A recent report on the Albuquerque Business First website suggests that this area is a tough place to be a real estate agent, apparently ranking 95th out of 150 metros in Wallethub's "2016's Best & Worst Cities to Be a Real Estate Agent."
One of the key reasons it cites is that real estate jobs here grew by 91.2% between 2012 and 2014, the highest percentage nationally.
Our experience is that figures like this don't tell the whole story. As we demonstrate every month in these blogs, the Albuquerque area is bouncing back with supply of homes that seems to be in a permanent struggle to keep up with very high demand.
Drawing on our own success, we would therefore assert that this market offers agents tremendous opportunities. It would, however, be true to say that to succeed here requires a totally focused and completely dedicated 24/7 effort, something we do as standard, but which is sadly not universal.
With so many agents now looking for your business, it's important to be able to quickly identify signs as to whether they are succeeding in this market or not.
In fairness, these signs are applicable to any market at any time, but possibly even more important if you have a lot of agents simultaneously pitching for your business.
Here are five simple checks you can deploy during every interview you conduct with an agent: -
Level of market visibility - What is the agent's level of visibility in the market? Does he/she have an up to date and well maintained website with a regularly compiled blog? Is there active and frequent social networking activity? This is all easy to establish evidence of the effort that's likely to be expended on your behalf. Taking it a stage further, are listed homes supported with a video tour? Online communication is absolutely critical to success in real estate these days, so any traces of a lack of effort in this area should immediately set off alarm bells.
Is the agent full time? - While the figures we looked at earlier suggest a big influx of agents in recent years, not all of them are going to be engaged in this business all the time. The average agent sells a handful or fewer homes each year, which suggests that they must be doing other things to make a living, pay the mortgage and support families etc. It's clearly a competitive market here, so it's essential that a 24/7 effort is expended on behalf of clients. This ensures that your home sale/purchase will be at the top of the agent's agenda and not something that's attended to on a half-hearted, part time basis.
How does the agent spend his/her day? - Related to the previous question, ask the agent how he/she spends each day. Routine should include prospecting for buyers and communication with other agents and there should be clear evidence of a solid plan. If the agent can't immediately demonstrate this sort of organization, we strongly suggest that the interview is already at an end.
Reviews/testimonials - Ask to see plenty of evidence of testimonials and reviews from satisfied past clients. This is one of the most important things you need to see. All successful agents recognize the critical importance of proof by example and any reluctance or inability to show this to you should be treated with utmost suspicion.
Recent track record - Reviews and testimonials can, of course, be quite historic. Make sure the agent shows you recent homes that he/she has sold. This information is readily available via records on the local multiple listing service (MLS), so it's very simple for the agent to show these to you, either online or using a printout. The last thing you need is an agent representing you who, for whatever reason, has taken his/her feet off the gas, even if previously successful.
These five simple checks will help you to very quickly see through a slick sales presentation and give you the tools to make both a qualitative and quantitative assessment.
Why not start your search by putting us to the test and contacting us today!