Stavrosgroup

Do you often think to yourself, “Boy, I sure have a lot of extra time and extra money to waste”? If you, like basically everyone else looking to buy or sell a home, want to maximize your investment and minimize the time and stress involved in your real estate transaction, then the first and perhaps most important step is to find your agent. Preferably an experienced, well-connected agent!

This practical guide to real estate agent skills and responsibilities will help you choose an agent capable of delivering tangible results in the most efficient, effective manner. In a competitive market, relying solely on old-school information from sources such as MLS databases or word of mouth is not going to get you the best possible results.

Real Estate Agent Skills: Marketing Matters

If you are selling your property, then a big part of your real estate agent’s responsibilities should include a comprehensive marketing plan. This is needed to maximize your listing’s exposure to prospective buyers.

A few key components of your agent’s marketing strategy should include:

1. Home staging to maximize visual appeal and desirability — not required, but recommended if your time-frame and finances allow
2. High-quality, professional photographs utilized in digital and direct advertising campaigns
3. Virtual tours to offer convenience to both the buyer and the seller
4. Open houses that are strategically scheduled and well-promoted

The success of these marketing initiatives is largely correlated to how well-connected your agent is. What good are shiny new photographs or beautifully staged open houses if the right eyes don’t see them?

The same goes for the other side of the coin, too. If you’re on the hunt for your next home or investment property, a well-connected agent is an absolute must. This is especially true in a low-inventory market as exists in Orange County. Your agent will be vital in helping you find exactly what you’re looking for, and making a strategic offer before the listing is scooped up by your competition.

A savvy real estate agent also understands that the best marketing campaigns don’t only showcase their properties; they also showcase the agent. If you’ve lived in your community for a while, what names come to mind when you think of real estate? Chances are that if they stand out in your mind, they stand out in the minds of others, too. Take note — this is a sign of a well-connected agent.

The Importance of Relationships with Other Industry Professionals

Put simply, the more well-connected an agent is, the more resources they have at hand to offer you.

Your real estate agent should have a broad network of industry connections to streamline the entire buying or selling process from start to finish. This includes different industry professionals and services, such as attorneys, mortgage brokers and lenders, inspectors, contractors, appraisers, stagers, painters, moving companies and more.

It will save you a wealth of time to have referrals to reputable, high-quality service providers that you’ll need rather than having to seek out each from scratch. At the Stavros Group, we go the extra mile by scheduling and coordinating all the vendors and their work, while you sit back and relax.

The most important industry connections for a successful real estate agent are with other agents. Whether they are within your own team or brokerage or community, other local agents can serve as your eyes and ears, your “boots on the ground.” They can provide valuable feedback after showing the home, and close agent relationships are particularly helpful when trying to buy or sell an off-market property. Agents talk and share information about current active and upcoming listings. This information is absolutely invaluable.

In a low-inventory, fast-paced real estate market, an agent who is well-connected with other agents can make the difference between securing the property of your dreams or missing out on it entirely. Every agent has a style and a process, so it’s helpful to hire an agent who both knows his or her colleagues well, and is held in high regard by the real estate community. These seemingly small professional connections can make all the difference in your transaction.

The Role of Relationships Within the Community

An in-depth understanding of the local community enables your real estate agent to effectively match your needs to the most suitable properties. This applies to things like desired neighborhoods, proximity to particular amenities, schools and more. A well-connected agent is especially helpful if you are not very familiar with the neighborhoods where you’d like to buy a home.

As recently described in Forbes, “there is no way to put a monetary value on the expert advice of an agent who actually lives and breathes real estate in the neighborhood their business is focused on.”

A real estate agent creates an ecosystem of trust and communication through a strong presence and good rapport with other local businesses, organizations and professionals. They are able to cultivate valuable word-of-mouth referrals and connections, all of which helps in making your transaction a quicker and more successful endeavor.

Never Underestimate the Power of the Internet

To be a well-connected real estate agent these days means being active across a multitude of social media platforms. We’re talking Facebook, Instagram, Linkedin, Twitter, Pinterest… the more, the merrier!

But it’s not just about your agent’s number of social media followers; even more important is their responsiveness and online activity. Are they posting regularly and staying at the top of the feed? Do they reply to tags, comments, and questions? This sort of online etiquette is akin to responding to phone calls and emails. It contributes to (or detracts from) an agent’s overall reputation.

Are You Looking for an Agent Who Ticks All the Boxes?

Real estate agent skills and duties are expansive and varied. Picking the right, well-connected real estate agent to work with can truly be a make-or-break moment for your entire buying or selling process.

There is no such thing as a one-size-fits-all approach. A real estate agent’s role is multifaceted, but it should always include an expansive network of industry and community connections.

If are considering buying or selling a home in the Orange County area, connect with us. See how our local, experienced and well-connected team can exceed your expectations. Let’s talk strategy!

Orange County Realtor Fees

Are Orange County Realtor fees worth it? Well, it depends on the value and quality of your Orange County Realtor. But as a general rule of thumb in Newport Beach, Laguna Beach, and Corona Del Mar real estate, like in all things, you tend to get what you pay for.

