There is no question that real estate transactions are based on relationship selling. Clients look to establish genuine relationships and partner with a trusted resource to navigate them through the home buying or selling process.
Whether someone is purchasing their first home or adding another investment property to their roster, a trusted agent is a necessity.
However, as real estate veterans of over 20 years, we know more than anyone that real estate agents wear a lot of hats. With so much on your plate, it can be easy to let things slip through the cracks. There are some common mistakes that agents mindlessly make that are extremely detrimental to your agent-client relationship.
These 3 common mistakes quickly erode clients’ trust and confidence in real estate agents.
Mistake #1: Lack of Preparation, Professionalism, and Market Knowledge
“By failing to prepare, you are preparing to fail.” -Benjamin Franklin
One of the most frequent mistakes made by real estate agents is failing to be properly prepared. When showing a listing, it is not enough to solely know the specs of the home. You should also have knowledge of the neighborhood characteristics and insights, school details, local market trends, even the nearest Starbucks location matters.
Being aware of meticulous details portrays an elevated level of professionalism in your market. Lack of this level of knowledge and expertise will cause your foundation of trust to crumble. When a client has a particular question about the home or the area, you should be prepared to answer with confidence.
Here at TopHap, we foresee that it will become a right, not a privilege, for buyers and sellers to have access to this important information. Going beyond the surface-level data about your market should become the norm when interacting with your clients.
Mistake #2: Lack of Empathy and Accountability
Close your eyes and take a moment to think back on when you purchased your first home. And if you haven’t yet, you have probably thought about the process. You would carefully run the numbers to ensure that your hard-earned money could pay for the mortgage. It is likely that you’d slowly stroll through the home and thoughtfully picture where you’d install the doggy door for your furry friend or which room you’d transform into a nursery for your future children.
As a vetted agent, it is easy to become robotic and forget about the emotional dedication that goes into finding and purchasing a house. When carefully navigating a client through the journey of finding the home of their dreams, remember to be empathetic.
Empathy is the ability to step into the shoes of another person, understand their feelings and point of view, and use that understanding to guide your actions. Treat your clients like they matter, listen to the smallest details they mention, and invest time in meeting their wants and needs. If we want to provide exceptional service, we need to first recognize what that looks like from our client’s point of view.
However, don’t get so caught up in pleasing the client that you overpromise on things you cannot deliver. Hold yourself accountable to your word and know when to say “no” or “I don’t know, but let me find out for you.” A broken promise can quickly invalidate every trust-building effort that you have invested into the agent-client relationship.
Mistake #3: Failure to Follow Up
One of the most critical mistakes that real estate agents make is failing to follow up.
Have you ever referred to a previous buyer or seller as a “past client”? If so, you are not alone. Have you ever heard of a dentist or doctor refer to a “past client”? No. That is because, in those industries, there is an ongoing relationship maintained long after the initial appointment. Whenever a dental or medical need arises, that medical professional is going to be the first person the client calls.
The real estate industry should be treated the same way. However, many agents don’t have proper processes in place to ensure seamless and continuous follow-up with clients.
According to NAR, 64% of sales come from within your sphere of influence. Meaning, if you close 100 deals, 64 of them should be repeat clients or personal referrals. This statistic proves just how critical follow-up is.
So, how do you stay top of mind when there are so many other agents in your market? Implement these 3 simple tips into your follow-up repertoire to demonstrate how you are a devoted resource for your clients.
- Use an efficient Customer Relationship Management (CRM) system that can both nurture leads and follow-up with established clients. CRM automation can be so dynamic and personal that your clients won’t even realize it is automated.
- Promote good feelings, not pushy sales tactics, and communicate in plain terms that are easy for your client to understand. Remember, they’re not real estate professionals, and may not understand the jargon that comes naturally to you.
- Build a good rapport by offering market insights, specific listings that meet their interests, and personal messages long after their transaction is complete.
Sending a message as simple and casual as the following can keep you top of mind and show your client that you’re there for them when they need you: “Hey [CLIENT NAME], it’s [YOUR NAME]. I was just thinking about you today. If you ever need anything, let me know!”
When you consistently focus on following up and interacting with your clients from the beginning, they are far more likely to remember your brand, trust you as a guide, and reach out to you when their next real estate need arises.
Utilize Resources to Establish and Maintain Trust
In the digital age that we currently live in, in-depth market knowledge is readily available at your fingertips. Being able to relay this deep information to your clients will build trust and allow them to make an informed decision regarding the hand-picked homes you’ve shown them.
TopHap harnesses the power of deep data analytics to revolutionize real estate and set you apart from the competition.
So, how can you use this to your advantage? To be successful in this cut-throat industry, you have to build relationships and the foundation of those relationships is trust. You’ll find yourself well-rewarded if you demonstrate your trustworthiness, continually work on your listening skills, be a conduit of knowledge, and remember it is all about the client.