pattern of pricing a home below market value in order to create a buzz of interest, multiple bids and a quick sale. While this approach can work, it can also backfire, resulting in low-ball offers and an ultimate sales price that is less than market value.
In contrast, I create a custom sales strategy for each home—taking into account the current market conditions, the unique advantages of the house, location and lot, the profile of the buyer that I target to purchase the home, as well as each seller’s timing and financial goals. All of these are factored into decisions about how to price and present the home so that the seller gets the most money for their property within their timeline, while meeting their conditions and terms.
Patient, Involved Service for Buyers
In this sellers’ market, it’s imperative for buyers to have an agent who is knowledgeable about the local area, well-respected among other agents and tirelessly committed to their success. A great buyer’s agent needs to be vigilant about new homes coming on the market and aware of homes that are for sale “off-market.” In this market, time and attention to detail can make the difference in winning in a multiple offer scenario.
The agent must also have the utmost integrity and honesty about whether a property is a good fit at a reasonable price. Many times I have advised my clients not to buy homes they initially wanted because I thought the properties had significant flaws that would adversely affect their long-term happiness and eventual resale value. And, although a quick sale is everyone’s goal, I have spent weeks, months, and sometimes years working with buyers to make sure they get the right house at a price that is right for them.
Can an agent juggling several sellers and buyers at the same time provide the same type of intense commitment to each client?
It’s always nice to be at the top of a list. But, as Steve Jobs famously said, “The journey is the reward.” What makes me happy is giving knowledgeable, personalized service to all of my clients on their real estate journey. My rewards are happy clients, with over 90% of my business coming from referrals.
