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Finding the Best Realtors: Who Else Wants to Find the Best Real Estate Agent?

Posted by Jeff Knox on Friday, June 5th, 2015 at 10:30am.

how to find the best realtor

Selling a house can be a stressful process, but finding the best Realtors doesn't have to be a difficult task. If you follow the guidelines that a growing number of savvy home sellers are adhering to, you too can find an agent that will sell your house for the maximum amount of money possible.

1) Don't Hire Family Members or Friends Just Because You Know Them

I think we can both agree, there are few things more important in life than family and friends. Nevertheless, if you are looking to secure as much money as possible for your house, then you should not hire a real estate agent just because you know them. The blog Real Estate ABC notes:

Friendship alone isn’t enough to establish a professional’s credentials. Use tough standards when selecting an agent, just as you would when hiring an attorney, a doctor, or an accountant to handle your taxes. A true friend will understand and appreciate that this is a business decision and will offer their credentials and expect to compete for the listing. Besides, if a problem or challenge develops while selling your home, do you want to risk damaging a friendship or family relationship?

Of course, hiring a friend or family member sounds great in theory. Ideally, they will work hard to sell your house because they know you, and you get to give your commission to a friend as opposed to a stranger. The concept can definitely work, but all real estate agents are not the same, and more experienced agents can secure thousands of extra dollars for your pocketbook.

2) Don't Hire the Agent Who Has the Lowest Commission

discount real estate services

In theory, it sounds like a great idea to partner with an agent who has a very low commission. However, the blog Real Estate ABC disagrees with the idea:

You get what you pay for. Paying a cut-rate commission will often get you a sign in the front yard and placement in the Multiple Listing Service, but little additional effort from your agent. Realize that agents and real estate companies put up their own funds to market and advertise your home.

All things considered, it is important to remember that incentive plays a big part in sales. If you want to home to move quickly, then you need an agent who is actively trying to sell your house. Agents with lower commissions often make their living by taking on more customers, but that means they have less time to spend on your house. There is another factor to consider as well. Whenever a real estate transaction occurs, there are usually two real estate agents: the buyer's agent and the seller's agent. These two parties typically split the profits between themselves. Well, if the buyer's agent sees that your agent is earning a paltry commission, he won't be very motivated to earn his 50% (or whatever his share may be), and he will show his buyers other houses whenever the opportunity arrives.

Bill Gassett with Re/Max Executive Realty wrote an excellent article titled - "Why a Real Estate Commission Split Matters."  We highly suggest you read this article if you are in the process of looking for an agent to list your home.  Bill speaks of common tricks and gimmicks used by discount real estate firms which generally are unknown by their clients, the sellers.

The more that your discount broker shorts the buyer’s agent on your home sale, the less likely that agent is to show his or her client your home. You are creating ill will in the pool of buyer’s agents, and this ill will can have disastrous effects on your home sale. Worst of all, you may not even be aware that any of this is going on. You may just be wondering why there is no one coming to look at your house.

3) Don't Hire An Agent Because They Agree With Your Selling Price

dishonest realtors

Some real estate agents tell you what you want to hear, instead of what you need to hear. On the surface, it might make sense to list your house at a high price, and see if any fish bite. However, this strategy carries surreptitious risk that could cost you money. You see, your house gets the most attention from agents when it is a brand new listing. After it has been on the market for a while, you start to look desperate, even if that is not the case. As a result, the offers that come in are typically below market value, and you may have to accept a price below what you could have gotten if you just listed your house at a price closer to market value in the first place.

A lot of agents will engage in the practice of telling you what you want to hear and then locking you into a long-term listing agreement.  When your home fails to sell and you eventually catch onto the fact that the agent misled you about the actual value of your home, you are probably going to want to change agents and price your home accordingly.  HOWEVER, remember that listing agreement you signed with your current agent?  Yeah, he or she doesn't have to let you out of that agreement.  It is a binding contract to list your home for the period of time specified within the agreement.  You're stuck with that agent for as long as the contract dictates.  This is a trick by the agent.  He or she has lured you into a listing agreement while knowing that (1) your home will not sell for the listed price and (2) you have no option other than to reduce the price of the home to make it sell... all while you have to stay with that current agent.

Contact us (Knox & Associates Real Estate Brokers at 972-342-0000) if you would like to learn more about finding the best Dallas Realtors to represent you on any purchase of a Dallas area home.

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jeff knox dallas realtorJeff Knox is the Broker Owner of Knox & Associates Real Estate and his team of Dallas Realtors assists both buyers & sellers with homes for sale in Dallas, Frisco, Plano, Southlake, Highland Park, McKinney, Prosper, University Park, Colleyville, Dallas Condos, Grapevine, Coppell, Lantana, Allen, Flower Mound, Keller, SMU area, M Streets, Lake Highlands, Bluffview, Lakewood, White Rock Lake, Westlake, Wylie and all DFW real estate areas. Call us at 972-342-0000 for additional information on any of the areas mentioned above.

16 Responses to "Finding the Best Realtors: Who Else Wants to Find the Best Real Estate Agent?"

Bill Gassett wrote: Great advice Jeff. So many people don't know what they are doing when it comes to choosing a real estate agent. I appreciate the link to my article on why the commission matters when selling a home.

