When I began my real estate career, every budding agent was taught we should farm neighborhoods to become the local expert. Agents would (and many still do) farm neighborhoods by spending a small fortune on promotional marketing just to tell you how smart they are about your neighborhood. The notion only one agent is “the expert” on selling homes in your neighborhood has become antiquated. However, the long standing ritual, where agents tout themselves as the “neighborhood expert” or specialist, is still alive and well.
Before the Multiple Listing Service (MLS), real estate was a local business, where real estate brokers set up their offices in neighborhoods and became the “local experts.” The neighborhood broker guided home sales and prices because they were the expert. Home buyers and sellers went directly to these agents if they wanted to buy or sell a home.
However, the advent of the MLS opened up the marketplace and created “market experts.” Not having prior knowledge about a neighborhood was no longer a problem for real estate agents. The MLS provided agents the data and home information to become the local housing trends expert. The MLS essentially allowed agents to sell more homes in the broader regional area.
The internet changed all that, of course, by providing data and home information to anyone connected. Everyone is a neighborhood expert thanks to the internet! However, there is a downside to having an unlimited stream of figures, statistics and trivia without a filter. Buyers and sellers have so much information, they are overthinking every aspect about the home buying and selling process. They are getting in their own way and potentially sabotaging their own transactions.
The ever-improving technology and the proliferation of information has changed the business of real estate, which has made the “neighborhood real estate expert” a thing of the past. Sure, there are many agents who still market themselves as the neighborhood expert, but does that make them more qualified to sell your home? Agents hyping themselves to know more about your neighborhood can also potentially sabotage your transaction if they make it personal. They may be able to tell you about what makes your neighborhood special, as well as share trivia. But so can your neighbor. Does that make your neighbor qualified to sell your home?
Enter “The Real Estate Expert.” The Real Estate Expert is a professional who follows the housing market and can interpret the data about your neighborhood in a meaningful way. They can compile information to provide you with a detailed and meaningful market analysis to assist you in deciding on a sale price without personal bias. The Real Estate Expert knows how to market your home in the current economic environment. They understand what home buyers want in a home, and they can prepare and present your home to promote it to grab home buyers’ attention. Real Estate Experts are trending away from marketing themselves, and leaning towards being attentive to their clients.
Real Estate Experts also understand the nuances of negotiation, and are current on legislation that can affect their client’s rights and obligations. They also know how to facilitate a transaction, so as to protect their client’s best interest without regard to their commission.
Dan Krell is a Realtor® with RE/MAX All Pro in Rockville, MD. You can access more information at www.DanKrell.com.