Selling or buying a home is seemingly the most significant financial transaction a homeowner may come across. This painstaking process requires a combination of patience, effort and a guidance from top realtors. A realtor can help you make informed decisions. These experts' goal is to make the transaction as smooth as possible. The most successful realtors are the ones who mitigate your stress by prioritizing your interests: the ones who will genuinely work for and with you.
Numerous agents promise to make every homeowner's dream come true — buy/ sell quickly and at a reasonable price. If a house remains in the market for a long time, its value will eventually depreciate, thus tarnishing the seller's margin of profit. This may sound good on the buyer's part, but no seller would want to be in that kind of discouraging situation. So, if there's a major decision one may need to take fervently, in terms of purchasing or selling a home, it's choosing which agent to go to.
Fortunately, there are multiple ways one can do to locate a real estate agent who is zealous to do the grunt work on your behalf. Sometimes, buyers and sellers don't even need to exert any effort in looking as these agents use various approaches to reach out to potential clients. Some agents still utilize the traditional marketing technique of door-knocking and cold-calling while others resort to social media and email marketing.
Nowadays, home buyers start their house hunting online through global marketplace websites. This makes it easier for the buyers and sellers to find an agent who will truly deliver results.
How a Real Estate Agent Works
Real estate agents deal with two types of properties: residential properties and commercial properties. Whether they work for the buyer or the seller, each agent performs separate duties. The ones who work for the seller are called listing or seller agents. Basically, they supervise the overall selling process. They advise homeowners on how to get the most from the property or how to encourage speedy offers by pricing it correctly and preparing it for sale, and giving suggestions on last-minute improvements. Seller agents advertise the property using listing services, networking, and advertisements.
On the other hand, the buyer's agent helps the buyer search for available properties that suit their price range and wish list. Usually, these agents examine past sales data on comparable properties to help prospective buyers develop a fair offer.
Agents act as a liaison for each party, carrying offers and counter-offers, answering queries back and forth. The work continues for the agents on both sides, even after the offer has been accepted. They need to sort out all the paperwork, convey communications, give a pointer about inspections and moving, and generally lead the transaction until it finally closes.
The agent's loyalty can significantly affect various details of the sale, including the final price, so it's essential for consumers to understand which side the real estate agent represents. State laws regulate whether an agent can serve both parties in a real estate deal. Dual agency is prohibited in states such as Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas, and Vermont. In contrast, other states require agents to disclose their representation so that both parties are informed of any conflicts of interest that may arise.
Real Estate Agents' Compensation
Most real estate agents make money based on commissions paid directly to brokers when transactions are closed. They get a cut from the property's total sale price; usually, around 6%. This percentage is divided among agents involved in the sale. The higher the house sells for, the higher profit an agent gets. However, just like any other profession, these earnings are generally eroded by taxes and overhead costs such as MLS fees, advertising, insurance, dues, etc. Federal, state, and self-employment taxes, as well as business expenses, can decrease a large amount of otherwise substantial commissions.
As new developments are arising, the traditional payment structure is evolving. For instance, online listings have given house hunters the ability to shop independently without an agent's assistance.
For high-priced houses, some brokerages impose a lower commission. Some manage the whole transaction for a flat fee or an à la carte service agreement that's much lower than a regular commission. There are other alternatives like a fee-for-service pricing structure that gives the sellers an option to pay only for some parts of the sale process, for instance, adding the property to a multiple listing service (MLS).
Overview of the Real Estate Market
According to the Association of Real Estate License Law Officials, there are approximately 2 million active licensed real estate agents and about 100 thousand real estate brokerages in the United States. These professionals manage real estate transactions, connecting both the buyers and the sellers, acting as their representatives in negotiations.
In 2019, statistics from the National Association of REALTORS® (NAR) and the U.S. Census Bureau show that around 5.34 million existing homes and 682,000 newly constructed homes were sold. According to the 2018 American Community Survey, there are about 119.7 million occupied residential units in the United States. The average occupant moved into their house in 2010, while 1,500 square feet is the average home size. The average homeowner is 52 years old. According to the Federal Reserve's Survey of Consumer Finances, in 2016, 63.7% of families owned their primary residence.
