LegalClose.com surveys real estate attorneys in our network to gain valuable feedback to provide insights for real estate agents. The attorneys in our network work with hundreds of highly rated and experienced real estate agents, some of which are the top producers in their area and within their brokerage company. The following are the top 5 things attorneys noted that the best real estate agents do to improve the real estate transactional experience for their clients.
1.Real Estate Attorney – The best real estate agents work with real estate attorneys to assist them in closing real estate transactions to ensure that everything is done legally and for the protection of their client. The ability to lean and rely on the real estate attorney to provide support and expertise in situations that arise during the contract negotiation or closing process is critical for real estate agents. Real estate attorneys have the skill and knowledge to resolve any matter that may come up prior to closing, including reviewing title and survey matters, clearing title issues, preparing contract amendments, or assisting the agent with keeping a deal on track. In addition, real estate attorneys can provide legal support to real estate agents regarding contract provisions and ensuring the real estate contract is completed accurately. With a real estate attorney assisting the real estate agent, the agent can focus more time on providing a high-level of client support and service.
2. Transactional Coordinator – High producing real estate agents use transactional coordinators to allow them to have more time to focus on providing a high-level of customer service and seek additional sales activity. Engaging a transactional coordinator that is able to work directly with the closing and title company (real estate attorney) office allows the real estate agent to remove time consuming activities that don’t add value to the agent’s clients or the ability to gain new ones. Transactional coordinators also schedule all of the important dates to the transaction, further providing the real estate agent with peace of mind that important deadlines or dates of the client will not be missed. Transactional coordinators are typically paid a nominal amount per transaction, so the cost to the agent can be baked into the compensation paid to the real estate agent at the closing.
3. Using Technology – Excellent real estate agents will utilize technology to manage market data, client communications and keep the real estate agent organized. Most real estate transactional practice management platforms allow the real estate agent to keep track of leads, available properties, and sales activity. Being able to synthesize and analyze larger amounts of data puts the real estate agent at an advantage in both active and slower market cycles. Experienced real estate agents will know the best data to track and stay on top of the latest trends illustrated by the market data, and the agent’s clients will appreciate having access to a real estate agent that keeps them on the pulse of the market or is able to find properties as soon as they come available.
4. Brokerage Support – Real estate agents are only as good as the support they receive from their real estate brokerage company, which includes technology support, conflict resolution, educational support, and advocacy support when a challenging situation arises. While there are more lower cost brokerage companies in the marketplace (those allowing the real estate agent to take home a larger percentage of the commission), a good real estate agents will still ensure that the brokerage company provides a high level of support for the critical aspects of the real estate agent’s practice.
5. Education – Every real estate agent must maintain a minimum level of education, but the better real estate agents go above and beyond the basic educational requirements of a real estate agent. Understanding some of the more unique, but relevant, real estate and contract legal aspects will place the real estate agent in a strong position when negotiating or discussing the contract on behalf of a client. Ultimately, real estate agents should rely upon the legal expertise and guidance of a real estate attorney, but make no mistake, the real estate agent best educated in the transaction will be well positioned to produce the better outcome for their clients.
Obviously, there are many different traits, skills, and experiences that separate the best real estate agents from good real estate agents. Nonetheless, the top 5 noted above tend to be the things the best real estate agents do to improve the real estate transactional experience for their clients.