Top Four Stressors in the Realtor-Client Dynamic and Some Tips to Creating a Great Relationship.
Fun fact: Real estate is complicated. Whether it’s buying a house, selling one, building a home, or renovating a property, each comes with it’s own particular set of challenges. For those of us who work directly with clients, it can be a very tricky landscape to navigate. We have to be trusted advisors and consultants and at the same time figure out a way to manage expectations and keep them attainable. The real estate industry is one that is constantly changing, with roles evolving daily it seems. That being said, there are a number of scenarios that come with almost every transaction and every client. Here are 4 “Hot Points" that are evident in every client relationship. When handled properly, they can make this relationship one that thrives and grows stronger, building a bond that brings the client back again and again.
1. Building Trust: Buying or selling property is a complicated endeavor that has financial implications as well as emotional ties. A home is typically the largest financial burden someone will take on. If there’s a lack of trust on a client’s end, it can make everything else much more difficult. Shockingly, one study found that only 11% of people felt they could completely trust a real estate agent. Building a foundation of trust takes effort but is the key to a smooth and successful transaction. A few ways we can try to build a trusting relationship with our clients are…
Communicate: Reach out and talk to your clients early and often. Interview them at the start to find out what their expectations, needs, and wants are. Be an active and attentive listener. There are times when we don't have any news to share, but even reaching out to say “all good here” can keep a client calm and alleviate stress.
Be Transparent: Research shows that we fear honesty will have a negative impact on our work relationships. In fact, the same research showed that honesty will strengthen those relationships in the long term! Encourage your clients to educate themselves and share materials or websites that will help them to gain knowledge about the transaction and the process. It will help to empower them and thereby build their confidence and trust in you!
Empathize: Be sure to check in with your clients on how they are feeling; Consistently ask if they have questions and fully understand what is transpiring, every step of the way. Listen to their concerns and perhaps answer with a personal story about when you bought your first house, or renovated, or sold. This shares common experiences and puts everyone on common ground.
2. Accommodating Schedules: Life is busy! Client work schedules are demanding and sometimes unpredictable. Add in kids and all of their activities and you have a very complicated calendar to try to mesh with your demanding and mostly unpredictable work schedule and family commitments. There is no shortage of Realtors in the market. You have to be able to set yourself apart every chance you get! In a world where 24-hour connectivity is available, clients expect to be able to reach you whenever they make the attempt. Though there is a HUGE need for work-life balance and set hours, real estate has some "blurrier" lines. We have to be available as often as we can! There will be clients who over-step, so perhaps you set up an auto-responder that will send off a message and buy you a little time to respond. There is also the ability to set up an emergency contact option, whether it's a specific phone line or a team member who can help with those 'outside of business hours' calls.
3. Being the POC for Other Services: If you have been in real estate for longer than 5 minutes, you realize the number of other services you need to have some level of knowledge about. As the primary point of contact, chances are a client will ask your advice about those other areas. Whether it's loan or mortgage officer referrals, inspectors, contractors for renovations or full builds, plumbers, electricians, and more… the questions will come. Obviously, the more experience that you have, the greater your pool of contacts to draw from, but building a strong and extensive network is imperative to your business and an integral part of your service to your clients. Attend business networking events and, if you notice quality work somewhere, ask who did it! When in doubt, ask someone you trust for a referral that they stand behind. Remember: A good referral will bring much appreciation, while on the other hand, a bad one will reflect negatively on you.
4. Balancing Selling and Service: I always say, " I don't sell real estate. I help my clients buy it". Clearly we are in the business of selling property, but our first priority is doing what's right and best for our clients. It is so important to be a consultant, not a convincer. Pushing the hard sell may work in the short term, but building a lasting business built on referrals and good experiences requires patience, anticipating a clients needs after listening to their wants, and assisting them to purchase the home that they want. Be involved, available, and approachable. Be invested in them and in the process and you will have many happy clients. Truth be told, it takes more work to be your client’s consultant… which is why not everyone does it. But for those who do, it can pay dividends for years to come.
In conclusion: Real estate is a multi-faceted and tricky business that serves many purposes in a person's life. Committing to doing the job, and doing it right, can be one of the most fulfilling feelings in the world. After all, there aren't a lot of industries where your job requires you to deep-dive into your clients personal lives. Don't take that responsibility lightly. Treat it with the dedication and care it deserves and you will be rewarded over and over again!