In March, data from the Census Bureau shows that demands for newly constructed single-family homes plummeted 14% month after month to an annual sales rate of 619,000 homes. Newly built residences only account for approximately 10% of the whole housing market sales. In comparison, existing home sales are a lagging indicator that accounts for the remaining 90% as estimated by the NAR.
In April, existing home sales experienced a 17.8% drop. This was caused by the stay-at-home directives that deterred Americans in place all over the country. Data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development show that from Q4 2019 to Q1 2020, the median sales price of houses sold in the U.S. remained static at $327,100. Nevertheless, the median sales price is still up 4.5% year-over-year. As the economy continues to pick up its speed, the U.S. home sales started to climb at a record rate for a second straight month in July.
Top Realtors According to Guinness
There have been numerous lists and rankings in real estate here and there. All of which tries to name who is the best realtor in terms of volumes, earnings, etc. Only one realtor stood out of all these lists and made it to the Guinness World Records not just once, but twice.
Top realtor, and industry legend Ben Caballero, founder and CEO of HomesUSA.com, was the first listing agent who acquired the Guinness title. In 2016, the Dallas-Ft. Worth realtor recorded 3,556 transactions; two years later, he sold 5,793 new homes breaking his own record—the total dollar amount of the said transaction is $2.271 billion.
"Everything is bigger in Texas. Texas is home to the world's greatest and most resilient housing market and is one of the strongest economies globally. Achieving this record volume in the Dallas-Ft. Worth area I call home gives me enormous satisfaction and pride. I also feel blessed being able to do something every day – helping builders."
Ben offers his services in Dallas-Ft. Worth, San Antonio, and Austin, Texas's four biggest markets, representing more than 60 builders. He is the sole real estate agent to surpass $2 billion in annual home sales, which he accomplished twice. The Multiple Listing Services (MLS) of the San Antonio Board of REALTORS, North Texas Real Estate Information Systems, Houston Association of REALTORS, and the Austin Board of REALTORS authenticated this data.
Since 2013, Ben has been the top-ranked real estate agent for both total sales and number of transactions, according to REAL Trends. He sold 36,827 new homes between 2004 and 2019, totaling $13.141 billion in volume. The World Bank said that this volume is larger than the annual Gross Domestic Product of 65 countries.
Caballero attributes his success to HomesUSA.com, a platform he developed and uses to regulate property listings on local MLS for his builder clients.
America's Top Realtors
In today's fluctuating housing market, it's helpful to distinguish which realtors have a history of success; after all, the accomplishments of these outstanding Real Estate Professionals deserve recognition.
In partnership with The Wall Street Journal, REAL Trends, the undisputed leader and trusted source of residential brokerage industry news, analysis, and information, have screened the application from real estate agents and brokers across the country to produce the list of America's Top Real Estate Professionals. They feature the top realtors by transaction sides and sales volume. The submission of applications starts in January and ends in March of each year and requires independent third-party verification on all sales professionals and teams.
#10 Tim Davis, The Corcoran Group
Tim Davis, a seasoned broker, continuously rock the real estate world. No one is stopping his 41-year streak of real estate career. This lifelong Hamptons resident is known for listing and selling some of the East End's finest properties. Because of his knowledge about the market, he maintains his reign among the most preferred top Hamptons brokers. His name is consistently shown on the Top Realtors in the United States in terms of Volume. He was recently ranked #1 in the Hamptons and #10 in the country by the Wall Street Journal. The last time he made it on the Top 10 was in 2014, where he was ranked 4th, and in 2015, he was placed #6.
Tim has successfully closed more than $4 Billion in sales. He specializes in bay-front retreats, village cottages, oceanfront properties, and luxury estate homes. In one year, Tim acquired six of the most exclusive sales on the East End at record prices: the oceanfront houses on Further Lane in East Hampton and Southampton and various interior estate homes.
Tim was formerly a principal of Allan Schneider Associates, the top boutique real estate brokerage firm in Hamptons, before joining Corcoran. In August 2006, he and his two colleagues put in on sale. NRT/Realogy, the parent company of The Corcoran Group, acquired the ownership. When he was still the company owner, it grew to 12 offices with 350 agents and $1.2 billion in annual sales.
