In my nearly twelve years as a Realtor, I’ve had the pleasure of working with a lot of great real estate agents–many who I’ve learned from and admire, several who have become close personal friends. But I’ve also witnessed the bottom of the barrel, frightfully horrid, unprofessional sorry excuses for Realtors and I’ve seen first hand how they cost their clients time, money, and stress. It’s a topic that gets me pretty fired up–and I’m not one for shying away from straight talk. Navigating the real estate market, whether you’re buying or selling, can be fraught with pitfalls if you’re not equipped with the right Realtor. That’s why understanding common mistakes made by Realtors is so important and I want to take the time to highlight some of the most common mistakes that I see more often than you’d think.
1. Breaching Confidentiality
Confidentiality is a cornerstone of real estate negotiations. A classic error occurs when a Realtor discloses sensitive information that undermines your position. For instance, if a seller is under pressure to sell due to a looming purchase deadline, disclosing this to buyers can severely weaken their negotiating stance. When I work with Buyer’s I do everything I can to try and glean info about why the property is for sale–some of that info may inform the strategy that we take when crafting your offer.
How I Protect You: I maintain the highest standard of confidentiality, ensuring that any information which could be used as leverage remains secure and I’m going to coach you on what to say or not to say!
2. Sluggish Response Times
In real estate, timing isn’t everything; it’s the only thing. Missing a beat can mean missing out on your dream home. It’s frustrating to work with someone who doesn’t understand urgency.
How I Ensure Timeliness: I don’t work alone–I have a full time assistant and additional team members that oversee various parts of the transaction. Nor am I a part time Realtor. I feel strongly that, as one of the most important financial decisions you’ll make, you need to ensure you’re working with a Full Time agent with at least five years experience. Real Estate is not a side hustle. Full stop.
3. Inadequate Explanation of Documents
Real estate transactions involve complex documents that can be overwhelming. A common mistake is not taking the time to make sure you understand what you’re signing. Glossing over details can come back to bite you. You’re relying on the pro’s to make sure that they’ve got your back but ultimately your signature is on the Contract.
How I Empower You: I provide detailed explanations and personalized videos using tools like Loom to walk you through each document, ensuring you’re well-informed and confident in your decisions. I also make sure that my clients are familiar with the Purchase Contract long before they find the perfect home–you need to understand all of the components of the contract in order to determine the terms that you want to submit to the seller. The benefits of my process are three-fold—recording a video overview ensures that there aren’t any errors, it ensures that you understand every single line, and this process offers you the opportunity to review again later if there’s something you’ve forgotten. This process also is time-saving and efficient.
4. Lack of Organizational Systems
A disorganized Realtor is a liability. Your agents lack of systems in place can potentially cost you a deposit or even the property itself. You would be shocked to know how many times I’ve witnessed Realtors miss deadlines for their clients.
How I Stay Organized: Again, I do not work alone and I have dedicated systems in place, as well as a full time Transaction Coordinator, whose job it is to oversee deadlines and documents. My process ensures that no detail or deadline is overlooked, enabling me to protect your interests at every step.
5. Misunderstanding the Market
Whether it’s pricing a home incorrectly or failing to grasp local market trends, a Realtor’s lack of market knowledge can lead to missed opportunities or financial losses. I work hard to ensure that my clients are well informed and have realistic expectations about the market—that includes its seasonal shifts–to understand how to best position themselves whether buyer or selling.
How I Provide Market Insight: Leveraging advanced tools like RPR and Remine, I offer deep market analyses to ensure you neither overpay as a buyer nor underprice (or overprice!) as a seller. I record video market overviews for my clients and, as a complete data nerd, I obsessively make sure that I stay on top of market data and trends.
6. Poor Communication
A Realtor who doesn’t communicate effectively can leave you feeling out of the loop and stressed. This is true for mortgage lenders and attorneys. I will stay in communication with you but I will also work to facilitate communication between the additional folks that are working on your behalf.
How I Ensure Exceptional Communication: My team and I are always reachable. Whether you need updates or have questions, we’re here. And we make sure everyone else in the process is on the same page. I am supported by a full-time assistant, Transaction Coordinator, Listing Coordinator, and a marketing team. Our communication is seamless and efficient. Whether I am on the road or in meetings, my team ensures that your questions are answered promptly, showing requests are handled quickly, offer paperwork is initiated accurately, and so much more.
