Did you know there are 14,800 real estate agents operating in California, according to the Bureau of Labor Statistics? With so many real estate agents to choose from, selecting the right one can be tough, especially if you’re unsure what factors to consider. The obvious things to look for are experience, qualifications, and knowledge, but what else is worth considering and why?
Here’s a summary of 7 major factors to help you choose real estate agents who’ll land you the best property deals possible.
1. Go Local
Local Experience is Invaluable
When it comes to real estate agents, it pays to go local. Real estate agents with local experience understand the nuances of buying/selling property in your area. They’re likely to be familiar with local market conditions and economic factors that dictate the demand and supply of homes, such as the median household income in your region.
Real estate agents with local experience are also likely to know what type of properties locals frequently demand. In other words, if you’re selling real estate, choosing a local agent will ensure your property is accurately priced, and you’ve got an expert at the negotiating table who’s ready to help you get the maximum value from the sale.
You Get to Tap Into Local Agents’ Networks
Don’t have contacts in the area where you’re buying a home? Choose a local real estate agent. They’ll use their industry expertise and professional network to connect you with people or businesses that can help you maximize value when buying or selling real estate.
For instance, if you’re looking to finance your dream home, local real estate agents will connect you with licensed mortgage brokers that offer great terms for properties in the area you’re interested in. Alternatively, if you’re thinking of revamping and selling a fixer-upper, local real estate agents will help you find reputable contractors that provide great value for money.
Local Agents Understand Zoning Laws in the Area Where You’re Buying/Selling Properties
Another reason why it’s worth going local when choosing real estate agents pertains to laws and regulations on zoning. Local agents will help you navigate zoning issues that can affect what kind of property you can buy or sell in the area you’re interested in.
For instance, suppose you’re selling land in a zone affected by Senate Bill 9 (which allows you to build more than one housing unit on land that used to fall under single-family zoning). If you don’t hire a local real estate agent, you might sell for a below-average price because you’re unaware the land can now be used to build more than one unit!
2. Consider Agents Who Market Properties Using High-Quality Media
We’re living in the age of media marketing—and the real estate industry is no exception. These days, properties marketed by publishing professional photos and videos online have the best chance of being bought/sold at fantastic prices. This is why we recommend choosing real estate agents who use tools such as drones and create aerial videos for staging and marketing properties creatively.
Properties that are advertised using professional photos and videos, such as drone/aerial shots, stand out head and shoulders above others on the market. The higher the quality of the visual content, the more likely it is for potential buyers to click on the property ad and check all the details.
The trick is to choose real estate agents who use professional photography and videography tools and understand how to stage properties professionally. This will make your property picture-perfect and leave a lasting impression on buyers. It’ll also raise your property’s value in the eyes of potential buyers, making it easier for you to sell it for an above-market price.
3. Take Stock of Your Financial Situation
Are you a financially unstable homeowner? If so, it’s vital to choose real estate agents who will help you attain financial security ASAP. Here are three types of transactions to keep in mind:
Short Sales
Short sales occur when a mortgage lender lets a financially troubled homeowner sell their property quickly by paying an amount lower than their contracted mortgage. The proceeds from the sale are used to pay off the mortgage, and the remaining money goes to the homeowner.
Short sales are complicated, so if you’re thinking of engaging in one, choose a real estate agent that specializes in this type of transaction. They’ll help you understand the legal/financial aspects of the sale and negotiate with lenders on your behalf to ensure you get the best possible deal. Additionally, they’ll help you file the right documents on time to complete the sale as soon as possible.
Foreclosures
If your property’s at risk of being repossessed following a mortgage default, choose a real estate agent that specializes in foreclosures. They’ll give you a rundown of the foreclosure terms and conditions in layperson’s terms so you know what to expect.
On the other hand, if you’re thinking of buying a foreclosed property, choosing real estate agents with foreclosure experience will help you to avoid investing in a property that doesn’t provide a healthy ROI.
Contingent Sales
As the name suggests, contingent property sales depend on the fulfilment of certain obligations on the buyer/seller’s behalf. For instance, a property sale could be contingent on the buyer selling their current property (to minimize the risk taken on by the seller).
Contingent sales are usually quite complex. Buyers/sellers must agree to certain terms and conditions and fulfill obligations if the sale falls through. If the contingent sale contract is breached, parties might be entitled to certain damages. This is why it’s important to choose real estate agents who are experienced in contingent sales and thoroughly understand how they work.
4. Choose Real Estate Agents Who Value Long-Term Relationships
Some of the most knowledgeable and trustworthy real estate agents have long-term relationships with their clients. They treat every property purchase/sale as the beginning of a relationship that has the potential to be mutually beneficial in the long run. In other words, they have a high client retention rate.
