By Ron Rovtar
The K Company Realty
Boulder County CO
Boulder County CO
303.981.1617
If you soon will hire a real estate agent to help you buy or sell a home, there is a very good chance the agent will possess less than two years experience.It's simple math. According to the National Association of Realtors, almost 30 percent of the association's membership is comprised of new or newer agents.
Don't panic.
Hiring a new or newer agent might be a very good thing for you. New and newer agents may bring greater energy. They can be more eager to please. And they often can be much more attentive to your specific needs.
We all try harder when we are learning a new skill set.
A new agent who has taken full advantage of required real estate training, and who is comfortable solving complex people problems, may be exactly right for you.
However, when considering a new agent, you should ask questions you would not ask a more experienced professional. (See below.) Then, as in most cases, you should use your best judgment, intuition and a little common sense when deciding if the agent is right for you.
The National Association of REALTORS® 2018 Member Profile reports that 29 percent of the association's 2017 membership had less than two years experience.
The profile did not offer a percentage for 2018 but noted the organization's membership rose to 1.30 million by April of this year. Membership in March of 2017 was 1.22 million. A high proportion of new members probably are new agents.
So, what's the difference between newer agents and those practicing longer?
Understanding there can be a range of abilities, motivations, and engagement at all experience levels, seasoned real estate agents do tend to be better negotiators and problem-solvers.
Communication skills, proficiency in contract-preparation and knowledge about local real estate also improve with experience.
Yet, as one's business grows, there is sometimes a temptation to take on too many clients, become too confident, or simply relax too much. Experienced agents are human. So it is unsurprising a percentage provide clients less than the full measure.
New and newer agents can also have a strong case, including intensive professional education
In many states, would-be agents must complete mandatory real estate training. Colorado, for example, requires 168 hours of education, the content of which is mostly mandated by the Division of Real Estate.
Colorado graduates take two timed exams, one specific to Colorado rules, regulations and practices. The second tests knowledge of national property issues. Scores of 75 percent or greater must be achieved on each exam.
Upon passing both exams, new agents typically associate with a brokerage. The real estate companies often offer additional instruction.
Importantly, agencies always assign mentors for inexperienced new agents. These seasoned agents receive a portion of the new agent's commissions. Mentors advise and guide new agents through several transactions.
Among other tasks, mentors should read and provide advice about all transaction documents, especially purchase agreements, disclosures, and addenda. They should regularly meet with new agents to discuss the progress of transactions and offer guidance.
New agents who join a local REALTORS® association also must pass the national association's ethics course, covering the organization's Code of Ethics.
Additionally, new agents often bring a wealth of previous work and life experience. They may have learned much from working in other fields, taking advantage of educational opportunities, and obtaining important volunteer experience.
Though new and newer real estate agents lack some seasoning, they are usually prepared to do a good job with your transaction.
But you will want to know a more about them.
Here are questions you should ask when interviewing a new or newer agent:
1) Have you completed any real estate deals? If "yes," how many? What have you learned from them?
2) How did you score on the real estate license exam or exams?
3) Have you completed the National Association of REALTORS® ethics training?
4) Do you have an assigned mentor? Can I call this person if I have questions about how you hand my transaction? What is this person's contact information? (Some newer agents will have graduated from the mentoring program. You can ask the same questions about the agent's employing broker.)
5) Why did you become a real estate agent? What work did you do before? What is your highest level of education? How did previous experience prepare you for your new profession?
You can have a good, mediocre or poor experience with an agent of any experience level.
As a group, real estate agents are like professionals in every arena. Some will have exactly the skills you need. Some have skills more appropriate for other problems. Some work hard: others, not so much.
I always suggest home buyers and sellers interview several prospects before hiring a real estate agent.
But don't wear yourself out. Contact several agents by phone. Make it clear you will choose the person who earns your confidence. Then meet two or three best prospects in person.
By the time you close, you will be glad you spent extra time finding the right agent.
And while knowledge and experience matter, so does enthusiasm and attentiveness.
So don't rule out the "newbies."
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Ron Rovtar, is a broker associate at The K Company Realty in Boulder, CO. Please call Ron with all your real estate questions at 303.981.1617. To learn more about Ron, please visit his website. For more about life in Boulder County and nearby, check out our facebook page. Ron Rovtar does business as Front Range Real Estate, Ltd. E-mail Ron.
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