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It’s a new year, and the coastal Orange County real estate market is waking from its seasonal slumber. Dozens of homes, still warm from winter fires, are shedding their decorative holiday coats in favor of neutral staging decor. Neighborhoods soon will swell with eager buyers on the hunt for their dream homes. If you’ve been thinking about selling your Newport Beach, Laguna Beach, or Corona Del Mar home, now is a great time to get down from the fence and find an agent to list it on the market. But which agent should you choose, and how much should you pay them?

Across the country, the standard commission rate that a seller pays their listing broker for helping to sell their home tends to hover between 5 and 6%. According to data from the National Association of Realtors®, the average commission in 2019 was roughly 5.7%. Since real estate commissions are not officially regulated, it’s up to the seller and their agent to settle on a fair fee. Therefore, it’s important for sellers to know what they’re getting in return for the agent’s cut. So what does your commission get you?

Doing the Commission Splits

The first thing to understand about commissions when selling your coastal Orange County home is how that money is divvied up. Say you agree to pay your listing agent 6% of the selling price. That 6% does not go straight into your listing agent’s pocket. In fact, he or she will likely only receive a fraction of that amount, maybe around 25 to 40%. That’s because, as the seller, you are actually paying both the listing agent and the buyer’s agent. But wait, there’s more! Let’s explore how a standard real estate commission breaks down.

First off, your 6% commission goes to the listing agent’s side. Per your listing agreement, the listing agent denotes what amount of that 6% they will pay to the buyer’s agent for making the deal happen, usually around 2.5 to 3%. Of course, the buyer has their own costs to worry about, from appraisals to inspections to insurance and more. However, they don’t directly pay their agent to help find them a home. Instead, the buyer agent gets about half of that 6% from the listing agent when the transaction is closed.

What’s more, agents on both sides of the transaction pay a substantial portion of their earnings to their parent brokerage. From the 3% portions designated for the listing agent and the buyer’s agent, up to half of that may end up going to their brokers. So, instead of 6%, or even 3%, the agents might walk away with 1.5% apiece from the total sale price. While that’s not necessarily a meager sum, as homes routinely sell for hundreds of thousands or millions of dollars, it’s a far cry from the glaring 6% that turns the stomach of many prospective coastal Orange County home sellers.

Services Rendered

So your listing agent doesn’t necessarily get a big 6% payday out of your closing price. Even so, if you receive poor, inattentive service from your agent, then any amount will feel like too much. What should your agent do to earn their pay? And what expenses does a listing agent accrue in the process of selling your home? Most marketing practices involved in listing an Orange County home for sale do incur costs out of the listing agent’s pocket.

Successfully selling coastal Orange County real estate in this digital age requires a keen eye for web-based marketing. By 2017, up to 95% of buyers were using online search to find a home, and it’s only increasing. That means that professional media including photos, videos, social media and email marketing now play a critical role in improving your home’s visibility to the prospective buyers. Your listing agent should provide marketing multimedia which portrays your home in its best light, and your commission helps to pay for those professional services.

Of course, the “new school” of marketing hasn’t replaced the “old school.” Your coastal Orange County real estate agent should include print and mail marketing in their plan. Postcards, flyers and brochures all remain relevant marketing tactics to let the neighborhood know that your home is for sale. And each of those methods costs money for printing, postage, design, and so on.

Most of all, your agent’s commission pays for their time and expertise. Hosting open houses, managing marketing campaigns, coordinating vendors like staging and inspections—if done right, each of these aspects of selling a home takes considerable time and effort. A good agent will also spend the time to field your questions, devise a strategy for success, negotiate on your behalf, and ensure that you are comfortable and informed at every step.

You Get What You Pay For

As with any profession, there are good and bad apples among coastal Orange County Realtors. Just because John Q. Agent charges 6% doesn’t necessarily mean he’ll do a good job of selling your coastal Orange County home. However, from a purely mathematical perspective, an agent who provides a “discount” service is simply unable to provide the personal care and professional marketing required to make your sale a resounding success.

Choosing an agent based on a low fee, or choosing to sell on your own (known as FSBO, or “For Sale By Owner”), is much more likely to backfire than it is to save you any money. In 2017, FSBO sales accounted for 7% of homes sold nationwide. The average FSBO sale price was $200,000, compared to $265,500 for homes listed with an agent. While it’s not a perfect apples-to-apples comparison, the difference of over 32% is still quite jarring.

So here’s the big takeaway: when you’re thinking about selling your coastal Orange County home, there’s a number of criteria you should look for. “Lowest commission,” frankly, shouldn’t be that high on your list. You should choose your agent based on their competence and experience. Their honesty and reliability. Their track record. By how well their personality and schedule fit with your own.

A great coastal Orange County real estate agent is worth every penny. Lucky for you, we happen to know some of the best. We have dozens of happy client reviews, years of experience in your neighborhood, and a veteran team of dedicated admin and marketing staff. If you’re thinking about selling or buying a home in coastal Orange County, or if you just want to discuss the current coastal Orange County real estate market, get in touch to start a no-pressure conversation. We’re always happy to hear from you.

Tag: corona del mar realtor

Low Home Inventory: Why It’s Important to Have a Well-Connected Real Estate Agent