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Finding luxury real estate agents is a challenge, especially in a market as expansive as L.A.’s. To survive in today’s real estate world, agents need to exhibit the perfect combination of expertise, friendliness, and determination. However, if an agent is severely lacking in one of these qualities, the consequences could be disastrous. Mercer Vine has compiled a list of the main characteristics to look for when searching for the ultimate luxury real estate agent in Los Angeles.
Find An Agent That Will Close
In the long run, an agent’s value lies in his or her ability to close a deal. Although the city is rife with realtors, finding an agent with a successful history of closing can be difficult. Mercer Vine’s steps to finding the perfect luxury real estate agent will help clients narrow down the best realtor for their listing.
1. Strong Negotiator
Negotiating skills in an agent mean more than being aggressive during the various stages of a sale. Strong negotiation skills extend to an agent’s ability to keep track of the various details of a property and its various transactions. Does it seem as if the agent is getting mixed up when it comes to financial approval or inspection appointments? If so, this may be a sign that the agent will not be effective in closing. If an agent is fumbling over details with a client, chances are they will probably do this in front of another party which could be detrimental to negotiation. Top-of-the-line agents know all the details about a property’s transaction by heart. Exceptional agents never stumble when it comes to existing liens on the home, inspections, or serious property issues.
2. Understands the Neighborhood
Another important quality in agents is their familiarity with a client’s particular Los Angeles neighborhood. Are they able to offhandedly recite the average home prices of your area? Do they understand how the prices in the area have historically fluctuated? Does the agent know the home’s proximity to important resources such as hospitals, schools, or government buildings? If an agent isn’t able to easily tell a client the background of the home and its neighborhood, this is a red flag. Great agents should be able to demonstrate their mastery of a neighborhood’s history clearly and succinctly. Agents who are well-versed are more likely to make clients feel more secure during the transaction. Furthermore, just because an agent has not yet sold a home in a certain area does not mean that the agent isn’t qualified. As long as agents show enough initiative to research and become familiar with a particular neighborhood, clients will be in good hands.
3. Has Reliable References
References are a surefire way to check the credibility of a new agent. When asking agents for references, make sure they specify their relationship with each reference. If references are family members, this is another red flag. Clients always want to make sure that the references have professional, objective relationships with the agent. If the references are difficult to get a hold of, ask the agent for a new list of references that are more accessible.
4. Verifiable Licensing
All states have boards that license realtors as well as discipline them. For California, the Bureau of Real Estate is a resource clients can use to verify an agent’s license. Here buyers can see how long the agent has had their license and whether or not they’ve ever had any disciplinary actions directed towards them.
5. Have Experience Outbidding
An effective realtor should also have a record of outbidding in a situation where there were multiple offers on the table. This demonstrates that realtors are capable of closing and are confident and organized enough to beat out the competition. Outbidding experience also showcases realtors’ communication abilities. The bidding war is a process that moves extremely quickly, especially in markets such as Los Angeles. If an agent is able to win that war, this proves that they are organized and have the ability to predict the other party’s next move.
6. Has Experience Navigating the Ups and Downs of The Market
An effective agent should also have experience navigating the various ups and downs of the Los Angeles real estate market. If an agent was still able to stay afloat during the financial crisis of 2009, they are a valuable person to have on your side. Showing professional resilience during a time when the economy was at a low point is impressive and is definitely something agents should showcase on their resumes or professional bios.
7. Has A History of Closing Multimillion-Dollar Deals
Confirming whether an agent has closed deals within your price range is an important, and often overlooked, step for clients. The world of Los Angeles luxury real estate is unlike any other market; it moves at lightening-speed and is hyper-competitive. An agent that has experience closing multi-million dollar deals is more likely to close a similar deal compared to a realtor who doesn’t yet have that experience. An agent who has lots of experience closing high-stake deals understands the market and is more likely to succeed during a tough negotiation.
Find an Agent Who Will Represent Your Real Estate Listing Best
Finding an agent that you’re completely comfortable with is vital to a successful deal. Whether you’re a buyer or a seller, an exceptional realtor can help ease the process of closing. Before buying or selling your home, let Mercer Vine help to eliminate the stress of the transaction by consulting with one of our agents.