These are super-exciting times for Suzy Minken, a REALTOR® with Compass based in Short Hills, New Jersey. Not only is she psyched about residential real estate prospects going forward post-Burnett, but her company recently stunned the industry with its purchase of @properties Christie’s International Real Estate.
“The acquisition sets the stage for global real estate transactions and embraces entrepreneurship in a very big way with all the broker-owner affiliates,” she says. “The real estate landscape is changing, and I couldn’t be more thrilled.
“I was an early adopter of the ‘new rules’ presenting us with a unique opportunity to showcase our value as agents. Many were overly concerned with the changes, but where there is change, there is opportunity if you know where to find it.”
Prior to real estate, Minken was employed at a major consulting firm in Manhattan where she honed her high-level analytical and negotiation skills. She earned an undergraduate degree from Cornell University and an MBA from the Stern School of Business at New York University. In her current 10-plus years as an agent, she uses her acquired knowledge and fine-tuned skills to ensure that buyer clients have their goals met.
“Real estate has always been complex, with a wide range of variables,” she says. “In today’s climate of rising home prices, sparse inventory and relatively high mortgage rates, the role of the buyer agent has become more challenging. The buyer agent does so much more than ‘open doors,’ and for someone considering a career in real estate, they need to come prepared for the challenge.
“Real estate is a relationship business and can be very rewarding. Newer agents need to go beyond the headline that a home sells in two days. The reality is that the home most likely took months of preparation, expert marketing and a winning strategy and negotiation to achieve a great outcome. Real estate is not about the transaction, but the opportunity to make a difference in people’s lives, which begins at home. As a buyer agent, you are directly impacting the trajectory of your buyers’ lives for many years to come.”
Minken has developed eight essential roles she says a top-notch buyer agent fulfills (as needed) throughout the residential real estate purchase process, sharing and explaining them here for RISMedia readers.
Collaborative liaison. The exceptional buyer’s agent actively cultivates relationships with other real estate professionals. This is especially important when it comes to finding homes that are not listed on the local Multiple Listing Service (MLS). Some properties may be “coming soon,” and others might be “exclusive” to the real estate brokerage. Having strong and positive relationships among the REALTOR® community helps the buyer’s agent acquaint themselves with all of the inventory, not just what the public sees on the internet.
Then, after a buyer finds their dream home, the REALTOR® serves as a “collaborative liaison,” working with the listing agent and collaborating to get to the closing table. This requires effective communication between the buyer’s agent and listing agent throughout the home-buying process. The buyer agent needs to be timely in providing responses to the many questions that come up during the transaction.
“Insider insights” provider. There is an abundance of real estate data that can be obtained by the click of a button when browsing the internet. The buyer’s agent, however, is an “insider insights” provider, with access to not only all of the public information, but to “insider” details as well. This may include, for example, the property’s history, the number of offers on a property, why a house is now suddenly back on the market, the property’s condition, etc. And when you go beyond the numbers, these insights are gold.
Real estate market analyst. When a buyer has identified a home they’d like to purchase, the buyer agent’s analytical ability should kick into high gear. At this pivotal moment, it’s essential to lean on your skills as a real estate market analyst. This information is crucial for understanding the ultra-local market, making informed decisions and determining an optimal offer strategy.
Trusted advisor. Your role as a trusted advisor is integral to the home-buying journey. The advice and guidance you provide is fundamental to establishing the trajectory of the next chapter in the buyer’s life. When they enter into homeownership, they aren’t just buying a house. They’re putting down roots in a community and establishing a sense of belonging, making meaningful connections with people who make up the fabric of their town.
A rock-star REALTOR® will have an initial consultation to discuss the buyer’s timeline, needs and wants, expectations of the home-buying process as well as any concerns they may have. You will guide them in formulating a winning offer strategy, both in terms of price and offer terms. If they’re getting a mortgage, you will discuss the mortgage appraisal contingency in the contract and the potential for the home under-appraising, and what that may mean for them.
Open and clear communication is one of the hallmarks of an outstanding trusted advisor.
Strategic negotiator. Throughout a client’s home-buying journey, you are an advocate for them, and are continuously negotiating on their behalf. This is most evident when submitting a written offer on a property. While the offer price is frequently the most important component of the offer, a well-crafted offer will include terms and contingencies that are favorable to both the seller and buyer. Knowing the nuances of the local real estate market matters. Without you as the skilled negotiator presenting an offer to the listing agent, the offer might fall short of getting accepted.
Home inspection consultant. Home inspection is an area of the home-buying process that can make or break a transaction. Depending on what comes up during the inspection, the buyer and seller may dig in their heels over specific concerns, resulting in a bumpy ride to the closing table. To help ensure the home inspection process runs smoothly while providing a thorough review of the condition of the house, you often take on the role of home inspection consultant.
A well-seasoned REALTOR® will recommend not only the names of licensed home inspectors, but second-level contracting experts as well, such as a roofer, HVAC, plumber, etc. In the event the home inspector identifies an area of concern, you will follow up and arrange for additional inspections by the appropriate licensed contractors.
Transaction facilitator. There are a myriad of details involved in the purchase process. You function as a facilitator to ensure that the buyer is kept informed of contingency dates in the contract, e.g. when deposit funds are due, mortgage commitment date, change in utilities, etc. In addition to the paperwork required, there are numerous service providers to coordinate, such as the mortgage appraisal, property survey, etc. When the closing date is approaching, you will also arrange for the final walk-through of the home to make sure the home is in the same condition as during the home inspection. And if home repairs were agreed to by the seller, they would be checked during the walk-through.
Neighborhood specialist. Going beyond the market data, you are also a neighborhood expert, sharing insights about local communities. Whether it is information about local dog parks or unique town events, specialty restaurants, school programs or pre-schools, you have the answers. This knowledge will help a buyer choose the town that resonates with them. “When I work with my buyer clients, I like to provide a neighborhood tour so they can see some of the distinctive features of the town and determine if all feels right for them,” says Minken.
