Study Says Experienced Real Estate Agents Sell More, Faster
Monday, December 23rd, 2013
I came across this recent study by finance and real estate professor Bennie Waller of Longwood University, Virginia, published on the Journal of Housing Research in 2012, stating that experienced realtors sell 12% more homes and 32% more quickly, on the average, than inexperienced agents.
I was happy to get confirmation!
It seems that the adage practice makes perfect is true even in the real estate industry. According to Prof. Waller, “The more experience you have, the more likely you are to sell the properties that you list, the more likely you are to sell (them) at a higher price, and the less time (they stay) on the market.”
I believe experienced real estate agents have these three advantages.
Experienced agents generally know more.
Veteran agents tend to know more about the neighborhood, the market, what buyers and sellers typically need and want, and the entire selling and buying process. For example, veteran seller agents know what buyers are looking for and are aware of the competition, and they use what they know to stage, price and promote the seller’s house to sell fastest and at the best price. Veteran buyer agents know what’s a good buy and how to structure the purchase offer in terms of price, condition dates, closing dates, and even the length of time an offer should be left open, ultimately helping the buyer acquire the property for less money and under the terms and conditions that the buyer wants. A lot of this information cannot be had in a real estate course or from books, but is experiential and intuitive. In addition, veteran agents generally know more buyers and sellers, as well as good and reputable home inspectors, appraisers, mortgage brokers, and other key members of the real estate team.
Experienced agents are more confident about what they know.
As veteran agents’ knowledge of their business comes not just from books or from other people but from their own firsthand experience over many years, they can hold their own in transactions. They can tell a seller who wants to sell his house at a ridiculously high price that it won’t work, and convince him to go with a more realistic price. He can tell a buyer if a crack on the wall is not a major issue and can be easily repaired, and is in fact a good thing because it will pull down the price.
Experienced agents can advise you through the many changes in your housing needs.
Veteran agents are of course older and have gone through many changes in their lives and seen the same changes in the lives of others that impact their housing needs. As such, they can be a valuable resource for you as you go through your own life changes and even those of your family.
Everything has its season, though, and the rookies today will be the veterans of tomorrow. So I advise the rookies to go beyond seeing the veterans as the competition, to learning from them so that they could take over when the time is right.
Image Courtesy of Calgary Herald
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 2% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
