Some secrets of real estate business...please be aware of these.
1. Franchises are independently owned and operated and are only as good as the management. Never be fooled by the national name. It comes with national recognition but rarely with enforcement of any rules when it comes to serving clients or any guarantees of quality or satisfaction.
2. Agents get referral fees for referring other agents from out of town. What that means is that the referred agent you are working with will get less money for working with you because they have to pay the referring agent a referral fee. Franchised agents will often tell you about the national network of agents in their franchise but that is of very little benefit to you, often it has the opposite effect. Referring agents often have no idea about the agent they refer. Search for agents locally where you want to move. There is an exception to this rule, and that is when the referring agent actually knows the agent personally and knows that they will provide excellent service to you, then it all changes.
3. There are third party sites that capture your information and then sell your information as leads to few agents for a high referral fee. It may show up as 'top agent site' or 'best agent site' or disguised and advertised under many other names but all they are doing is selling your name for a hefty fee. Don't fall for this, never.
4. Sites like Zillow and many more have 'Premier agents' listed on the side when you search for a listing. Don't fall for it. Premier is for their pockets. Agents pay them hefty advertising fees to be premier agents, it has nothing to do with their qualifications. If you go thru such sites, look for testimonials section. That tells you the true story about the agent you are considering.
5. Corporate relocation companies are notorious for charging very high referral fees from the agents, in some case as high as 45%. If possible, tell your company that you only want to work with the local agent you know and without the relocation company getting involved. It may not work all the time but sometimes it does.
6. Paying referral fees to non-licensed people is illegal. No licensed agent should offer such fees, or agree to pay such fees, unless they want to risk losing their license.
7. No licensed agent can be a part of any transaction where side transaction of cash exchange is taking place between clients, or between them and clients. All commissions must be paid to licensed agents only thru their broker, that's the law.
Sadly there is so much more that a consumer does not know as this is often a once in 7/10/15 year process. Our goal is to educate. The final decision is always of the consumer. More you know, better it is for the industry.
Have questions? Call us and we will be glad to help.
Thinking of buying or selling a home? Call us at 732.494.2211 and let our team help you with all your real estate needs.