{"id":1292,"date":"2013-04-10T09:32:08","date_gmt":"2013-04-10T13:32:08","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=1292"},"modified":"2021-11-23T17:31:34","modified_gmt":"2021-11-23T22:31:34","slug":"your-real-estate-agents-experience-is-more-important-than-you-know","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2013\/04\/10\/your-real-estate-agents-experience-is-more-important-than-you-know\/","title":{"rendered":"Your real estate agent’s experience is more important than you know"},"content":{"rendered":"

by Dan Krell \u00a9 2013
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\nDanKrell.com<\/a><\/h3>\n

Why your real estate agent’s experience is more important than you think:<\/h1>\n

\"Real<\/a>The National Association of Realtors (realtor.org) publishes an annual profile of home buyers and sellers that includes data and descriptions about how consumers go about choosing a real estate agent<\/a>.\u00a0 There are obviously many factors that are involved in the choice, but it is striking that an agent\u2019s experience is not a major reason for their hire; it seems as if most buyers and sellers hire an agent who was referred by someone the consumer knew, and that many buyers and sellers did not talk to more than one agent.<\/h2>\n

Even though experience is not heavily weighted in agent choice, it may be one intangible that should be considered when you choose your real estate agent.\u00a0 A recent research study by Bennie Waller and Ali Jubran (“The Impact of Agent Experience on the Real Estate Transaction.” Journal of Housing Research<\/i> 21, no. 1 (2012): 67-82) highlights the intuitive notion that an experienced agent can yield a better result than an inexperienced agent.<\/p>\n

They concluded that hiring a \u201cveteran\u201d agent will have a positive effect on your home sale.\u00a0 The data indicates that \u201crookie\u201d agents, those who have had their real estate license two years or less, sell homes for less, take longer to sell homes, and are less efficient during the process.\u00a0 Data collected from their sample indicated that rookie agents sold homes for about 10% less than experienced agents, which according to their sample data yielded an average net difference of $18,000 (the average list price was $201,297).\u00a0 Homes listed<\/a> by \u201cveteran\u201d agents sell about 32% faster than inexperienced agents.\u00a0 And, experienced agents are more likely to expedite the transaction to completion.<\/p>\n

One possible explanation provided by the researchers is that the experienced agents are more likely to list higher quality property that typically sells faster and for more money.\u00a0 Although they concede that they cannot substantiate this rationalization by this study, they suggest that veteran agents are more successful in obtaining luxury real estate and new home listings.<\/p>\n

\"Real<\/a>A more likely reason for differences between rookie and veteran agents is the mindset brought forward to the business of real estate.\u00a0 The investigators discuss how those who consider selling real estate their career are more successful and have better outcomes for their clients than those who do not.\u00a0 They also suggest that those who consider themselves as \u201cpart-time\u201d agents are less likely to achieve as high of a result in their transaction as the full time counterpart; they contend that successful veteran agents are dedicated and devoted to their career.<\/p>\n

Other possible reasons for their conclusions (but not discussed in the study) are that veteran real estate agents are more acquainted with the nuances of the housing market and have an increased ability to engage the parties in the transaction.\u00a0 Full time agents are invested in being aware of listing and sale activity in their respective markets, and network with other agents to compare notes.\u00a0 Additionally, experienced agents may have developed the ability to easily connect with home buyers and sellers<\/a>; as well as have greater capacity to understand the specific needs of buyers and sellers \u2013 thus facilitating a smoother and successful transaction.<\/p>\n

The business of real estate<\/a> is increasingly complex and difficult.\u00a0 Rapidly changing demands on home buyers and sellers can be challenging and frustrating for those in the market.\u00a0 Your agent\u2019s experience, both general and specialized, could make the difference in your success.<\/p>\n

More news and articles on \u201cthe Blog\u201d<\/a>
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\nThis article is not intended to provide nor should it be relied upon for legal and financial advice. This article was originally published the week of April 8, 2013. Using this article without permission is a violation of copyright laws. Copyright \u00a9 2013 Dan Krell.<\/p>\n","protected":false},"excerpt":{"rendered":"

by Dan Krell \u00a9 2013 Google+ DanKrell.com Why your real estate agent’s experience is more important than you think: The National Association of Realtors (realtor.org) publishes an annual profile of home buyers and sellers that includes data and descriptions about how consumers go about choosing a real estate agent.\u00a0 There are obviously many factors that … <\/p>\n

Continue reading “Your real estate agent’s experience is more important than you know”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[39,174,160,137,123,382,161,405,288,13,402,26,23],"tags":[814,490,879,868,865,912,880,466,797,920,593,803],"class_list":["post-1292","post","type-post","status-publish","format-standard","hentry","category-first-time-home-buyer","category-first-time-homebuyer","category-home-buyer-behavior","category-home-buyer-profile","category-home-sale","category-home-seller","category-home-seller-behavior","category-homebuyer","category-housing-market","category-real-estate","category-real-estate-agent","category-real-estate-market","category-realtor","tag-first-time-home-buyer","tag-home-buyer-2","tag-home-buyer-behavior","tag-home-buyer-profile","tag-home-sale","tag-home-seller","tag-home-seller-behavior","tag-housing-market-2","tag-real-estate","tag-real-estate-agent","tag-real-estate-market-2","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-kQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/1292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=1292"}],"version-history":[{"count":5,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/1292\/revisions"}],"predecessor-version":[{"id":6380,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/1292\/revisions\/6380"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=1292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=1292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=1292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}