What makes a good condo real estate agent? (Miami: sales, apartment)

[southfleddy]

So I have been thinking for quite some time that I would like to become a real estate agent with a primary focus on the downtown market specifically the condo market.

My question to all would be:

If you were to hire me as a buyers agent, what traits, qualities, or knowledge would you want me to have.

Any and all comments would be greatly appreciated.

Btw: this post isn't meant to attract any leads, make any money, or solicit any business whatsoever. I am always looking to be 100% committed to learning and improving, and I sincerely believe this is a good step forward In my expansion for knowledge.

[Coconut1]

I want you to know each and every built inside and out. Leave no stone unturned. Details like what direction the pool faces, what the pool hours are, what the balcony dimensions are on each unit in a building, who runs the buildings, historical hurricane damage to the building (did it survive unscathed, or was there significant damage.) Details that would be inconvenient for me to have to research myself.

[StarfishKey]

Understand things like spalling, rebar mistakes, and changes in building codes. Understand issues that affect condo structure, like previous owner's choice to put carpet or covering on their patio and thereby collect water for years which seeps into the concrete. Be mindful of issues like mold. Be honest - care more about your clients' safety than you care about a sale. Have means to inform them in a comprehensive but level-headed manner, so they can make the decision that is right for them.

I pay a buyers' agent to protect me, not to sell me on Florida (I already did that myself, that's why I'm buying here).

Unfortunately, many people buying in SFL will also want their agent to be cut-throat. In the end, the bottom line for many people is money.

But remember that selling your soul is a choice, you don't have to put it up for a price. I have seen a lot of agents in SFL who will knowingly put a child in harm's way if it results in commission. It's a popular choice, but it's not everybody's. I hire the agent with integrity, who will warn me of the risks before I proceed, but support me with whatever I decide to do with the information.

[Enigma777]

Originally Posted by southfleddy

So I have been thinking for quite some time that I would like to become a real estate agent with a primary focus on the downtown market specifically the condo market.

My question to all would be:

If you were to hire me as a buyers agent, what traits, qualities, or knowledge would you want me to have.

Any and all comments would be greatly appreciated.

Btw: this post isn't meant to attract any leads, make any money, or solicit any business whatsoever. I am always looking to be 100% committed to learning and improving, and I sincerely believe this is a good step forward In my expansion for knowledge.

We were looking for a condo rental in Miami and most of the agents we saw did both sales and rentals, so I am only speaking as a condo rental seeker.

We were looking for a month and were shown places by three different agents, but I preferred one (the one who found the condo we rented) because:

(1) She was extremely energetic and enthusiastic (the two others acted like they'd rather be at the beach, and we felt like we were somehow putting them out or interfering with something they would rather be doing), and she knew where everything was located--the two others had to keep looking at maps.

(2) I was looking in a particular part of the city and she knew the physical attributes of the buildings very well--construction quality, etc.

(3) She knew if the condos' management/association was flexible or very strict, efficient or disorganized worked quickly or took forever, were nice or obnoxious.

(4) She knew exactly what I was looking for as I had told her and she was extremely attentive to what I had told her down to little details when deciding what to show me. She could say--'you won't like that building--not solid construction, small balconies, second vehicle parking spot difficult, etc.'

(5) She knew that some rents were negotiable (and how much they would go down) and some were not. In addition, she was an excellent negotiator.

(6) We have 2 cars, and she knew which buildings were difficult or expensive for a second car.

(7) We have a small pet and she knew which buildings actually would take pets even if they advertised no pets.

(8) She had a good sense of humor and looking at condos in a city is very stressful, so it was better to be with someone who could bring humor to the situation and relieve the stress.

(9) She knew the other realtors and how easy or difficult they were to deal with.

(10) She was extremely honest--no sales pitches. She went by the letter of the law and realtor ethics, which I appreciate because I work in legal field.

(11) We knew she was looking out for our best interests when negotiating the lease and the owner or their agent tried to exclude things from the lease that would not be in our best interests.

