In the last addition of the Real Estate Marketing Magazine a circuit speaker talked about the 90/10 principle – 90% of the business is done by 10% of the Realtors. He was trying to de-bunk the 90-10 as a myth. If my memory serves, almost two thirds of the members of the REALTORS Association of Edmonton did 10 deals or less less year. (Keep in mind, many belong to teams and the deals may have been reported under the team leader).
What was interesting about this article was the author's reference to his sister in law who does four deals a year, and that’s all she wants to do because her husband makes good money and all she wants is to make extra money for family trips and stuff.
The first thought in my mind is how does she stay current on the market conditions, trends, regulatory requirements and the developing world of online marketing? In my mind she can’t. So the people who hire her are at a distinct disadvantage over someone who is devoted full time to their career. At least someone who is full time in the business has the opportunity for more experience (theoretically).
With business and marketing costs and regulatory requirements the way they are today it is quite common for agents to band together to form a team. In our case it absolutely makes sense. My wife/partner is an expert at marketing and I have an understanding of the industry and sales side of things. We combine those talents to offer our clients some of the best marketing, knowledge, experience and results in the industry today – at least in my humble opinion.
While part time people still exist in real estate the numbers are far lower due to higher regulatory requirements and higher costs.
About 15 years ago this exact topic was discussed by REALTORS Association of Edmonton’s Professional Standards Committee and I will concede one point I learned there and have never forgotten.
Earl Pottage of Re/max (a long, long time REALTOR and long term member the committee) said “I’d rather have a competent part timer looking after me than an incompetent full timer.” While that point has stuck with me I still think the odds are greater that the less time spent in the industry and improving yourself at your craft, the greater the chance that competency is not as high as someone who is spending more time towards self improvement and gaining experience.
The bottom line is if you're considering hiring a Realtor, you may want to ask if this is their full time career. As for the author's sister in-law…I wonder if she explains to her clients that this all she is interested in doing.
Our realtor has been in this field for a very long time, having taken over his father’s brokerage and now “grooming” his son, as well.
They know the city inside and out and have seen decades of boom and bust cycles. They are experts when it comes to understanding the subtle differences within neighborhoods, and they are able to see beyond the cosmetics of a home, to get to the real potential – or hidden flaws.
They are available pretty much 24/7, return phone calls within the shortest amount of time and are excellent at scheduling viewings on short notice.
I am not sure how many part-timers can provide the same level of service, especially given how quickly our Edmonton market changed – up and down – in the last few years.
Our realtor could learn a bit from you, Sheldon and Sara, when it comes to online marketing, though
Since we mainly use him for purchases rather than sales, this may not have come to bite us yet, but it’s something we will keep in mind when it’s time for us to trade up, again.
While I appreciate the input for public awareness, a “part timer” can still be incredibly productive, in any profession.
After 21 years in my field, I decided to scale things back an go part time (3 days/week) as I am now semi-retired.
I still have a very keen interest in the profession, always keep track of things, etc.
Now I know that you will say that 4 sales a year can be computed into 1 day a week… but that person can still take the 6 other days in the week to keep current, no?
They could. In some cases they will. Let’s be honest though. Most are part time because they aren’t providing exceptional value to their clients.
Sent from my iPhone
In Honolulu, every top broker I can think of is full-time. Maybe it should be full-time versus fool-time agents. Think about it.
Aloha,
Keahi
Everybody says hire a “Good Realtor”. What are the parameters and measuring method/goals that Realtor is good and giving exceptional service than others?
It is consuming that going with marketing your real estate has gone from hard,it is known that the world of real estate is a fascinating arena of life. If you have a feel for the ebb and flow of the real estate market, you have your hand on the pulse of the economy at large.