Real estate agents who value long-term client relationships will likely provide a personalized service that addresses your unique needs and priorities. They also understand how the property market has evolved and provide valuable insights while being respectable and honest. Both of these are necessary to foster long-term relationships.
5. Pick Agents With Analytical Prowess
If you want to extract the most value from a property purchase or sale, it’s vital to choose a real estate agent with strong analytical capabilities. Ask yourself—does the real estate agent analyze local markets regularly? Do they possess the financial acumen required to help property investors attain a solid ROI? Are they good at identifying potential customers based on demographics and psychographics?
The answers to these questions will help you pick a real estate agent who ensures you get the most value out of your property deal. We recommend choosing a real estate agent who understands how to perform the following types of analyses:
Customer Segmentation Analysis
Want to sell a property for an above-average price? Choose a real estate agent who understands how to segment the market. This refers to the process of targeting specific kinds of customers based on their demographic and psychographic characteristics, such as age, income, occupation, education, and lifestyle.
For example, suppose you’re trying to sell a 2-bedroom home located about half an hour from Huntington Beach. If you choose a real estate agent who understands market segmentation, your property ad will be tailored to appeal to a specific type of customer. In this scenario, the real estate agent might inform you that your best shot at selling the house for an above-market price is by marketing it to rich couples with no kids who love to surf.
Financial Analysis
Choosing a real estate agent who understands financial analysis is particularly helpful if you’re thinking of buying a rental property on a mortgage and/or an investment property. They’ll consider your budget and help you calculate ROI based on their knowledge of current market conditions so you can get the most bang for your buck.
If you want to go the extra mile, choose a real estate agent with contacts in the finance industry, such as mortgage brokers. They’ll help you choose the right property and connect you with someone that gives great deals on home financing so you have the best possible chance at purchasing your dream home.
Location Analysis
If you’re thinking of buying a home, have you considered how far it is from schools and transit points? These are just some of the factors real estate agents consider when performing location analysis. Choosing a real estate agent who’s well-versed in analyzing locations makes a massive difference to your quality of life. All you’ve got to do is tell them about yourself, and they’ll recommend suitable locations to buy property.
6. Check Whether the Agents’ Track Record Fits Their Values
One of the most underrated factors to consider when choosing a real estate agent is their values. Many real estate agents promise exceptional customer service and the desire to help you get the best deal possible, but actions always speak louder than words.
This is why we recommend choosing real estate agents who have a history of operating with integrity and trust. Pick agents who are knowledgeable/experienced but don’t let that come in the way of working hard every day. The best real estate agents are always looking to improve their services and remain committed to treating new and existing customers alike with honesty and respect.
7. Seek Tech-Savvy Real Estate Agents
Technology is constantly transforming the real estate industry. Nowadays, real estate ads are almost always listed online and come with everything from VR tours to offers of online tenancy pre-approval. This is why it’s vital to choose tech-savvy real estate agents who constantly look for ways to make the process of buying/selling properties quicker, cheaper, and more convenient.
Tech-Savvy Real Estate Agents Streamline the Buying/Selling Process
Tech-savvy real estate agents help buyers/sellers take advantage of all kinds of digital platforms, such as social media, to get the best deals on the market. They use technology to streamline the purchase/sales process and update clients with the latest property market information. They even arrange virtual inspections for buyers to ‘attend’ and pre-register their interest without ever meeting the sellers!
Tech-savvy real estate agents also help property sellers in numerous ways. They market the property on multiple platforms using interactive content that engages buyers. For example, if a real estate agent thinks you’ll get the highest price for your property by advertising it to Gen Z customers, they’ll work with their professional network to create promotional reels. Once these are uploaded to platforms that are popular among Gen Z, like TikTok, the chances of making a sale will increase substantially.
Tech-Savvy Real Estate Agents Are Productive
Another key reason why it’s worth choosing tech-savvy real estate agents is productivity. Real estate agents who use technology to streamline their workflow get more done in less time. This allows them to charge less without compromising on service quality.
We recommend choosing real estate agents who use software/apps to manage client data, analyze the market, and automate tasks to save time and reduce the risk of errors.
Ready to work with some of the most talented realtors near Palmdale? It’s time to reach out to our team at Team Zotti.
We’re regarded as one of the best real estate agents in palmdale because of our extensive experience and dedication to streamlining the property purchase/sales process using technology. We always go out of our way to analyze market conditions and deliver a stellar experience whether you’re buying or selling homes in Palmdale.
If you’re ready to choose real estate agents who value honesty, hard work, and going above and beyond to get clients the maximum possible value, contact us now.