For those of you just joining us, this is the second post in a two part blog series. To read the first post, click here.
For the sake of argument, let’s crunch the numbers in the exaggerated example from the first post in this blog series. Let’s just assume that an agent actually does spend 80 hours with a buyer from the home showing process all the way to the closing table, and the client ends up purchasing a $350,000 home, which in Northern Virginia is below the average amount of a real estate transaction. The buyer’s agent and his or her broker split a 3% commission, which is $10,500. Even if the agent has only a 50/50 split with their broker, their commission ends up being $5,250. If you divide this by 80 hours, the agent has still made over $65 per hour for their time. If you multiply this by a 40-hour work week and 52 weeks in a year, this still ends up being a $136,500 annual salary. An annual salary that’s in the top 20 percent of American household incomes is nothing to scoff at.
My point here is that successful real estate agents have a lot to be thankful for, and I think it’s kind of foolish to obsess over whether you’re spending too much time with a buyer. I think the real estate industry could greatly benefit from more agents concentrating on increasing the quality of their service instead of being obsessed with increasing their bottom line. As you can probably tell from my blog, I put a heavy emphasis on service in my business, and you can also probably tell from this post that I don’t at all mind picky home buyers! I have a passion for real estate, and I’m fascinated by the wide range of home buyers out there and their variety of interests in homes. I think when you have a passion for what you do and you have a healthy outlook on serving people in your business, you begin to focus more and more on adding value to your clients’ experiences with you.
If you’re looking for a home in Northern Virginia, call me at 703-462-0700 - I’d be happy to provide you with a list of the best buys in the area in which you’re interested. I grew up in this area, so I know the Northern Virginia real estate market very well. I would love to help you in your home search!
If you own a Northern Virginia home and are considering selling, contact me and ask for a market analysis of your home. This will give you a good idea of what it’s currently worth.