Secret thoughts of a real estate broker - part 3
You ever wonder what goes through the mind of a real estate broker? In my previous two articles I gave you a glimpse of the secret thoughts of a real estate broker. In part one, we looked at the value of a loyal client, how the few unscrupulous brokers give us all a bad name and the dilemma of being “on call.” Part two showed you how sometimes our opinion of a property can kill a deal, how a regular paycheck is the craziest thing we ever heard of and how our pockets are not overflowing of money.
Our last two little secrets:
It’s kind of like a blind date - that lasts three months
What other business do you know where two competitors join together in their efforts to best represent their client and the property, get the deal done, get paid and then part ways? This is the essence of agency in a real estate transaction.
Some of us may list a property for sale, thereby representing a seller and then secure a buyer and represent the buyer as well. This is called a dual-agency. There are several advantages to this arrangement and a few disadvantages. We love the control we have over the transaction as things tend to run smoother plus it is nice to get the full commission. The difficulty can be in representing both sides of a transaction. There is a delicate balance that must be maintained.
Most transactions involve two brokers: one who represents the seller and one the buyer. We split the commission between the two of us and basically share in the workload. It is not always an amenable relationship as the balance of work could be skewed. But, we do our best to remember our priority is for our clients and we make an unspoken promise to work as a team.
It’s all who knows you
We all hope that when you think of real estate you think of that broker who knows your area well, knows your needs before you do, is a good negotiator and is a good project manager. Unfortunately, that is not always the case.
Many of us are really good at what we do, but sometimes lose a client we have worked on for a long time to the second cousin just getting into real estate, which is okay. More painful though is when we are just not in the right place at the right time and another broker takes the prize.
Developing and maintaining relationships are the key, but in this hyperspeed world sometimes that isn’t enough. We expend significant time, energy and dollars on marketing ourselves, but this does not guarantee us the prize. Yes, we do get discouraged at times, but remember that there is work to be done and clients who need us.
It is a “shark-eat-dog-world” out there, but we love what we do because we are entrepreneurs and get up each day and work hard to help our clients’ realize their dreams.