When it comes to looking for a real estate broker, it seems that everybody’s got an opinion. Some will argue that the most important qualities in a broker are excellent communication skills and a relentless motivation to serve clients. Others believe that the secret is a special understanding of the economic forces driving real estate markets. And many will say that the most important quality is adaptability.
From years of experience in the industry, I’ve found that those qualifications are all necessary. Yet, none are sufficient. What makes a real estate broker stand out above the rest is their connection to the community. Great brokers have nearly encyclopedic familiarity with the market where they are working. They know the price and purchasing history of the properties in the neighborhood, the major players in the market, and the ways in which every transaction, past or present, can impact the hyper-local real estate market.
But integration and familiarity with the local market goes beyond learning the facts and figures. It requires an understanding of what the people who make up this market need: What do tenants in this particular area look for? What do landlords require? Why is this block different from that block and how might that change in the near future?
Ultimately, it is these variables that drive each local market forward, and to truly become a good real estate broker, one must develop the wherewithal to grasp hyper-local dynamics. With this understanding, brokers are much better equipped to navigate the details of transactions, and see the bigger picture — how economic fluctuations, new trends, and changes to the larger economy impact the grassroots nature of their market.
In the same way that they become experts in their local market, great brokers become experts in the specific needs and requirements of each and every client. Every principal has his or her own way of doing things – and carries unique goals and requirements in searching for and acquiring properties. Learning how to intuit what each principal needs is key for any real estate broker.
Great brokers also maintain a focus beyond the deal right in front them. Real estate is a long-term business based on relationships. Successful brokers recognize that their reputation is far more valuable than any commission they can make – and will help to steer their buyers clear of a bad deal. There is no substitute for trust when it comes to choosing a broker – and principals will always gravitate to the person with which they have had the most dependable experience.
In a hot real estate market, maintaining strong relationships with brokers is critical, giving you insight into local markets and access to deals before they are quickly swept up by other buyers. At Hager Pacific, we have built an exceptional network of trusted brokers over the course of decades of doing business. They are experts in their regions and bring unique understanding of our needs to each and every potential deal, allowing us to remain ahead of the curve and effectively execute our investment strategy.