So why do people hate Realtors? Because they think they’re supposed to!
It’s funny really because almost nobody hates their own Realtor. Some people have real horror stories to tell, but most people don’t. To the contrary, most people have very happy, funny, delightful stories to tell about the Realtor who helped them find their home. There are many genuinely nice and caring people in the real estate business. I know lots of them.
Now it goes without saying that one bad apple spoils the bunch. As with anything, you get a wide variety of agents out there, and the fact of the matter is that there are bad people in the industry. And where there’s an opportunity to screw someone and make a bunch of money doing it, 1 out 100 people will do it, and make the other 99 look bad. Sad but true.
But straight-commission sales people in general take a hit because we might be perceived as only being interested in the commission rather than in the work it takes to earn it. And, of course, there has been no end to the unflattering portrayals of real estate agents in almost any media, TV and movies, the internet and elsewhere. Schmucks, all of us. Right?
Most people use Real Estate agents because they have better things to do with their time. And Real Estate agents have experience. Lot’s of experience. The thought of navigating the uncertain legal waters in a foreign country may be too much to bare for some people.
On average, good full time agents spend between 50-70 hours weekly working with our clients. 24 hours a day, seven day a week. Yes, it was our choice to join this field and we did it with our eyes wide open. We know that our clients need more than a bit of hand holding especially here in
Unfortunately, most people look at the finish line when the agent gets paid and do not see all the lost deals, open houses, showings, expenses, marketing and all the time spent behind the scenes. The more expensive the house, the greater the perception that we’re overpaid. I’m always amazed at the idea that agents do nothing.
Some of the reasons that clients are dissatisfied with their agents were more closely related to market conditions than to agent’s performance. A recent 2009-2010 Survey of US Home Sellers states:
- 64% of sellers said that the house took too long to sell.
- 51% did not get the price they wanted
Some think they can get a price that’s not realistic and then blame the realtor.
So why not sell or buy a house on your own?
I am not saying you can’t sell or buy your home on your own. Of course you can. Just like you can change the tire when it’s flat. However not to many of us can change the brake pads. People can do their own toe nails right? So why go to a spa and get it done for $50? People can make a delicious prime rib dinner at home for $80 from the butcher that will feed 10 people generously, and it’s so easy anybody can do it, but most people just go out to fancy restaurant. It’s all about lifestyle choices, and the decision to use a Real Estate agent is just another lifestyle choice.
Imagine this scenario: You get calls 5 times a day from people wanting to see the house at various times, but you and your wife are otherwise occupied, so you ask them to come on the weekend perhaps. Weekend comes and you are there Sat and Sun from morning ‘till night, listening to people gripe, complain and criticize about what a horrible house you have and that’s it’s too expensive. This goes on for 10 weeks. You can’t handle it and you drop the price 15% and it sells 4 weeks later. It’s an ugly process and you’re unhappy.
Personally, I’d gladly give up a fee to have somebody competent handle the whole sales/buying process. Then I’ll have somebody to yell at if things don’t happen as planned!
And do you think the average homeowner is willing to shoulder the liability issues that they are currently shielded from by their Real Estate broker? Of course they won’t. They’ll scream about how they need protection from their choice to forego the use of an agent.
You base one of your most important financial decisions, a choice that could have a potentially devastating effect on your finances, if you choose wrong,
If you want to sell your own home go ahead. Most people have better things to do with their time than qualify and screen people before they come through the front door. And who wants to negotiate on their own? Maybe the same people who go to court and represent themselves. No thanks, I for one want a buffer from the general public.
And I suspect that a few of us would have at least some issues succesfully closing a house purchase or sale here in Mexico without some kind of help from the professionals.
Most professional realtor agents work honestly and carefully to promote and protect the best interests of their clients. It’s not surprising that some home sellers have been disappointed. Many homes have sold, but lots of folks wanted or needed to sell and were unable to get the price they expected. Many of those same people blamed their agents without considering that the market and buyers are truly what determine selling price.
Our success in the real estate business here in the Yucatan comes from client referrals from previous happy clients. I know of some Realtors who are not good at their jobs but please don’t knock all of us because you may have had a bad experience. We have more than once advised a client on their best interests that didn’t serve our own. We do this because our approach is long-term success. For all parties.
In our world an agent is not paid until every party is satisfied, and here and today that takes much more work than ever before.
So just a little advice. Start “dating” before you get “married” to a Realtor. Trust me, the right one is out there for you. Mayan Living Real Estate does all that it can to help make your dreams come true!
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