I wanted to take the pulse of how much growth we are experiencing in Texomaland and called a few real estate professionals. Our region’s real estate brokers and their agents are busy beyond belief, but thankfully, there is the Greater Texoma Association of REALTORS® located in Sherman, Texas. Association executive, Lindsay Wright, was kind enough to take the time to answer my questions. Realtors stay in touch with the communities they serve and can be extremely helpful if you ask them about the culture of those communities. Thank you so much, Lindsay!
What would you like consumers to know about the Greater Texoma Association of Realtors and its purposes?
The Greater Texoma Association of REALTORS® provides members with the tools to achieve success, promotes and enforces the REALTOR® Code of Ethics, and the value of REALTOR® services to homeowners and champions private property rights within the communities we serve.
What kind of training does the Greater Texoma Association of REALTORS® offer to real estate professionals, or maybe even someone who wants to become a real estate agent?
We do offer classes that enable a REALTOR® to maintain their license, acquire different designations or just increase their general knowledge of the industry. Unfortunately, we do not offer classes to become a REALTOR®. There are several places online and in person to take the required number of hours necessary to sit for the state exam.
Does the Texomaland residential and commercial real estate business reflect the amount of growth in our area?
It is a pretty crazy time for real estate right now, and no one sees it slowing down. The problem is that there are not enough houses for sale to accommodate the number of people wanting to buy, thus, making it a very competitive market. It is common for buyers to place multiple offers on a property within hours of it being listed. Commercial real estate is also in high demand right now. With more employers coming in, families need more places to shop, eat, and play which makes those properties very valuable, too.
How does the amount of experience of a real estate agent or broker affect the buying and selling process?
The same as it affects any industry. You want an experienced agent for their knowledge, but do not discredit a new agent based on their lack of experience. They have brokers ready to support them, they are anxious to close that first deal, and may work harder for you. Some have experience selling and some prefer to only list. Take your time choosing an agent and you will find the right one for the task!
Does it matter if a real estate agent lives in Texomaland when selling in Texomaland?
No, it does not matter where they live if they are licensed in the state of Texas. Of course, it is always preferable to use an agent that knows and lives in the market that they are selling. When an agent from another area tries to sell real estate in Texoma, their knowledge of schools, flood zones, shopping, etc. is very limited, if they have any at all which becomes detrimental to their client in the end.
What steps do people usually need to take as first-time homebuyers?
Interview multiple agents to find one that you feel most comfortable with. This is, after all, one of the largest purchases you will make in your life. After you have chosen a REALTOR®, repeat the process to find a lender and get pre-approved. Ask your REALTOR® for the names of lenders they work with best, and visit at least three of them. The lender you choose will make you aware of any special programs that may be available for first-time homebuyers in the process of getting you pre-approved. Your lender will also check your credit and inform you if there are items on the report that may need to be examined further before getting pre-approved. This is a very important process for the homebuyers AND the agent they have chosen to work with. It will give them a price range of properties to search for, and it gives sellers the knowledge that you’ve taken the time to get pre-approved. Be available for your REALTOR®, and afford them the time to get to know you and your “wish list” for your new home. Begin the hunt!!
How do real estate agencies design their marketing plans?
The agents are “independent contractors” or self-employed, so the agencies do not usually market the agents. The agents develop their own marketing tools for themselves. Sometimes, if they have their license with a franchise or very large brokerage, they use tools made available to them by their “umbrella” companies.
How has marketing real estate online affected and/or changed the real estate industry as a whole?
The same way it has affected the automobile industry and retail business. Consumers can view properties online in various formats before they ever contact a REALTOR®. The industry has been saturated with syndication sites that impacted real estate as well (Zillow is one).
How Do Real Estate Associations Help Consumers?
I went to the real estate websites and found this information: Texas Senate Bill 2, on its journey through the Texas legislature, would have reduced the rollback rate for local taxing entities and required an automatic rollback election if the local taxing entity exceeded the rollback rate and did not limit the amount of revenue for local taxing authorities. This bill would have given property owners more transparency at the time the property tax rate is determined when local taxing authorities set their yearly budgets in August.
Lindsay Answers:
SB 2 was killed in the Texas Senate last year. However, to find the best information on this is to go to hiddenpropertytax.com. There is a very educational video on their home page that really highlights the process.
Bottom Line
Texoma is growing fast, real estate professionals have their fingers on the pulse of our region, and opportunity is at hand for businesses. Look into both the Greater Texoma Association of REALTORS® and the Oklahoma Association of Realtors websites for up to date information on state legislature activity that affects both home and landowners.
