Why Experience Matters More Than Ever in Today's Real Estate Market

The Reality Check Every Home Seller and Buyer Needs to Read

The numbers don't lie. They're telling a story that every potential home buyer and seller needs to understand before making their next move. According to recent data from Redfin, a staggering 71% of real estate agents didn't close a single deal last year. Wait, what!? Let that sink in for a moment. Nearly three-quarters of licensed real estate professionals went an entire year without successfully guiding a single transaction to completion. This revelation comes on the heels of what "industry experts" are calling the worst year in real estate since 1995. The National Association of Realtors reports that existing-home sales dropped to just 4.06 million units—the lowest level in nearly three decades—while median home prices simultaneously reached a record high of $407,500.

The Experience Question You Need to Ask

Here's a question that might change how you approach your next real estate transaction:

• Would you trust a surgeon who hadn't performed an operation in over a year to handle your knee replacement?

• Would you let a dentist with no recent surgical experience perform your oral surgery?

• Would you take your car to a mechanic who hadn't actually worked on a vehicle in months?

The answer is obvious, yet many people don't apply this same logic when choosing representation for what is likely their largest financial transaction. Doesn't this just boggle your mind?

The Hidden Complexity of Real Estate Transactions

The average real estate transaction involves approximately 180 distinct tasks (I am here to say, there are MANY more than that but will save that for a future article), each requiring specific knowledge, timing, and execution, while coordinating all the parts and communicating with all parties involved. From navigating complex contracts (example: 2 trusts, 3 trustees inside an LLC) and coordinating inspections to understanding market trends and negotiating terms, the process demands active, current expertise.

When an agent hasn't closed deals recently, they may lack familiarity with

• Current market conditions and pricing strategies

• Updated regulations and legal requirements

• Updated Ca. of Realtors contracts

• Recent changes in financing options and mortgage processes

• Negotiation tactics that work in today's unique market environment

• Problem-solving skills honed through recent deal experience

What This Means for YOUR Next Move

The real estate industry is at a crossroads. Consumer confidence has been shaken, and rightfully so. The path forward requires a fundamental shift for the industry from an agent-centric approach to one that truly puts consumers first. I have always made my clients the focus. I take my fiduciary duties seriously.

This transformation demands:

Transparency in compensation and services - You deserve to know exactly what you're paying for and how your agent is being compensated throughout the process.

Demonstrated expertise through recent activity - Your agent should be able to point to recent successful transactions and current market knowledge. You do not need a 'neighborhood specialist' but rather a Realtor who is focused on successfully CLOSING transactions.

Ethical practices and accountability - Look for agents who embrace industry reforms and maintain high standards of professional conduct.

Clear value proposition - Understanding the comprehensive services and expertise you receive helps justify the investment in professional representation.

Questions to Ask Your Potential Agent

Before committing to work with any real estate professional, consider asking:

• How many transactions have you successfully closed in the past 12 months or 24 months?

• Can you provide recent examples of how you've navigated challenges similar to what I might face?

• How do you stay current with market conditions and industry changes?

• What specific value do you bring beyond what I could handle myself?

• Can you walk me through your process and timeline for my type of transaction?

• Will I get to work with you personally or get handed off to one of your team members?

The Bottom Line

In a market where nearly three-quarters of agents went without closing a single deal, finding one with active, recent experience isn't just preferable—it's essential. Your home purchase or sale involves significant financial and legal complexities that require current expertise and proven problem-solving abilities.

Don't allow the challenging market conditions of 2024 to deter you from acting when the timing is right. Use this knowledge to choose a more trustworthy guide.

The right agent—one with recent experience, transparent practices, and a consumer-first approach—can make the difference between a smooth transaction and a costly mistake. In today's market, that difference has never been more important.

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