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A - Evaluating: Choose a real estate agency?

There are several aspects of the real estate agency evaluation and choosing process. There're all pretty standard. Let's look at those most articles skip over.

Large agencies versus small ones:

A single office from a national firm could consist of hundreds of agents that list homes from an extremely large area. They have so many listings that their agents rarely see their own agency's inventory of houses and the agents have no idea about the local neighborhood or schools where the properties are located. They may even be apathetic about showing the property if it’s located too far away.

When prospects call an agency about an advertised home, often the agent answering the buyer questions is unfamiliar with the propert, neighborhood, etc. If the for sale sign has the listing agent's number, the problem is pretty much solved.

Small agencies shut down early throughout the week and some close on the weekends–when the public is out scouring the neighborhoods. Who answers calls from the buyers or other agents who want an appointment to show a house during these critical times?               

Agencies that are local or remote:

You may be considering listing with someone whose office is a considerable distance from your town.
 
This “remote” agency advertises in the newspapers in their community, not yours. Agents in that office won’t be astute in answering buyer phone inquiries about such topics as your local schools and neighborhoods. Advice: Stay local.

Agencies that get a lot of transferees:

Some agencies cooperate with "referral companies" since it's an easy way for them to secure buyers. The agents then get buyers who will be moving into the area. But that doesn’t mean these transferees will buy your home just because it's listed with that agent's company.

All agents check the computer to view all the homes on the MLS that meet their buyer's criteria–not just the homes listed by their agency. An agent legally represents the interests of his or her buyer clients. Thus, if your home meets the needs of a particular transferee, it will be shown to that buyer, no matter which agency lists it.

Agencies that promote tours and caravans:

Many offices and Multiple Listing Services hold weekly tours so that agents can see homes currently for sale. 

Tours can help homes that have been hurt by adverse market conditions or those that have had minimal showings due to poor curb appeal.

•         Tours can be damaging

Some agents repeatedly put the homes on tour that they've listed. This actually creates an aura of staleness among the agents–a negative aspect since these are the people that tours are trying to impress.

Newer agents, retirees and the not-so-busy agents constitute the majority of the tour attendees. Today, listed homes are now easily displayed on the MLS with color pictures Tours really don’t offer the attraction they once did.

Agencies and the lockbox or keybox:

Lock boxes allow agents to show your home without you having to be there.

With the electronic key box, the date, time and the agent who used the key box are automatically recorded and can be programmed to restrict entry into your home during selected hours.

Not having any lockbox creates a scheduling nightmare. The buyer agents have to arrange to pick up house keys or meet the seller or the listing agent to show the buyers the property. If your home is hard to fit into the showing schedule, you will be skipped.

Agencies that financially qualify buyers:

Listing agents do not financially qualify other agent's buyers.  

You’ll find out the buyers qualification when their offer is presented. It’s in the form of a letter from their lender stating that the buyers are “preapproved” to buy a home–usually up to a specified amount. However, many lenders are shying away from providing this "approval" until after an actual application is applied for.

The best agency selection recommendation

Over the years, technology has made incredible changes in the way real estate companies conduct their business. Cell phones, texting, email, the internet, etc.

Most agents now work out of a home office. An agent lists a home and it can be quickly and easily added to the Multiple Listing Service. Some agents are doing this from their own home. All the agents in the local MLS then have immediate access to that new listing.

The lack of important differences between agencies means that it doesn’t make much difference which company you select (assuming they are local, reputable and commission sensitive) because you will deal with only one agent. Actually, you rarely meet anyone else from that agency throughout the sales transaction.

Attend open houses. Talk with agents. Get a taste of the culture prevalent with that agency. This is a better determinant than the differences mentioned above in selecting an agency.

Regardless of the size of the agency, in almost all offices today, your agent will be the only person from that office that will represent you.  

                               Who are you really hiring?

You’re really hiring an agent as opposed to an agency. Effectively, there really is only one “company”: the MLS.

The office is simply the group he or she decided to be within  the MLS. Agents switch companies, but rarely MLSs.

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