#9 Deborah Rieders, The Corcoran Group
A member of the Corcoran President's Council, Deborah started her real estate career in 2002 at Corcoran's Brooklyn Heights office. She has been a top-producing agent selling more than $1 billion during her career. Last year, Deborah closed $180 million in sales, according to the firm. She acquired Brooklyn's most expensive listing on the market. The 8,500-square-foot condo at 360 Furman Street is valued at $17.9 million. Rieders is a resident Brooklyn Bridge Park agent. The 25 units at Starwood Capital Group's Pierhouse and Toll Brothers City Living she recently sold went for between $1.4 million and $6 million.
Deborah successfully manages all types of markets. She tirelessly works with buyers, sellers, and developers, bringing a solid and thorough knowledge of the market. Deborah's perseverance has paved the way for her to be recognized as the Brooklyn Heights' Broker of the Year, a title she earns every year ever since she has been a broker. Deborah's reputation has grown even more through the fast sell-out of various condominium projects across the area while managing her re-sale business at the same time.
Rieders, who represent the top 25 brokers in the entire Corcoran Group, has been cited frequently in consumer and trade publications, including Crain's Business, New York Magazine, and the New York Times.
#8 Santiago Arana, The Agency
Santiago Arana is among the most prominent professionals in the industry, garnering national recognition for eleven consecutive years. His name is always included in the annual REAL Trends Inc. ranking. This year, he was ranked the #8 real estate agent in the country for closing over $248 million worth of real estate transactions.
In 2014, Arana joined The Agency as Principal and Partner. He pioneered the company's new Westside offices in Pacific Palisades and Brentwood. Known for his record-breaking sales in just about every "pocket" of L.A, Arana works closely with industry leaders Billy Rose and Mauricio Umansky. He concentrates on new construction and high-end residential real estate in the Beverly Hills, Bel Air, Brentwood, Holmby Hills, Malibu, Pacific Palisades, Santa Monica, and the Sunset Strip areas.
He has secured more than $3 billion worth of real estate to date. In 2017 and 2018 alone, he made about $1 billion in sales volume. In 2019, he was hailed as one of the top realtors in California. For the second year in a row, the National Association of Hispanic Real Estate Professionals® ranked him the #1 Latino Agent in the country for sales volume. The Hollywood Reporter listed him as one of Hollywood's Top 30 Real Estate Agents in 2018, 2019, and 2020.
Santiago was originally from Sucre, Bolivia. His international background has helped create a robust network of contacts globally. Some of his high-profile clients are Brazilian model Alessandra Ambrosio, "Bond King" Jeffrey Gundlach, Lady Gaga, Larry David, and Lebron James, among others. Santiago is deliberately cautious and thoroughly alters his marketing strategies to match each property while preserving his clients' privacy.
#7 Judy Citron, Compass
Judy started her real estate career in 1995, sharing her expertise with the real estate buyers and sellers on the mid-Peninsula. She has designed, developed, acquired, and marketed homes in Atherton, Los Altos, Menlo Park, Palo Alto, Redwood City, San Carlos, Woodside, and the wine country.
Judy has earned a reputation in real estate for being well-versed with every building and design level — from engineering to finished interiors. She is a developer and can foresee a home's potential. Staying updated with "on-market" listings and "off-market" properties gives her clients relevant market insight.
The Wall Street Journal consistently noted her as one of the top realtors nationwide. In 2019, she was placed #7 of all agents nationwide, #1 Individual Agent Compass 2018, #1 Compass-individual agent SF Peninsula, and #1 Market Share Menlo Park. This year, she has sold $266,133,150 worth of properties to date.
Her name made rounds online when she sold the 95-year-old Palo Alto mansion in 2017, deemed the most expensive home in Santa Clara County. Judy called the deal "wild sale and a wild price" after being on the market for just one week.
#6 Neill Bassi, Sotheby's International Realty
Neill Bassi, a San Francisco native, is a leading broker in the city, recognized by The Wall Street Journal as the #1 sole sales agent in 2018 and 2020, and #5 in 2015. He is a consistent top 25 producers at Sotheby's International Realty nationally.
