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!

New Life for New Agents

There are two types of potential commercial real estate agents that make our hearts beat faster.  The first is that person who is retiring, but with energy and a desire to do something else.  The second kind is the corporate executive who doesn't want to move away from the area, so is willing to change fields in order to stay.  There are plenty of people who don't fit into those two groups who are perfectly likely to succeed, but they don't always have the financial resources to allow for the transition, and these two types often do. 

We can tell that the real estate market is improving by the number of agents going into the business.  November marked the first time in five years that the number of members of the CT MLS system went up.  Commercial improvement tends to lag behind residential, but people seem to be looking into commercial real estate also.

We've just hired a few new people who fall into the categories we prize.  Tony Bialecki, who has been working in economic development for the City of New Haven since 1981, spending the past 13 years as Deputy Director of Economic Development, is a prime example.  Tony, who seems to be the unusual public servant who is universally loved and admired, decided to leave his job at the end of the past administration.  He began with us last month, and is off to a great start.  He has lots of knowledge, legions of contacts, and the drive and desire to master a new discipline.

Our Milford office has two recruits from the last year or so.  Dick Lombardo retired from UI after 35 years, and is eager to put his skills and network to work.  Eileen Russell had a past life in the technology field, which is incredibly helpful in the agent's role of financial analyst.

Abigail Rider, who was most recently Director for University Properties at Yale, just mailed in her license paperwork this week, and brings a host of talents in remediation, negotiation, and repurposing of properties. She is both consulting in the realm of academic real estate, and expanding to work on other kinds of commercial real estate. 

We can't wait to see what these new faces can accomplish!  And we have room for a few more....

Increased Activity Continues

Well, I was hoping that Pearce was outperforming the market, and I personally still think that we are, but our commercial agents are reporting that they hear that most agents in our area are busy.  Most are significantly busier than last year at this time.  We are up in closed sales by six times last year.  Even if we take out the biggest sale we've had, we're still up almost triple.  It's really getting better, folks.

Of course, there are always storm clouds on the horizon, and uncertainties everywhere, but we're feeling good about the future, and that seems so strange that we are enjoying every bit of it!