The FOUR different types of Real Estate Agents and how to deal with them
Newsflash: Not all Real Estate Agents are created equal. They all have different ways of doing business and unique approaches to getting the job done.
What does this mean for you?
When you are in the market for a new home, you will come across various real estate agents, and it pays to know what kind you’re dealing with!
You can’t treat them all the same way and expect the same result. Getting pushy with an agent that responds poorly to that approach could cost you thousands or mean missing out on a deal.
Luckily, I have dealt with thousands of real estate agents as a Buyers Agent, and I’ve boiled it down to four main types. Identify the one you’re dealing with and adjust your tactics accordingly.
The Defender
These agents defend their assessment of the property with their lives. Dealing with them can be like navigating a maze, but by listening to what they are saying this can work in your favour, as they tend to rub a lot of buyers up the wrong way. They are protective of their egos, so it’s best to tread carefully and avoid confrontation. Any negative comments on the property will not be taken too kindly, so here it is important to be diplomatic and ask lots of questions on how they want to run the process. By deferring to them, you’re far more likely to get the result you want ( which is to buy the property!).
The Speedy Gonzales
These guys are all about efficiency. They don't waste time and aim to get the sold sign up as quickly as possible. They prefer selling properties prior to auction ( usually the second week) and are determined to secure a successful sale. Once the offers prior process starts, they will close out the sale for their vendor, so make sure to have all your ducks lined up or miss out. They tend to create anxiety in the buyer by having multiple buyers go through a private inspection at the same time, to further whip up the interest. While their approach may be fast and furious, just ensure you actually really want this property and you’re not just swept up in the lightning speed at which everything is happening.
The Auction Runner
Auction Runners love to put all their properties under the hammer. They do this to avoid the difficulty and awkwardness of telling potential buyers that a deal has already been struck before the auction. Typically they don’t want to be seen as the bad guy. Putting an offer in front of these agents is a waste of time and may harm your success at auction as they will have to adjust the guide for auction ( thereby alerting other buyers there is interest at this level and diminishing your firing power on the day) If you're comfortable with the auction process, working with them could be a winner.
The Adaptable One
This agent will probably be the smartest in terms of understanding the right way forward for the vendor, market and property. They will consider the underlying interest in the property, and determine the best way forward. Again, asking lots of questions is the way forward.
You should always be prepared to tweak your tactics to suit the situation and agent, but that doesn’t mean rolling over! Challenge Real Estate Agents on their strategies, ask questions, seek clarity, and ensure your interests are front and centre.
During property inspections and auctions, channel your inner detective. Observe the dynamics, check out the potential buyers, and watch the agent's moves to build a home-buying strategy that will get results, and never forget to keep the vendor's motivations in mind. Property buying is a lot like playing chess, and you really need to become a Grand Master to come out on top!
Remember, trust and building a network of reliable professionals are your secret weapons in real estate. Approach agents with caution, have a solid plan and don't shy away from asking questions, questions and more questions.
If you're looking for someone to help with your property search and ask the difficult questions for you, don't hesitate to reach out to our team.