THE TRANSACTIONAL AGENT
I think this word describes about 60% of the agents out there. The Transactional Agents, henceforth referred to as the TA, come with some common attributes with some variant strains.
Your basic TA is an agent who can write up a purchase agreement or a listing contract and generally get you through the transaction to a closing. But that is about it. If there is a SNAFU in the financing, or a quirk in the inspection, or some appraisal issue, or a title issue, or an environmental issue...just about any hiccup ....well then hopefully the other agent is experienced. If so frequently they will pick up the slack for transactional agent. So by transactional, I mean they are performing at the very bottom of the ladder. They can't give you advice of any worth. Not that they won't, it just likely is not good advice. They can't solve a problem, they can't prevent a problem, they certainly want nothing to do with your financing. They showed you the home, wrote up the documents, and met you at closing. Contact Me
But if you are young, or inexperienced in large transactions over a 6 figures the odds are you don't even know that you are with a transactional agent. Like most young people you have not even thought about the process. Your entire thought is I am using a Realtor, I am doing the right thing, my Realtor is trained, experienced, and knowledgable...after all they are a Realtor right? What could possibly go wrong. War StoriesThen there is the variant which is a step above the TA who may be the glad handing, hustler type with some experience and knowledge who recognizes that you don't have a clue, and or that you are looking at him/her as an omnipotent god. The faster that he/she can get you done, the more his/her hourly rate of pay goes up. It's the hose'em and close'em club. Now what I will say is that I have experienced a goodly number of these agents who simply make the decisions for their clients and they are not all bad decisions. It is where you have failed to heed thier advice, you have become more trouble than you are worth, the size of your transaction is not worth thier time to educate you, they need a pay check soon, or its just how they do business. Not the worst thing in the world unless the decision they have pushed you into is wrong. Then there are other agents whom I have observed are truly out for themselves. They don't do anything illegal, but it damn sure is not representation on a deal that is in 6 figures and may not be in the best interests of their clients.
Then there is the experienced agent who is certainly beyond TA but not much. They are blessed with your perception of their omnipotence because of thier longevity in the business, and frequently because they are with a large company in the particular marketplace. They are members of your church or your country club. Not a lot of thought and what thought there is, is often wrong. Know the mechanics. Impeccable dressers. Great lunch or golf dates, or bar flies. Very friendly and professional. Respected old war horses who have ascended to their place by longevity and attrition. They are the purveyors of some whoppers out there in terms of mistakes on purchase price or mistakes on marketing. War StoriesIf you have done reading elsewhere here you know that you won't know the mistakes. And if you find you have made a big mistake you wont' likely attribute it to your agent, and you likely will not find out until you go to sell the home in seven years. It's that Friend thing and the circles they travel in. Doctors wives. Retired School teachers, Retired Fireman, the other spouse that just got transferred in with their spouse, that kind of thing. They may represent as much as 30% of the agents out there. Contact Me
In case you are doing the math, that leaves 10% unaccounted for. 5% of the agents really add value, but by no means are they necessarily the most successful when it comes to volume of sales, because true representation and true value added takes time. And even at that there is a bell curve within the top 5% of agents out there.
That of course leaves 5% whom one has to wonder what are they even doing in this business. They typically are not dealing in the upper price ranges, although I have come across 3-4 that amazed me by how incompetent they were and the price ranges they were working. Most of these folks don't last long or are simply dealing with the very bottom of the price spectrum. For those that were working the upper echelons, I have witnessed some very large crash and burns. But they are out there. Caveat Emptor. Contact Me