Not much information about Neill and his past transactions can be seen online as he values his clients' privacy. Neill offers unmatched access, top-of-the-line marketing concepts, and immense market knowledge. He has represented numerous elite buyers and sellers and co-ops for $25M or more. Most of his transactions are around the $2M - $10M range, where the market is most active. Real Trends, along with the Luxury Marketing Council of San Francisco and the San Francisco Magazine, tagged him as the "Rising Star" for exemplifying the new generation transforming the face of Bay Area real estate.
Neill is extremely active in San Francisco's luxury property market. He has closed two architecturally notable mansions; each costs $20 million apiece. However, these listings were never put publicly for sale. In 2016, Neill sold a well-known estate in Pacific Heights worth $11 million in just one week, gaining approximately 40% more than its $7.9 million asking price. Neill has also set numerous sales records in San Francisco's developing neighborhoods in various price ranges.
#5 Tere Foster, Compass
Tere Foster is one of the top realtors in the country based on sales volume. This high producing residential agent has served the Washington market for more than 25 years. The Thousand list of The Wall Journal REAL Trends included Tere and her Team as one of the nation's top-ranked real estate teams this year.
Tere's Team Foster has been in the business for over 15 years. Their commitment to clients has brought them outstanding sales, including 5 of the top 6 sales in Northwest Multiple Listing Service history.
Tere is a member of an exclusive organization composed of 22 of the top-rank residential brokers in Seattle called Forum XXII. She also adheres to three more networking organizations of top brokers in Seattle and on the Eastside. To maintain her team's focus on international sales, Tere is part of the Asian Real Estate Association of America (AREAA) as well as the Greater Seattle Chinese Chamber of Commerce.
Highly esteemed by her peers and clients alike, having an incredible work ethic, in-depth market knowledge, and a high of integrity, Tere earned the trust of corporate clients from Boeing, IBM, Microsoft, Qwest, and AT&T Wireless, among others.
#4 Serena Boardman, Sotheby's International Realty
New York socialite and banking heiress Serena Boardman is a real estate broker who focuses on co-op, condominium, and townhouse markets on the Upper East Side and downtown. She is the youngest senior vice president Sotheby has ever had.
Boardman started working in the European and English Furniture Departments at Sotheby's Auction House in 2001 and then at LuxuryFinder.com before shifting to the real estate side. Since then, she has sold over $2.6 billion worth of homes. In 2018, the Wall Street Journal named her as one of New York's top realtors by volume. She was New York's chart-topping residential real estate broker in 2012, with almost $400 million in sales.
In 2009, Boardman and her colleague Anne Corey became the talk of the town when the U.S. Marshals Service chose them to sell the seized home of Bernie Madoff, a Ponzi schemer. The penthouse at 133 East 64th Street is complete with the scammer's spoils, including a $20,000 tea tables, a $35,000 Persian rug, and a Steinway piano worth $40,000. Bloomberg, Wall Street Journal, NY Daily News, and Luxury Insider are among the sites that featured the story.
Serena loves working with various locals and international clients from the media, entertainment, financial, and real estate worlds. Much of her time is devoted to selling properties in different price ranges. Her sales are mostly from the $5M to $15M range.
Focusing on the sale of premier properties, Serena's achieved the peak of her career when she got the deal with Fifth Avenue pre-war cooperatives with two record price sales of $48 million and $33 million, as well as the sale of the historical Park Avenue townhouse worth $31.5 million. Serena was the listing and the buyer's agent in each of these transactions.
#3 Jade Mills, Coldwell Banker Realty
Out of over 92,000 Coldwell Banker® sales professionals in 2019, Jade Mills has been recognized as the No. 1 top-performing Coldwell Banker property specialist in the country. Mills earned $369.9 million in total sales volume in 2019. Jade is also known abroad for her sales achievements. She has gained prominence as one of the most trusted and respected agents in the Los Angeles real estate market.
Jade has dedicated over thirty years to assisting real estate buyers and sellers across Los Angeles, including Bel Air, Beverly Hills, Brentwood, Hollywood Hills, Holmby Hills, and the Pacific Palisades. To honor the alliances and global relationships she built with International markets and the foundation of Jade Mills Worldwide, Jade was named as the International Ambassador for Coldwell Banker. In 2019, the Society of Excellence award was presented to her. So far, only less than 1 percent of Coldwell affiliated agents globally have received the recognition.
