There’s an excitement that comes with being a complete novice in any career; especially in Real Estate where you’re not only thrown into an entirely new environment but also completely self-employed. Your future is waiting to be determined and shaped by the raw potential you possess. You’ll feel nervous, hesitant, frustrated and excited simultaneously.
As you interact with clients—the center of your business—you’ll determine the ‘rules of engagement’ that allow you to both offer excellent service and guide a transaction efficiently. There is absolutely no substitute for experience but there is an advantage to knowing when you’re doing something incorrectly. Only then can you notice your errors and avoid any further setbacks when building your Real Estate business.
I often see Real Estate agents, both novice and experienced, making the same mistakes when managing their clients. I hear their frustrations directly while the way their transactions unfold clearly indicate what they’re doing wrong. Understanding how an inefficient Real Estate agent acts can help you identify these behaviors before they become habits.
Avoid being known as any of these 3 Real Estate Agents and lose less clients:
1. The Fake Expert
You’re green. You’re inexperienced. You can’t hide this fact so don’t pretend you have all the answers. Every client has a hierarchy of concerns. Some choose to fixate on certain aspects of the process more than others meaning the questions you’ll be receiving will be varied.
If you don’t know the answer to a question your client has, DO NOT pretend to know what you’re talking about. Answer truthfully and let them know you are not able to accurately answer their question. Being caught in a lie or a mistruth is the fastest way to lose your credibility with your client.
Jot down their questions and ensure them you will have an answer promptly. Consult with your broker and communicate your answers to your client. Your willingness to be honest about what you do and don’t know will indicate to your client the level of transparency and truthfulness you apply while representing them.
2. The Overreacting Mess
Transactions are delicate exchanges with many moving parts. You will run into difficulties. What makes you or breaks you is how you face them.
A recent transaction where I represented both buyer and seller tested my ability to not overreact. The seller informed me on the day of closing that her current tenants had left the country on a family emergency and taken the keys with them. Since the seller did not have a spare, a locksmith was going to be necessary for the final walk-through.
After taking a couple minutes to assess the situation, I decided not to Inform the buyer. The situation was in the process of being fixed; therefore, alerting the buyer would have created stress for her that was unnecessary. I avoided overreacting by first, realizing the situation was not my fault, then taking time to outweigh the possible outcomes and finally deciding how to proceed and execute.
3. The Poor Communicator
When you don’t disclose information to your client, they begin to wonder how hard you’re actually working. I’m not referring to just disclosing the good news. Keeping them informed with the good and the bad news lets them know they can trust you to relay all pertinent information regarding the transaction.
You don’t need to be in constant contact about every single aspect of the process but do make it a point to touch base frequently. You’ll add value to the service you provide and notice your client’s trust in you increase dramatically.