Do you "Overpromise and Underdeliver" or "Underpromise and Overdeliver" ?

Do you "Overpromise and Underdeliver" or "Underpromise and Overdeliver" ?

This is one of my favorite mottos and practices that I practice in the real estate industry and should also be applied for anyone in the services industry.   We all can learn from our mistakes but sometimes we may not even know that we are making them and as a result, a client gets disappointed.  A disappointed client reduces your chances drastically for referral and residual business whereas a happy client can be a client for life !

Some simple example are as follows:

• If you tell someone that you will do something, do it !
• Give yourself enough time to return a call and be specific... I like to say "I will get back to you by the end of the day or a certain day" versus "I will get back to you right away" or "I will call you in an hour" when that is not realistic.
• Return all emails promptly - at least within 3 or 4 hours.  If you do not have a smartphone, get one !

In client communication:

• For a buyer when estimating closing costs and mortgage payment, overestimate the closing cost and interest rate.  That way come settlement the amount that they need will be less than what is planned as well as the mortgage payment being less than expected to.  There is nothing worse when a buyer is short money and you are just looking at each other dumbfounded at settlement.
• For a seller, estimate a certain amount of repairs in your estimated proceeds so that is not a shocker come home inspection time.  You can remind them that you are included some concessions from repairs.  If there are no repairs, super !
• On your listing appointment, be conservative with what their final sales price will be and recommend a fair and realistic listing price.  If the sales price is going to be $240 to $260K, do not list the property over $300K, or even worse, recommending starting there !  Sometimes we may take a listing that starts higher than we like but at least we made a firm recommendation in the beginning.  Which also sets the stage for price reductions.

When working with another agent or professional:

• Communicate communicate communicate !  If you know there is going to be a delay in settlement, let the agent know sooner than later.  Do not wait until the day before settlement !
• If there is an issue that is being worked on that is time sensitive, check in with the other agent even if you do not have a firm update to let that person know that you are on it.
• The above also applies to communicating with the mortgage pro or title company.

What this does by practicing simple follow-up and consistent communication is "Under Promise and Over Deliver" !  Your clients as well as your colleagues that you work with will not be set up for disappointment and your reputation will grow as an outstanding professional in your area !  That reputation is huge in our industry as it is the cornerstone for growth and excellence.

What additional ways do you practice this ?

Please comment with your thoughts and experience.  And Subscribe to Our Blog to come back for more !

 

 

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