In less than 14 years, Mills has facilitated over $4 billion in real estate transactions. She has gained the biggest sales volume on record of any agent in Coldwell Banker history, just surpassing an astounding $5 Billion in career sales. In 2019, Jade represented 27% of all properties of more than $30 Million in the Westside of Los Angeles. She held the record of the highest sale in the State of California when she represented the buyer of the $100 million Playboy Mansion in 2016. She broke this record when she represented the sellers of the highest-priced home in the United States, The Spelling Manor, which costs $119,750,000.
#2 Cathy Franklin, The Corcoran Group
Cathy Franklin is a 28-year real estate professional and one of Manhattan's top realtors. In 2020 alone, Cathy has sold or in contract transactions worth more than $143 million.
Franklin, a graduate of Wellesley College, is a real estate broker at Corcoran, a real estate brokerage in New York. The group focuses on luxury cooperative, condominium, and townhouse sales. At the beginning of 2015, Franklin and her colleague Alexis Bodenheimer transferred their team to Corcoran after several years at Brown Harris Stevens. Throughout her career, Franklin has sold over $4.5 billion in real estate deals.
Cathy is renowned for her marketing and deal-making prowess, producing record-breaking sales. Some of the notable transactions she and her team have handled were a $41 million townhouse at 12 East 73rd Street, a $33 million Trump International penthouse with park and rivers views, a $32.5 million townhouse at 127 East 73rd, co-ops at 778 Park Avenue, and 1030 Fifth Avenue both worth $27.5 million each. Her biggest sale to this date was the townhouse at 973 Fifth Avenue, a deal she made with Brown Harris Stevens real estate broker Paula Del Nunzio in 2012. The home was sold for $42 million.
Franklins is a press favorite. She has been quoted by the press 100 times, according to her website. The Wall Street Journal and the New York Times has recognized her work. She has always been listed as one of the top realtors in the U.S., and they usually rank her among the top 10 brokers in New York real estate. In 2014, the Real Deals Top Agents list ranked the Franklins team at 36th place for almost $110 million in NYC listings.
#1 Alexa P. Lambert, Compass
Topping the list is New York City broker Alexa Lambert, ranked by The Wall Street Journal as the number one broker in New York City in 2017 and 2018. She has been in the real estate industry for more than 25 years. While she is known for selling some of the most expensive and prestigious properties in Manhattan, her expertise spreads beyond all types of properties and neighborhoods. This gives her an exceptional ability to offer her clients precise, reliable, and real-time market overviews.
The long list of Alexa's clients includes entertainment executives and Hollywood personalities, real estate executives, CEOs of Fortune 500 companies, and partners from big investment banks, and affluent European families.
Alexa learned her exemplary negotiating and marketing skills at the William Morris Agency, which she uses to supervise numerous successful development projects, uptown, and downtown. Her exposure to New Development projects has expanded Alexa's marketing expertise.
The Real Estate Board of New York acknowledges Alexa's efforts as she willingly shares her expertise with other brokers. She has coached top realtors in the city, giving them three sessions of their highest-level class.
Among her recent sales is a Fifth Avenue co-op worth $19 million, a Central Park West penthouse sold for more than $15 million, a $30 million penthouse in The West Village, an Upper East Side condominium worth $14 million, and a $10 million townhouse on the Upper East side.
Look for Top Realtors
These top realtors continue to inspire the younger generations of realtors. When we look for a person who will market our own homes, we should look at their qualifications. These people may not be in the same market as ours, but we should aspire for an agent who can help us achieve the results that we want to see.
Selecting the right real estate agent who is well-versed with the market's ins and outs enhances the whole process of buying or selling a home. The right agent can make the process easy with no to minimal stress, while a not-so-good agent might make the transaction difficult than it needs to be.
Working with a skilled and trustworthy realtor can go a long way in guaranteeing that your home sells at top dollar or that you acquire a home for the best price. But given the number of agents and brokerages to choose from, searching for the perfect fit may be challenging than you imagine.
Luckily, we live in an era when the information we need is within our reach. Each agent out there has their strengths, skills, and specialties. Don't rush when picking a real estate agent. Look top realtors you can communicate well with and who shares the same goals as yours. The rest will surely fall into place.
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