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How to pick a great realtor
August 3rd, 2015 10:07 AM
Choosing a Winner is More Than a Guessing Game

When you want to buy or sell your home, you need a pro that is re-liable, re-alistic, re-assuring and really on top of your needs as a client and the real estate market?  You need a Realtor. But picking a great one is not a matter of playing eeny, meeny, miny, moe. You can make a much more intelligent appraisal than that based upon advice from a number of different experts.

1. Select an agent with the right credentials

The National Association of Realtors (NAR), right here in Chicago says the first thing to do is make sure you’re dealing with a Realtor with a  capital “R.” This is your assurance that you’re dealing with someone who supports the NAR code of ethics.  Not everyone who has a real estate license is a Realtor. In fact, it’s only about 50%, so ask about that. Then, if you want someone with specialized training, pay attention to these designations:

  • CRS (Certified Residential Specialist): Completed additional training in handling residential real estate.
  • ABR (Accredited Buyer's Representative): Completed additional education in representing buyers in a transaction.
  • SRES (Seniors Real Estate Specialist): Completed training aimed at helping buyers and sellers in the 50-plus age range.

2. Talk with recent clients 
Ask for the names of the Realtor’s last three clients. With past clients, "Find out what the asking price was and then what the sales price was," says William Poorvu, professor emeritus at Harvard and co-author of "The Real Estate Game.”  “And, if you're the seller, ask if the past properties sold are similar to yours in price, location and other features.”

3.  Research how long the agent has been in business 
At least five years of active industry involvement seems to indicate a “well seasoned” professional.

 Look at their current listings 
Two places to look at the Realtor’s current listings are the agency's own site and “Another important element,” Poorvu explains, “is how closely the agent's listings mirror the property you want to buy or sell. Are they in the same area? Is the price range similar? Does the agent have a healthy business or is there too much busy-ness to find time for you?


5. Pay Attention to an Accurate Valuation
Panelists at the 2014 REALTORS® Conference & Expo discussed the rise in popularity among consumers of AVMs – a computer generated pricing report – versus a CMA - Comparative Market Analysis.


According to the panelists, “running a CMA is much closer to what an appraiser will do for potential buyers who plan to apply for a mortgage. CMAs give an overview of what is actually happening in a particular area, such as the percent of list price that sellers are receiving, current inventory in the area and days on market for similar properties.”

A Few More Questions to Add to the “Grill”

Since there’s a lot at steak, er stake, fire up these additional questions:

 6. What online marketing tools, special systems and approaches will you use to sell my home? The NAR is a big advocate of finding someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet.  

 7.    Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.

 8 .  Have you ever heard of Pahroo Real Estate & Consultancy?   Okay, that’s a stretch, but you do want to know the type and extent of resources a Realtor has available for assistance, including brokerage office technology and an in-house support staff, access to different real estate attorneys, and yes, knowledge of the best appraisers in the business who can help with valuation.


Blurb at End

In today's turbulent real estate markets, property owners, property investors, financial planners, lenders and portfolio and asset managers turn to Michael Hobbs & PahRoo Appraisal & Consultancy for prompt, trustworthy guidance and  keen valuation insight into real estate appraisal, both commercial and residential, estate appraisal, real estate valuation, and business consulting designed to create transformational growth and success. Appraise our ability to meet and exceed your needs at 

P.S. The idea of a blog is to get your thinking and interaction. Would you care to comment or help us benefit from your experience? Please do so—we’d more than welcome it.


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Posted by Michael Hobbs on August 3rd, 2015 10:07 AMPost a Comment

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