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In the race to stay ahead of the game,
real-estate agents cope with increasing complexity and competition
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Business New Haven
4/19/1999
By: Fiona Phelan
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When Pat O'Neill became a real estate agent 13 years ago it was with the idea that she could be her own boss to some degree - her hours would be flexible and she could work around her personal life.
That's how it started out.
“I am working many more hours today than I did back then,” says O'Neill, a Realtor with Calcagni Associates in Cheshire. “This is not an easy job. You have to be really motivated. There are some days that are really terrific, and a lot of days that are not.”
The best days, she says, are the ones when a client buys his or her dream house. The worst ones, she is quick to add, are the ones when a deal falls through, or a home is sold to another buyer.
“You can work for months with a buyer and then have them change their minds about what they're looking for, where they want to move, or if they want to move at all,” O'Neill adds. “Those times are very frustrating.”
Rochelle Cyr agrees. “You have to really enjoy what you're doing. This is a job that can be very rewarding. It can also be very disappointing.”
Cyr began her real estate career 23 years ago. Following her divorce she needed a way to make some extra money for her family, something that would keep her close to home and offer flexible hours.
“As corny as it sounds I really wanted to help people find the American dream,” says Cyr. “This is a full-time job. It's morning, noon and night.” When she completes her day in the office for William Orange Realty, Cyr goes home and logs on to her computer to check the latest listings. The competition is tremendous, she notes.
“Right now there is so much demand for houses, but very little supply,” Cyr states. “At times like this I can sell a house in a day or a week. At other times it can take months to sell a house.
“If you get to show a client five homes they're almost certain to grab something because there is so little out there on the market,” she adds. “Sometimes it's a matter of being in the right place at the right time. There's a lot of competition out there for homes and a seller can expect multiple offerings. Buyers are bidding at or over the listing price for some properties.”
With the help of the Internet, many buyers are now able to “view” homes before they actually step foot on the property. Many real estate companies, like William Orange Realty, offer virtual reality tours of homes on the agency's Web site. A potential buyer can take a “walk through” of the property on the computer screen and then call the listing agent to schedule an appointment to see it.
“The Internet really helps our business,” says Cyr. “Buyers are able to get an idea about what a house is like and whether or not they really want to see it. Buyers are less apt to waste our time today because they've already narrowed their search.”
While it's not hard to become a real estate agent, it takes much more than that to become a real estate professional, according to those in the field. To obtain a real estate license, the state of Connecticut requires 36 hours of classroom time. That time includes instruction in the principles and practices of real estate including fair housing laws and environmental requirements. They must also complete courses in real-estate law, real-estate financing and listing. A license costs $225 a year.
At 36 hours, Connecticut is on the low end of licensing requirements, according to Mike Sexton, manager of the H. Pearce Co. office in Madison and Branford. In addition, he teaches real estate classes for the Mid-Shore Association of Realtors. Some states, he notes, require 120 hours of classroom time and a two-year apprenticeship before an agent can be licensed.
“The real estate agent is not a jack-of-all-trades, but they have to know enough about a lot of things and they have to know when to call in the attorney, or the loan officer, or the home inspector to help their client,” explains Sexton.
“The most difficult part about being a real-estate agent,” says Sexton, “is learning how to build rapport with your clients. It takes skill and practice to become the best possible consultant you can be, because that's what the real estate agent is - a consultant.
“You have to convince your client that you really are the best person possible to help them make the biggest purchase of their lives,” Sexton adds.
Denise Mirto got her real-estate license just ten months ago. She sold her first house within a month. Her work as a community volunteer really helped her to become successful, she says.
“I'm a very people-oriented person and I know of lot of people because of my work in the community,” says Mirto, who works for the William Orange Realty Co. in Orange. “I felt like I had a real affinity for the field.”
While Mirto enjoys her job, she acknowledges that it does require long hours. “The joke in real estate is not, 'What hours are you working today?', but 'Will it be a 14- or 16-hour day?'” she says.
Typical days consist of checking messages on both her voice mail and e-mail; returning calls and making calls to set up appointments; negotiating on behalf of her clients; talking with other agents about available properties; showing properties; waiting for listings; taking photos of those listings and preparing descriptions for listing the property.
According to the National Association of Realtors, the average real estate professional is a 48-year-old female, earning a median gross income of $37,500. Those with the additional designation of Certified Residential Specialist (CSR) are on average 55 years old and earn a median gross income of $69,000.
The term “Realtor” is applied to a real-estate professional who is a member of the National Association of Realtors. There are more than 720,000 members that have pledged to adhere to high standards of professional ethics and integrity. The CRS designation comes after additional training.
“It's really difficult to keep up with what's happening in real estate and all the associated fields,” says Audrey Sweeten, president of the Connecticut chapter of the Residential Sales Council, an affiliate of NAR, and a CRS.
“A Realtor needs to be on the cutting edge,” she adds. “You have to keep up with banking issues, property-inspection requirements and a host of other areas that come in to play when you're buying or selling a home.”
'The people in real estate today are high-caliber professionals. We're still getting housewives, but we're also getting people from corporate America - people who have taken early retirement or those who have been displaced through corporate downsizing,” notes Linda Fercodini, president of the Connecticut Association of Realtors and owner of Fercodini Properties in Wolcott.
“You no longer have as many part-timers because the profession doesn't lend itself to that anymore,” Fercodini adds. “It's no longer a 9-5 business.”
Access to the Internet by both real-estate professionals and potential buyers and sellers of homes has made the process of buying a home much more efficient, Fercodini adds.
“We're already at the point where clients can view properties on the Internet through Realtor.com and e-mail requests for additional information,” she notes.
“A buyer is still going to need a Realtor to help them buy a home, but the Internet will help both the buyer and the real estate professional narrow the search. We'll be using our time and the client's time much more effectively.
“The Internet really saves everyone a lot of legwork. A client can pre-select the properties they want to see,” she adds. “It really is a much more efficient use of everyone's time.”
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