HOW DO REAL ESTATE AGENTS GET RESPECT?

BY LETTING OUR BUYER AND SELLER CLIENTS KNOW THAT . . . . .

WE ARE PAID FOR WHAT WE KNOW, NOT FOR WHAT WE DO!

WE GET RESPECT by preparing the buyer or seller client for the home buying or selling process step-by-step and producing the best outcome. 

This post inspired by Greg Nino's excellent article this a.m. "I Get No Respect".     He did his job and his sellers thought he was overpaid "for the work he did".

GET SOME RESPECT!  One thing I love to hear from a buyer or seller is "Lenn, everything that you said would happen did happen." 

PREPARING HOME BUYERS. 

When touring homes, if the buyers absolutely love a home but want to "sleep on it", don't hesitate to warn them that, since this home is newly listed, under priced for the area and condition, if you love it, so might other smart buyers.  Take all the time you need but don't be disappointed if it sells quickly.  I'm avAgent in consultationailable to write and offer when you are. 

When writing an offer, if you buyers want to make what you know is a ridiculously low offer, don't hesitate to warn them that based on the price and competitive homes in the area, your offer will probably be countered.  Or, if there are other offers, it could be rejected.  If you're serious, you might want to bring your offering price more in line with other similar homes that have recently sold. 

YOU KNOW YOUR MARKET and you know what price, terms and conditions of a contract is likely to be well received.  If your buyer is more interested in negotiating than buying a home, they're wasting your time.  On the other hand, if you prepare your buyer for the likely outcome of their poor decision, they will gain a lot of respect for your experience.

PREPARING HOME SELLERS.

When pricing a property, if the seller wishes to price a home above market, let them know up front that it will not likely receive any offers at that price.  If you follow the sellers price and don't warn them that homes priced above market are not likely to be shown or even receive offers, they will respect you when the property sits quietly with no agent or buyer traffic.  Home for Sale

When preparing a property for sale, if the seller refuses to keep the landscaping neatly trimmed or the house is obviously in poor condition compared to the competition, let the seller know that they may get traffic due to the competitive price, but the poor condition will likely reduce the likelihood of receiving a serious offer. 

YOU KNOW YOUR MARKET and you know that the condition of a home, even when priced properly for the area, will not be taken seriously by home buyers unless they are looking for a fixer-upper and will then want to discount the price drastically. 

TELL YOUR BUYER OR SELLER clients what is likely to occur if they make pricing decisions out of market with your best experience.  "In my experience. . . . " is a powerful clause because, fact is, you are the one with the experience to know the best course of action to achieve the buyer's or seller's goal. 

If the buyer finds a home and gets a Contract of Sale quickly, it will be because they followed your advice.  You'll get some respect.

If the seller gets a ratified Contract of Sale on their property quickly and for a good price, it will be because they followed your advice.  You'll get some respect. 

Don't hesitate to remind your buyer or seller clients that you are paid for what you know, not what you do, and that your experience is valuable to them in achieving their goal. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. 

                         Thanks Lenn

                             "Lenn, it happened just the way you predicted.  Thanks for the good advice."


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76 Comments on GET SOME RESPECT! PREPARE YOUR CLIENTS FOR A GOOD OUTCOME AND PRODUCE IT!

20 Most Recent Comments Displayed Show All

AUG
14
2009

GREAT information, thanks for posting.

yvonne
12:10pm • #57
171,793 Points 2 Featured Posts Outside Blog Hit Router Attended Rain Camp

Lenn,

Great post and reminder about what we really should be doing to prepare our clients for what might be.  I especially liked "Don't hesitate to remind your buyer or seller clients that you are paid for what you know, not what you do, and that your experience is valuable to them in achieving their goal."
12:32pm • #58

Lenn,

Why don't you write a book?  It would be a best seller!  Thanks again for giving such good advice.
1:49pm • #59
135,247 Points 9 Featured Posts Attended Rain Camp Called Shot Master

"You are paid for what you know, not what you do, and that your experience is valuable to them in achieving their goal"  In addition to the very practical steps outlined by Lenn to communicate this to your clients, it would also be helpful if your branding/marketing utilized to attract new business to you also reflected in some way your breadth/depth of knowledge ... and your knowledgable ability to APPLY same to the benefit of the client.

 Much of real estate branding/marketing is still focused on "Top Producer" of the day, minute, hour, corner or whatever .. and this focus on "the end result" is reinforced on the local broker and also the national level .. as brokers continually rank/list their top producers every quarter, etc. If producing is the standard of measurement apparently prized by the brand, it should not be too surprising that it may (also) become the focus of the consumer ... they have been culturally trained to recognize the "winner" ---- and not as much to appreciate the talent, skill and knowledge that went into that "winning" effort.

