There is no “I” in Team
Why working with a single realtor is a thing of the past.
So, you’re looking to buy or sell your home?? Congrats!! Getting ready to buy or sell can be an extremely exciting time for you and your family. For many of us, our house is our most expensive purchase we will ever make, so making sure you as a customer are taken care of is vital in this exciting time. The first step for many, as they begin on this exciting journey of buying or selling is to partner with a local realtor to make sure their best interests are taken care. For many choosing a realtor is as simple as asking your friends, or maybe working with the realtor who sold you your house or hoping online and seeing who pays the most for advertising on Zillow. But is this the best approach for the most expensive transaction you may ever make? Today we are going to cover a few things you might want to consider when looking for a realtor or a real estate team to work with.
First off what is the difference between a realtor and a real estate team? Up until recently, real estate transactions were primarily done between a customer and a single realtor who helped them buy and sell their homes. More recently the emergence of real estate teams has become more common, a real estate team is often comprised of at least 2-3 realtors working in the customer’s best interest. Often each realtor on a team has a different role, for instance one realtor might do all the showings, while another realtor focuses only on selling your house. You see the real estate game has changed pretty dramatically over the last few years as technology has advanced. Gone are the days of just putting the house on the MLS, taking pictures with your flip phone and putting a sign in the yard, hoping for the best. In this digital market, buying and selling a house has become increasingly more intricate for those involved. There are a number of advantages to working with a real estate team in this ever-evolving market and we will explore those advantages to give you a better understanding of how a team can help you on your next transaction.
1) It’s more convenient for you, the customer - Hopefully this doesn’t come as a shock to you but odds are, you are not your realtor’s only client. There’s a good change your realtor is working with a few other buyers and sellers at the same time they are working with you. For this reason, one realtor can’t always be everywhere all the time. If your perfect house comes on the market, it may take a few days for your realtor’s schedule to free up enough to get you in to see it. Team’s on the other hand are able to be in multiple places at the same time. Working with a team gives you a better chance of seeing your perfect home the day it comes on the market and being the first to submit your offer, giving you the best chance to land the deal.
2) Selling a house is much different than buying one and vice versa - Here’s the dirty little secret your lone realtor doesn’t want you to know. Selling a house and buying a house are two totally different processes. Yes, at the end they both come together with an offer on a house but that’s about the only thing to two have in common. Selling a house involves analyzing the local market, advertising, and marketing, where buying a house requires your realtor to know your interests, negotiate pricing and find you a great deal. It’s very difficult for one person to excel at each of these. Teams on the other hand typically have one person dedicated to each of these tasks. They will often have someone who specializes in market research and another who does advertising and marketing and yet another who can negotiate deals and find you your perfect home. Working with a team gives you a better chance of having experts in each of the different facets of buying and selling a house working for you and your best interest.
3) More expertise - Odds are if you are living in the Metro, you are moving from one city to another. For instance, in the twin cities area, it’s not uncommon to trade your condo in St Louis Park for a nice 2 story single family house in Maple Grove. Even though these cities might be close to each other from a geographic sense, their markets can vary greatly. St Louis Park is a great place for first tiem home buyers, so that market is more impacted by rent rates, and rental vacancy rates, where Maple Grove is more family oriented and factors that affect first time home buyers won’t have much impact working up there. Working with a real estate team improves your chances of working with an agent who knows both areas well and can advise you how to play both markets to your advantage.
4) Realtors are people too - Being a realtor is just like any other job and realtors are people too and frankly sometimes life happens. Realtors get sick, go on vacation, go to sporting events and celebrate holidays. If you are working with a single realtor, when life happens, you the customer are at a disadvantage. Working with a team helps ensure when life happens business keeps going along at usual and you the customer are still taken care of.