Posted on Friday, July 10th, 2015 at 1:46pm.

Jeff Knox wrote: Bill, no problem. You write very informative posts. And, the longer I do this, the more I have gone to an educational role with my clients. Clients appreciate being educated by Realtors about the buy or sale of a property. Nobody wants to be "sold" by agents just looking for the commission check. That's just a bad experience for clients.

Posted on Friday, July 10th, 2015 at 1:51pm.

Alana wrote: Thank you for the excellent article. I teach staging, and your info is so helpful. No matter how well staged a property is, the Agent absolutely must be top notch in order for the property to move. Thank you for sharing this great information.

Alana, owner of A La Carte Design in Santa Fe

Posted on Monday, March 28th, 2016 at 1:42pm.

Jalu Sakti wrote: I think the point of all that you mentioned here is that it's important to find an agent that really does consult with you and find the best way to sell your home. Your price might not be the best price for your house and situation, so you want to find a realtor that will tell you those things and help you find a better solution. We are trying to look for a realtor to sell our home, by next month, so we'll watch out for this. Thanks for the help!

Posted on Friday, November 11th, 2016 at 2:31pm.

Jade Brunet wrote: It is good to know that one should not necessarily hire the realtor with the lowest commission. Realizing that you may get what you pay for when it comes to buying or selling a home is important. Something else to think about would be to find a local realtor. This would provide you with the advantage of the agent knowing the area.

Posted on Monday, February 6th, 2017 at 4:04pm.

Annika Larson wrote: Right now my husband and I are looking at finding a new home. We want to ensure that we have the right real estate agent by our side to help with this process. It's important that they are experienced as well as affordable. As you said, the lowest commission is not necessarily the best option. We will be sure to consider this as we find someone.

Posted on Friday, May 19th, 2017 at 2:14pm.

Sandra Hexner wrote: I've never thought of it that way. Having a low commission I thought was a great way to find the real estate agent for us. I want my money to be well spent for my home, not a person's help for just a moment. But you make a huge point that incentive plays a big part on how well that real estate agent will work for me and my situation. I'll keep that in mind as in my search.

Posted on Thursday, June 29th, 2017 at 2:00pm.

Ridley wrote: These are some great tips for finding a good real estate agent. My wife and I want to sell our home soon, and the sooner the better. We'll be sure to be wary of anyone with really low commissions, like you said.

Posted on Tuesday, July 11th, 2017 at 1:36pm.

Derek Dewitt wrote: My wife and I are thinking about buying our first home together but we aren't sure how to find a real estate agent. I like that you suggest finding a professional instead of a friend to help you out. I wouldn't want to risk ruining a friendship over a housing or pricing dispute so I think this is great advice. Thanks for sharing!

Posted on Tuesday, August 15th, 2017 at 8:17am.

Max Jones wrote: My wife and I have been wanting to move into a new home that would allow our kids to attend better schools, as well as give our family a little more room. I'm glad that you talked about some things that I can do to choose a good realtor, and how you shouldn't just choose the lowest commission. I think its true that you get what you pay for, so paying less for a real estate agent could likely mean that we're not getting the help we could! Thanks for pointing that out!

Posted on Monday, August 28th, 2017 at 9:30am.

Raisa Delima wrote: I'm glad you talked about not just going with the cheapest realtor in your area. I think real estate is an area where you really get what you pay for. I would want to get it right the first time by hiring a really good agent, no matter the price. They could actually save you a lot of money in the end!

Posted on Tuesday, August 29th, 2017 at 3:43pm.

Raisa Delima wrote: I can definitely see how you get what you pay for when it comes to real estate. If you pay for a good agent, you will get a good agent. I need to tell my sister to read this blog. She is all concerned with finding the cheapest agent to work with, but she needs to know that cheapest isn't always best. If she finds one based off of things like reviews, I'm sure she'll get a good one to sell her home.

Posted on Friday, September 8th, 2017 at 6:40pm.

Raisa Delima wrote: That's a good tip to not just hire friends and family members as your real estate agent just because you know them. It's definitely better to do your research and find the right agent that knows the area and can help you stick to your budget. That way, you aren't limiting your options to just a few people that you already know. We are looking to buy a ranch property, so we'll have to keep all of this in mind. Thanks!

Posted on Saturday, September 9th, 2017 at 1:03pm.

Derek Dewitt wrote: My wife and I are thinking about buying a new home soon but we aren't sure how to find a good real estate agent. I like that you recommend not just hiring friends and family because they don't have the credentials. We want to save as much money as possible and get a good deal so we'll be sure to stick with professionals. Thanks for sharing!

Posted on Monday, September 11th, 2017 at 8:49am.

Raisa Delima wrote: That's a good tip to not just hire a realtor because of their low selling price or the fact that they agree with your selling price. I think you need to really do your research and make sure that you get a high-quality agent that will really do all they can to help you, even if their commission price isn't the lowest one out there. Doing this will probably end up saving you time and money in the end, so it's worth it!

Posted on Saturday, September 16th, 2017 at 2:54pm.

Raisa Delima wrote: I really enjoyed your tip to not just hire a real estate agent just because you know them. You still need to do all that you can to find the right agent for you based on your own research. We will do that so we can sell our home quickly.

Posted on Friday, September 29th, 2017 at 7:58pm.

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