The paradigm shift I'm seeing is the QSC movement by Realtors in Houston; and its implications in realtor branding & marketing. Its kind of a nexus of Edward Deming-meets-Angie's List-and-Twitter where not only is a positive high-quality EXPERIENCE now made an intrinsic EXPECTATION of the transaction ... but consumers RATE their level of satisfaction with that experience and the results are compiled and published.

Quite a different type of value proposition, that I am intrigued with, as the QSC process appears to bring into the transaction MORE of the opportunities to communicate the level of talent and skill that goes into "making it all work" that Lenn identifies, ---- as well as enlists and depends upon the written and quantified feedback from the client ... which is then made available for review ... or study ... or blogging.
2:31pm • #60
1,330,213 Points 189 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn, that in my experience is a great bridge phrase and you paint a future picture of what is likely to happen. If they choose not to follow your advice that is their choice then. Or, you don't have to work with them.
3:23pm • #61
621,599 Points 11 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn I haven't made a comment on your blog in a looong time. But I am glad that I finally came back. Very well written blog. Thanks for sharing with rookie's like me this blog-I needed it. Now I hope to start reading more of your blogs now. Have a great weekend. Great post.
3:59pm • #62
1,951,783 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Lanre.  Stick around.  It's fun and there are some great comments.

Gary.  Right.  If buyers or sellers are not going to follow my advice, I'm either wasting my time or taking unnecessary risks.  I work only with cooperative buyers.

Judith.  One way to build confidence is to prepare your clients for each step and confirm when a goal, however small, has been achieved.  I love to hear the words, "just like you said it would Lenn".

Harry.  No time.  The market is changing so fast, most publications are dated before they're published.

Jirius.  Indeed.  Build confidence in your buyers by letting them know the small achievements throughout the transaction.  Small but important positive reinfrocement gives them confidence that they are in good hands.

 

 
4:14pm • #63

Lenn;

Great advice and let me sum it up this way..."Undersell and Overdeliver" You have hit the nail on the head with this article and it has happened or will happen to everyone.
Dave Minder
5:25pm • #64
1,951,783 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Dave.  Thanks.  Just understanding how things work and keeping the consumer involved is all it takes.

 
5:27pm • #65
307,045 Points 9 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Lenn, you make a good point that many agents fail to realize.  I have an agent in my office that will cut his commission at times because he doesn't think  he had to work hard enough.  I never tire of stressing to him how ridiculous this is because he is paid for his expertise not for the sale.  The sale is merely the result of him applying his expertise.  Nice post.
6:37pm • #66

Hi Lenn, this a great advise. Specially for the new comers like me....I haven't dealt with too many clients but even in little time of my experience  I can see that your suggestion can be so much helpfull for me when I deal with my clients.  Thanks!
Lalit Farmah
10:43pm • #67
871,217 Points 201 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn,

Thank you kindly for the mention. I feel special to be an inspiration to any blog you put together!
11:25pm • #68
AUG
15
2009
141,196 Points 6 Featured Posts Outside Blog Attended Rain Camp

Lenn:

The truth shall set us free!  Don't sugar coat it,  and we will get respect.  Thanks for a great post.
12:31am • #69
1,951,783 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Carol.  Good point.  I never, never sugar coat anything.  Give our consumers the facts and they can have a better home buying experience.

Greg.  You're a good sport. 

Lalit.  Deal honestly and openly with buyer or seller clients and the result will be better.

Damon.  That agent doesn't understand how to average his commissions.  Does he charge more when the transaction takes longer??  Perhaps he should be in a "fee for service" brokerage.

 
4:56am • #70
1,126,046 Points 90 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn--Love your new photo! Very well done.
7:50am • #71
1,951,783 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Erica.  Thanks.  I love them.

 
11:07am • #72
Outside Blog

Great post and advice!
9:18pm • #73
AUG
16
2009
702,357 Points 39 Featured Posts Outside Blog Called Shot Master

"Respect for your experience" as you said so well here Lenn.  Nice new pic BTW.
4:07pm • #74
1,951,783 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Lyn.  Thanks.  The pic is a hit. 

Charlene.  Thanks.  Nothing beats experience.  Buyers know.
4:10pm • #75
AUG
22
2009
196,826 Points 1 Featured Post Localism Sponsor Outside Blog

Lenn, it is sad to see that these Basics are still not understood by some agents
1:15am • #76

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