Where are all of the good real estate agents hiding?

Well, they aren’t hiding, really. But it can feel that way. The push for immediacy along with a saturated real estate industry can lead to those in need of an agent being inundated with options without any clear direction on how to choose a real estate agent who is right for them. 

Automation is common these days, which means that many agents will be quick to ‘respond’ to submitted inquiries for properties across the web. Still, the fact of the matter remains that the first agent to reach out may not be the right agent for you.

An agent’s experience level matters. An agent’s market knowledge matters. An agent’s access to marketing platforms matters a ton!

A home is a huge asset – it takes time to find the best partner to guide a buyer or seller through the real estate transaction.

 

Let’s Look at the Numbers

There are over 187,000 Realtors in the state of Florida. There are over 55,000 agents that belong to the Miami Association of Realtors. However, Florida Realtors reports that there were just shy of 395,000 condo and single-family home sales in Florida in 2018. In Miami, that number falls to less than 91,000. In the core Miami Beach markets, it falls to just shy of 2,500. Assuming that there are two transaction sides to each sale, these numbers can tell us a few things:

• The average number of homes sold in Miami per Miami Association of Realtors member in 2018 was only 3.3 homes. This low number shows the saturation of less experienced real estate agents in the market, as experienced agents have no problem far exceeding this number.

• Less than 3% of Florida Realtors closed a sale in the core Miami markets in 2018.
• 9% of Miami Association of Realtor members closed a sale in the core Miami markets in 2018.

 

Despite the fact that a home is often a person’s largest asset, National Association of Realtors statistics says that there is a 72% chance the customer will do business with the first agent they talk to. Combine this with the fact that there are many less experienced agents readily available, you don’t always have a recipe for success. Only 69% of sellers and 74% of buyers would use their agent again. That’s 26% – 31% of people who feel some level of regret for the partner they chose to help handle their largest asset! 

Anyone who wants to avoid this type of regret needs to feel comfortable spending a bit of time finding the right agent, and they need to know what to look for. 

 

How To Choose A Real Estate Agent

• Market Knowledge

Look for an agent that knows the market like the back of their hand. Some markets can be quite volatile, so a high level of market knowledge is required to make sure that you are on the receiving end of a great deal. The Miami market, for example, is quite unique. It is full of international investors, vacation home buyers, and neighborhoods with vastly different vibes and price tags. A great real estate agent knows not only how to navigate this, but how to leverage it.

• Marketing Capabilities

Home sellers need to make sure that they are partnering with an agency that can get their property in front of buyers. An agency’s marketing capabilities is endlessly important. Sellers should ask the prospective agent what marketing tools they have at their disposal, and they should validate if these tools are working by getting an idea of their average days-to-sale. RE/MAX agencies such as RE/MAX Paradise often have access to more robust marketing opportunities than some others.

• Range of Experience

Don’t be afraid to ask about your agent’s experience. Don’t be afraid to ask questions in general! You should interview at least 3 agents before making your final decision. Some questions to consider asking: 

• • How long have you been selling real estate?
  • What is your ratio of sellers to buyers?
  • What is your average number of clients?
  • What are your core markets?

• References & Customer Reviews

One of the best ways to vet your prospective agent or agency is to hear from people who have worked with them in the past. Ask for references, and check into them. Look for additional reviews from people they have worked with in the past. How were their experiences? Overall, was it glowing, mediocre, or is there something concerning in there?

• Hospitality

This is about more than just finding an agent who is courteous. You are going to be spending a lot of time with your real estate agent throughout the home buying or selling process. It is important to find someone who you are comfortable with and who you enjoy being around. Look for someone you like working with, whom you feel you could grow to trust. Trust will be an important part of this relationship.

 

 

In a quickly-changing, international market full of investors, where demand is based upon the interaction of international economies and shifting currency exchange rates, having a knowledgeable agent that you trust is a must. If you are looking to buy or sell a home in Miami, reach out so that we can pair you with the agent that best suits your needs.