Does anyone know how to research success rates of realty/ors?

We have been getting pitched by local realtors to list my house. I'm trying to find out individual success rates. Before we make yet another poor decision in choosing a realtor, I want to determine who is just talking the talk and not walking the walk.

For example, Prudential claims it has sold the most houses in my town in the past 3 months. But let's say they have 20 realtors working for them and they have 200 listings between them. The likelihood of them selling more homes than Joe's Realty who is a 2 man operation that has 20 listings is far greater. BUT if Prudential sold 10 houses in the past 3 months and Joe's Realty sold only 3 houses, the latter sales rate is better.

Also, let's say we decided to go with a large company such as Prudential. Let's say Prudential has sold 10 houses in the past 3 months. How do you find out which individual agents are having the most success? Our first realtor was with a large company which boasted it had the highest sales in my town. Maybe it did but our agent, as lovely as she was, was a total load. I realized later that SHE was not part of their "dynamic" sales team. How can one determine who is actually working and getting results within a large company?

I realize there are many factors that go into selling a home but the bottom line is results. Any idea how to find them? Is there any independent, unbiased website that will show accurate results?

Does anyone know how to research success rates of realty/ors?

I'll jump in here and answer. To my knowledge, no there is not. However, any real estate agent who you interview to list your home should be able to tell you how many homes they listed in the past year, or the past two years, and how many of those sold, and how long they took to sell and at what price above or below asking did they sell for and how many price drops it took to get it sold. Ask for proof. They may not have it with them, but they can certainly get it.

Remember, getting a home sold and getting a home sold for the highest price aren't necessarily the same thing. So I would make sure you are clear on what that agent will do to market your house beyond the normal putting it on MLS and internet advertising. For example, we just listed a house near a hospital, so I went to the hospital and put fliers in the doctors lounge. Things like that can sometimes sell a home and some agents don't think outside the box to do these things. You want to know whether they take pictures themselves or bring in professionals? Bringing in professionals is a cost to the agent, but I think well worth it. Can they show you a sample of print advertising they use for listings? Again, another cost to the agent, but it can be very effective in marketing your home.

Also, many companies have recognition awards for sales volumes and the agent posts that information on their bio. For example, at Daniel Gale, we have the "Gold Circle of Excellence" for our top producers in each office. Many companies have something similar.

Also, don't necessarily stay away from newer less proven agents. Oftentimes they have the time and the ambition to provide service above and beyond what a successful proven agent has time to do. Right now one of my clients has a bit of an organization problem, so I'm helping her sort through things and stage her home to sell while also coordinating handymen to come in and make repairs needed on the home. Most experienced agents don't have time for that. All that being said, I agree with you that results are the most important. That's why I always co-list with our company's leading sales broker when I take listings. A lot of other agents and agencies have similar arrangements that will provide the best of both worlds.

Message edited 2/27/2013 5:45:15 PM.

Does anyone know how to research success rates of realty/ors?

Re: Does anyone know how to research success rates of realty/ors?

Unfortunately, there is no website that a non-real estate agent could go to in order to access market share data for companies or particular agents, which is really what you are asking about.

Real estate agents can pull that kind of data and generate those kinds of reports from MLS. So if you are interested in that type of information, I would simply ask the agents you are taking to, but also ask for backup in the form of written reports.

But I would caution you that, like any statistic, market data share can be manipulated in a lot of ways, so I wouldn't make it the be-all, end-all, even if it is a factor I n your decision. And be specific in what you are asking for -- are you interested in # of houses listed by a particular company or agent, or number of closed houses, and within what area, etc.

Personally, I think it's more important to choose an agent you are comfortable with, who seems to care about your expectations (asks the right questions) and is ready to do the job in line with those expectations. The intangibles when you pick up on when interviewing an agent will probably tell you more than market data. If someone is giving a canned spiel (either because they are phoning it in, or bs'ing you, or don't have enough knowledge to go off script), you'll know it, versus someone who comes in with a true interest in learning about your situation and helping you. A good agent should always be able to tailor their advice based on the individual seller's desires and circumstances.

Also, if it's not a brand new agent, you may want to ask an agent for references that you could call to get more information about how the agent handled their listing. I am always happy to put prospective clients in touch with former clients of mine. I would be very suspect of an experienced agent who is not willing to do that.

As Lori said, there are pros/cons to hiring a very busy, top producing agent, and there are pros and cons to hiring a very new agent. However, at an established company, most experienced agents have new agents willing to help them service their listings, and most new agents have a larger team of experienced people to back them up. I think the most important thing is finding a full-time agent with the knowledge, time, and willingness to handle your listing properly.

Also - in case you find yourself in a similar situation, where you hired an agent from a strong office who wasn't a great agent, keep in mind that your listing contract is always with the COMPANY/BROKER, not the individual agent. So if you have issues with an individual agent's job performance, you can always address it with their manager or broker to see if you can have a different agent assigned.

Good luck! Feel free to bounce any questions off of me/FM me.

Edited to fix typos!

Message edited 2/27/2013 6:38:24 PM.

Re: Does anyone know how to research success rates of realty/ors?

Ladies, thank you so much for responding. I appreciate the insight!

Re: Does anyone know how to research success rates of realty/ors?

I am not a realtor but I will give my advice, I don't think a realtor can sell a house to someone who doesn't want it. A buyer has to feel something, and it has to be in their price range.

I have houses on my block that are sitting on the market for years because they are overpriced and have downsides to them.
I don't think any one realtor can make them sell if they are not desirable.

Another house on my block was Mint, brand new 3 baths and kitchen finished basement and priced to sell and sold so fast they never got to put the For Sale sign on the lawn.

Re: Does anyone know how to research success rates of realty/ors?

Re: Does anyone know how to research success rates of realty/ors?

Very true that the seller has a role/responsibility in getting the house sold, too. Great points being raised!

When I do my listing consultations, I usually address the fact that there are areas that are "my job" as the realtor -- marketing, and, (more importantly, imo) using my real estate expertise to oversee and coordinate the entire transaction for the seller (showings, offers/negotiations, inspections, interactions with attorneys and lenders, etc.).

But I also explain that there are areas that fall into the category of the "seller's job" - and those include pricing the home reasonably, getting/keeping the home in good showing condition, and being cooperative/allowing access for showings.

Of course, the seller isn't on their own when it comes to items within their control (price, etc.) -- I strategize with them, and give information and advice. But ultimately, it's the seller's decision.

But I think there are some real estate agents out there who will just tell a seller what they want to hear instead of telling them what they NEED to hear. The agent should always be respectful of the seller and seller's wishes, but also should not be afraid to honestly advise them on the realities of the market or what they need to do to get the home sold. Otherwise, how can the agent truly help?

To the OP - Are you asking these agents you are meeting with or plan to meet with about why they think your home hasn't sold. I know it is so frustrating when that happens, and if a new agent wants to take the listing, they should have in mind some ideas of why your house didn't sell before and be prepared to address that. Otherwise if you do the same things, take the same approach - you will likely have the same results.

Re: Does anyone know how to research success rates of realty/ors?

Re: Does anyone know how to research success rates of realty/ors?

I've been in your shoes, having to look for a new realtor b/c the previous one did not meet my expectations. One thing to think about....the contract that you sign with the realtor. If possible, think about only signing for 3 months and not 6. This will give them incentive to move and will protect you from being locked in with someone who is not effective.

Also, perhaps you want to ask on this website to see if ppl who live in your area have any recommendations.