7. Weak Negotiation Skills
Effective negotiation is pivotal in real estate transactions and can significantly influence the final terms and outcomes. A Realtor lacking robust negotiation skills can lead to suboptimal deals, where clients may pay more or receive less favorable conditions. It’s important to assess a Realtor’s negotiation abilities when choosing someone to represent you, whether as your Buyer’s Agent or as the Listing Agent to sell your home. Ask for specific examples of their negotiation prowess. Remember, negotiation techniques vary significantly between a Buyer’s Market and a Seller’s Market. Furthermore, negotiations occur at multiple points in a transaction: during the offer period, following inspections, at appraisal, when setting the closing timeline, and even when negotiating contract extensions.
How I Master Negotiation: My approach is deeply rooted in understanding and advocating for your specific needs and goals. I am adept at navigating various personalities and maintaining positive professional relationships, crucial for successful negotiations. My strategy includes coordinating with industry partners for timely estimates during inspections and collaborating with attorneys to ensure contracts are robust and favorable. I actively manage negotiations at every stage of the transaction to secure terms that meet your priorities and lead to the best possible outcomes, reflecting a thorough understanding of the current market dynamics. I have honed this specific skill in my decade+ of experience and hundreds of properties sold.
8. Failing to Vet Financials and Choose the Right Lender
The right lender can make or break your deal. It’s surprising how often this step is overlooked by others in the field. A common shortfall among Realtors is not taking the necessary steps to ensure that buyers are working with reputable lenders who are not only responsive but also willing to thoroughly explain the financial nuances and tailor their services to meet clients’ needs. Your lenders reputation is also crucial and should be considered as part of your offer strategy–this is true for your Realtor as well.
How I Facilitate Success: I vet lenders rigorously, recommending only those with top-tier reputations who are known for their competitive edge and exceptional client service. Additionally, I make sure everyone is on the same page. By coordinating directly with lenders, buyers, sellers, and other agents, I ensure that communication is clear and that every transaction moves as smoothly as possible from start to finish.
9. Skipping Due Diligence
Due diligence is crucial in real estate transactions and involves much more than just ticking off boxes on a checklist. It’s about deeply understanding your priorities and needs as a buyer and guiding you through the critical questions you need to ask and the potential issues to watch out for. For instance, our housing stock in Rhode Island, Massachusetts, and Connecticut is often quite old, presenting unique challenges and pitfalls. My role is to help you navigate these complexities, ensuring you’re well-informed about the intricacies of the property and its surroundings.
How I Handle Due Diligence: I take the time to understand what’s important to you, whether it’s the quality of local schools, the proximity to specific amenities, or potential nuisances like nearby gun ranges or gravel mines. This involves a comprehensive assessment of the property’s condition through detailed inspections and a meticulous review of title records to ensure there are no liens or legal encumbrances.
But my support doesn’t stop there. I also connect you with trusted industry professionals—inspectors, legal advisors, and environmental consultants—who can provide deeper insights and specialized evaluations. For example, if we’re looking at older properties in Rhode Island, Massachusetts, or Connecticut, I ensure that experts assess potential issues like aging structures or outdated electrical systems, which are common in these states’ older housing stock.
This layered approach to due diligence ensures that you are not only making an informed decision based on comprehensive data but also have the support of skilled professionals who can guide you through specific challenges. My goal is to provide you with a clear, full picture of what to expect from your real estate investment, ensuring that the property aligns with your lifestyle needs and long-term goals.
10. Ineffective Management of Multiple Offers and Poor Marketing by Sellers’ Agents
A critical error made by many sellers’ agents is inadequately marketing the property and hastily navigating the offer process without maximizing the potential of multiple offers. Additionally, navigating multiple offers as a Buyer’s Agent also requires experience and a strategy.
How I Excel in Offer Management: For my selling clients, I take a meticulous approach by carefully reviewing each offer with the seller, identifying our top two or three based on a thorough analysis of terms and potential. We then revisit each prospective buyer to negotiate possibly improved terms, understanding that the initial offer doesn’t always represent the buyer’s best. For my buying clients, I leverage my extensive network of industry relationships to provide any competitive edge possible, ensuring they are positioned favorably in a multiple-offer scenario.
Empowering You Through Expertise
The importance of choosing a Realtor who can navigate these complexities cannot be overstated. My mission is to build trust, empower you with knowledge, and ensure you are fully informed every step of the way. Whether you’re looking to buy or sell, my expertise and dedicated approach ensure you not only avoid these common pitfalls but also secure a deal that meets your needs and exceeds your expectations. Let’s make your real estate experience a resounding success.