HOW TO GET REAL ESTATE CLIENTS FOR LIFE
WHAT ARE WE TALKING ABOUT?
Owning a home is part of the American Dream. Most of us hope to be home owners and, once we’ve joined the ranks of home ownership, we are looking to move on to the next home, then the next, as our lives evolve and our needs change.
For a real estate agent, this means the person you represent on their first home purchase could be a client for life if you establish yourself as their trusted real estate advisor. They could need you throughout their journey to advise on multiple sale and purchase transactions. Even a small book of clients for life can yield a lucrative and fulfilling real estate career.
So, how does one establish and build these relationships when the competition is so fierce?
We’ve worked with many agents in our time and we can say that there are certain qualities in a real estate professional that keep us coming back and others that are a real turn off. Here are some insights.
ARE YOU PLAYING THE LONG GAME?
As a preliminary point, it’s a good idea to ask yourself whether you are in the field for the long term. Are you building a career or trying to make a quick buck? If the answer is the former, then it is to your benefit to get in the mindset of thinking long term and channeling patience (something we know from experience can be very difficult).
You are on a journey and the beauty of the journey is that you are building something. You need to go through the journey and grow in order to be ready for the great things ahead.
Approach your career with the mindset that you are building a network of relationships that are based on an exchange of value — you provide your real estate expertise and guidance to your client, making their experience selling and purchasing real estate as painless and enjoyable as possible, while protecting their interests. In exchange, your clients happily pay your commission and recommend you to their family and friends because they trust and appreciate you.
AUTHENTICITY
With this in mind, know that people want to do business with those whom they like and trust. The most lucrative business relationships are ones based on genuine connection. This means that in developing relationships you must be coming from a place of authenticity.
In our view, one of the most important ingredients for career enjoyment and satisfaction is working with people you like and respect. The fact is, real estate is really a people business. Yes - you’re dealing with properties and homes, but they are all attached to people and nothing gets done without interacting with humans.
When you’re building your book of clients, why not be thinking about attracting the people you enjoy working with. Most likely, the feeling will be mutual. The people you are attracted to will often be attracted to you as well, which makes the process of developing business enjoyable. Approach the interaction as an opportunity for the potential client to determine whether they want to work with you, but also vice versa — consider whether you want to work with them. Do they deserve a spot in your client for life roster?
BUILD YOUR PERSONAL BRAND AS A REAL ESTATE PROFESSIONAL
It’s also worth acknowledging that you are working to build a brand. Your brand consists of all the associations people make with your work, your name, your image, and the experience working with you.
You want to be intentional about your brand. Determine what you want people to think of when they imagine you and your services? Then project those things in every interaction you have with clients.
For example, if you want to be known as consummately professional, make sure your website, business card and demeanor are all as professional as possible. If you want to be known as personable, you’ll ensure your collateral, ads and interactions with clients and others project a warm and friendly vibe.
Be aware that every interaction you have with a client and even the parties on the other side of a transaction impact your brand. All touch points matter, whether you intend that they do or not. Be thoughtful about what you project to the other side and everyone else with whom you come into contact during your transactions. It all attaches to you and defines your brand.
INTEGRITY
Though realtors are bound by the National Association of Realtors (NAR) Code of Ethics & Standard of Practice, there can be gray areas for behavior. Regardless of how you define your brand, you should always act with integrity. Of course, one should never tell mistruths, but you should also use your best judgment as a professional when guiding your client.
Too often, in an effort to land a listing, for example, agents can overpromise and tell sellers they can get more for their home than is likely. This sets everyone up for disappointment and you will lose clients fast.
When it comes to winning clients for life, good communication and setting expectations is key. Never promise your clients something you are not confident you can deliver. It’s not worth your time or their time to be misleading and just hope you get lucky. Be honest with them about what you think you and explain the reasons why. Be honest about the potential issues, honest about the market, honest about prices. It’s better to lose a client because you told them the truth than to lose a client because you over promised and couldn’t deliver. If they go with another agent because they don’t like what they hear, you might find that they come back to you after they discover your were right.
Remember, people do business with people they trust.
OFFER YOUR BEST FROM DAY ONE
You should treat every property like it’s a career-making deal. Don’t assume a client isn’t interested in or worthy of your best marketing. Your marketing plan should include killer photographs, a solid strategy for reaching the ideal buyer and home staging (in almost every case).
If they choose not to pursue staging, that’s their decision, but you should explain to them what will happen if they do stage the property. If they decline and the home sits on the market, they will know that you tried to provide the best advice from the beginning.
If you only suggest staging late in the game, potentially after a price reduction, you will have cost them time and money and they will wonder why you are now telling them the best path to get their home sold quickly and for more money.
GREAT REWARDS
We’ve been fortunate to work with some wonderful real estate agents. In every case, these folks are also wonderful human beings who really seem to care about what’s best for their clients regardless of how that might impact their own bottom line on a particular transaction. This has meant that they may lose a few dollars or a deal here and there, but having done the right thing earned them so much more — the trust and loyalty of clients they can also call friends.
