F&M BANCORP 8 MINUTE READ | NOVEMBER 17, 2021
RAMSEY SOLUTIONS
Are you looking to buy a house? Your buddy says his Aunt Nancy is a real estate agent, so you sign a contract with her. Then you don't hear anything from Nancy-for two weeks. Finally, she calls with the "perfect" house: a ranch-style home. But you told her you want a colonial. Oh, and it's $100,000 over your budget!
Or are you selling your house? A friend from work told you her cousin Vernon just got his real estate license, so you decide to give ol' Vern a try. Fast-forward a few months. Vernon has held a couple of open houses and posted your house on his website, but nobody is coming to see it. You look on Zillow and Trulia, and it's not on either site.
In both cases, you hired a badreal estate agent. Because some real estate agents are just plain bad at their job, it's important to know what the signs are. We'll break them down by both buyers agents and sellers agents. That way you'll know what to watch for and how to get out of either bad situation.
Signs You Have a Bad Buyers AgentBuying a house is one of the biggest purchases you can make-so make sure you've got an agent you can count on. Here are five signs you have a bad buyers agent:
1. Communication IssuesOne of the most common complaints home buyers have about their real estate agents is that they can't get in touch with them. The buyers call. They text. They email. And what do they hear back? Crickets. This is especially troubling in a hot housing market, where it's so important to move quickly when you find a home you like. Poor communication will cause you to miss out on opportunities to buy the house you really want. Don't settle for an agent who ignores you.
2. Power StrugglesWe'll admit that it takes a certain level of swagger to walk a home buyer through (what's probably) the most expensive purchase they'll ever make. But that does not mean your real estate agent can forget who's the boss. You. Are. The. Boss. An agent who pressures you to buy a home you aren't sure about or one that's out of your budget is more interested in their commission than helping you.
3. Lack of LeadershipThe flip side of this coin is an agent who's merely a yes-man and doesn't offer any guidance. You want an agent who'll give you honest advice based on their research and experience-even when they know you may not like what they have to say. A wishy-washy agent may not have the experience they need to negotiate a good deal on your new home-or they just may not be cut out for the job.
4. Abundance of AttitudeAs we mentioned, you want your agent to have confidence in their abilities. But that doesn't give them a license to be a jerk. No matter how many questions you have or how basic they may be, your agent should be patient enough to answer each one without throwing a ton of jargon at you. And you must be able to trust your agent to behave professionally on your behalf. It's simple: You don't have to put up with an arrogant, condescending or just plain rude agent.
5. You're Getting NowhereIt's been months. You aren't any closer to buying a home than when you started. That's a big problem. Now, if you're being overly critical of the homes your agent is showing you, then this could be your fault. But if your agent isn't showing you any homes whatsoever or, even worse, keeps showing you homes that you've already said aren't right for you, they're wasting your time.
Find a trusted real estate agent we recommend in your area.
If you're reading through this list of warning signs and nodding along, or if little lightbulbs are going off in your head, it's probably time to hire someone new.
Signs You Have a Bad Sellers AgentA quality sellers agent (sometimes called a listing agent) is so important when you're selling a house. Here are five signs that your listing agent isn't meeting the mark:
1. Less Than Two Years of Full-Time ExperienceThis is a huge deal-breaker for a sellers agent. An inexperienced agent doesn't have the industry contacts or (sometimes) the know-how to handle the home-selling process. Misfiled paperwork or a missed deadline can easily botch your home sale. You need an experienced negotiator-both for the sale price and any repairs that may come up after the home inspection. And you cannot fake experience.
2. Your Agent Ignores YouYou shouldn't be waiting around to hear from your real estate agent. There are so many ways for your agent to stay in contact with you. If you find yourself always asking your agent for updates-or if you get no answers-that's a massive red flag. Your agent should make it a priority to keep you in the loop, even if nothing new has happened.
3. Poor MarketingYour agent's job is to attract as many potential customers as possible to view your home-and that means a lot more than putting a sign in your yard and posting a photo on their website. In the industry, that's known as "Post and Pray." It's when you post a sign in front of a home and pray someone buys it. We're big believers in the power of prayer, but we also believe in marketing and hard work.
Ask to see your agent's marketing plan for your home. Make sure you understand why they choose some venues instead of others. They may have a good reason, but that's something they need to explain to you.
4. Misplaced PrioritiesThe math is pretty easy when it comes to an agent's commission: The more expensive the house is, the bigger the commission will be. But that fact should never come into play in the way an agent represents his clients. Is your agent treating you as a "lesser" client just because of the price point of your home? Here's what to watch for: lack of communication, showing up late for appointments, little patience for answering questions, and even pressure to decrease your asking price without giving any evidence to support that decision.
5. Nothing's HappeningHere's the bottom line: Real estate is a results-based business. If it's been weeks with no showings, no calls and no interest, it's time for a "come to Jesus" meeting with your agent. In this meeting, your agent had better have some new ideas for attracting buyers, and they'd better be able to explain how those ideas will help you sell your home. If they don't, or if they say they will but the problem persists, stop wasting your time with the wrong agent.
What to Do if You Have a Bad Real Estate AgentIf you've tried speaking with your agent and they're just not coming around-or if your agent ignores you entirely-then it's time to let them go. But you have to be careful and read your contract. Usually, they'll have you sign an exclusive buyer's or seller's agreement that has a defined expiration date.
The first thing to do is speak with the agent's broker and ask them to let you out of the deal. Brokers don't want to be known as "terrible"in their communities.
If that doesn't work, it may be time to get a lawyer involved. But if that's too expensive or impractical, or if nothing else works, you may just have to wait out the contract. If your agent has any integrity at all, it shouldn't come to this.
https://www.ramseysolutions.com/real-estate/5-warning-signs-bad-real-estate-agent
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F&M Bancorp published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 21:25:06 UTC.