That was just my experience as someone looking for a condo rental. I would use the same agent if I buy as well. It appears to be a very stressful job and not as easy as driving to people's houses and parking in the driveway to show a house. I think you really have to like doing it, not mind dealing with hassles of parking to show places, be able to read people as well as listen to them, and like dealing with people in general because the clients can sense everything.

[City__Datarer]

Many great suggestions above.

What comes to my mind first would be that the real estate agent ideally understand that buying a condo is different from buying a house (at least, a non-HOA house). With a condo, in addition to looking for, as with a house, a sound physical structure, good location, and clear title (as well as whatever other things make it appeal to you as a place to call home), you're also buying into the financial condition of the association as well as its governance structure and management policies (and its actual practices, which may or may not be consistent with its stated policies).

So it would be great to work with a real estate agent who is knowledgeable enough about associations to provide this kind of info to the buyer in advance of making an offer (who understands that this info is part of what the buyer should look into in order to decide whether to make an offer--in fact, even earlier, to decide which condos to go and look at). There are condo units that, while being a nice apartment in a great neighborhood with a great views and amenities and updates, would also be about the worst place someone could possibly buy (due to association issues) from a financial and stress level point of view.

I think a lot of people think they're more protected than they are when they buy a condo. Unless they've been through a negative experience or heard stories from others who have, they don't understand how badly things can go awry. They may not understand when looking at condos that there's more involved than whether the kitchen has granite--a special assessment in an association that's in financial crisis can cost way more than it would have cost to spruce up a more dated unit (if that matters to someone) in a financially sound and well-managed association. So I think an agent who can educate such buyers that the status of the association is part of what they're buying is doing a service.

In a state like Florida where many buyers are looking for a retirement home or a second home and aren't constrained to look within commuting distance of a particular job location, any real estate agent who can help buyers narrow down their desire for "a Florida condo" to a specific condo community that would work well for them is a very valuable resource, because, from the buyer's point of view, the process can feel like looking for a needle in a haystack.

Becoming knowledgeable about condos is time-consuming, so I think it's a great idea for some real estate agents to specialize in condos, maybe even specialize in condos within a certain price range (then aggressively market that they have that particular expertise so that buyers can find them).

I'm not in the real estate business, so there may be some constraints on what real estate agents can and should do with respect to some of the above. But even if all the things that would be good for buyers to know and consider early in the process rather than later about an association aren't possible for a real estate agent to research/communicate, I'd think at least some would be clear-cut and readily available factual info that real estate agents could help buyers by providing. A good start might be obtaining the condo question-and-answer sheet (which is the association itself providing some of these answers).

[southfleddy]

Thanks everyone for the replies! Enigma I think that your realtor was awesome and would definitely consider those points when studying downtown market. I've always tried to learn and memorize each condo through ammenties and bed/bath plus square feet. I am beginning to realize that this isn't enough to be a top agent.

Starfishkey and city_datarer thanks for mentioning about sound structure advice. For buying a house this is especially important, I just didn't think to consider when it came to condos.

Coconut1 I completely agree with you when it comes to leaving no stone unturned. The direction every unit faces is very important factor.

Thanks again to everyone for your replies!

[elchevere]

Scratch under the surface--are there any upcoming assessments that the seller is aware of but has not communicated; as a light sleeper, how much noise comes through the walls and floors; percentage of renters to owners and what is the trend of that percentage; have HOA fees held steady and/or what is their annual increase; if the seller did significant remodeling I expect you to request copies of permits and HOA approval documentation, etc

[straight shooter]

Originally Posted by southfleddy

So I have been thinking for quite some time that I would like to become a real estate agent with a primary focus on the downtown market specifically the condo market.

My question to all would be:

If you were to hire me as a buyers agent, what traits, qualities, or knowledge would you want me to have.

Any and all comments would be greatly appreciated.

Btw: this post isn't meant to attract any leads, make any money, or solicit any business whatsoever. I am always looking to be 100% committed to learning and improving, and I sincerely believe this is a good step forward In my expansion for knowledge.

Honesty followed by knowledge and niceness.