Unfortunately, not all brokers are created equal. In addition to lacking most or all of the qualities mentioned in this post, other indications you may not have a qualified broker include:
- They focus on “speed” – the tour, the proposal, and the close. Their focus is short-sighted on making money quickly, not about repeat business or future referrals. They usually cannot produce qualitative referrals from past clients.
- They overcompensation by providing you with “other” services and skillsets – expensive dinners, tickets to events, and gifts for family members.
- They have imited technical expertise. If they cannot explain “cap rate,” “how a loan amortization works,” or “internal rate of return,” they’re not for you.
In sum, you are paying a great deal for your advisor’s services. So select your advisor like you would select your doctor or lawyer, not like you would your insurance agent. Do your homework.