For most consumers, it only happens 2-3 times in an entire lifetime. Real estate is closely tied to family, life experiences and represents a large financial commitment. Real Estate Is A Highly Personal And Complex Transaction Work schedules can be difficult to set because the agent must be available whenever it is convenient for their customers. Consumers may have unrealistic expectations as to what they can achieve. Others consumers are very open, direct and know what they want. Some consumers guard sharing their expectations until they feel at ease with an agent. There are timing issues that can often prevent or accelerate customers real estate decisions. The description above is the environment consumers, who may not know what they want or how to go about it, encounter when they come into the market. This system is called co-brokerage and functions through a multiple listing service organized by the brokerage firms in the area. In this highly competitive atmosphere fees are often shared with the competition, who ironically, are often the agents best source of business. There is no such thing as vacation pay or health benefits of any kind. Other expenses, like yard signs and advertising, are often shared expenses with the broker. Gasoline, business cards, MLS access, real estate board dues, education and more are all out of pocket costs. Agents fund their expenses while waiting for their first transaction to develop and close (which could be 3-6 months). What happens next? For starters, they are paid commissions only when a property sells. They are allowed on the street almost instantly. Once licensed, agents learn office procedures from the broker and mimic other agents, attend sales training or hire coaches about how to be successful in the field. Multitasking in right brain/left brain activities is one of the reasons a service lapse in the real estate process is so likely to occur. Under these circumstances, agents must perform well at every step in the process like a “Renaissance man”. It is the main reason most other industries segment job functions. Trying to master a wide variety of tasks is difficult for all of us to do. For example, preparing a home value opinion requires an analytical mind and sharp reasoning skills while taking a “floor time” call requires a quick wit and strong social skills. These tasks require a variety of different and competing skill sets.
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