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Know your value, and tailor your business for your client's needs.

In several of the posts I've written and read in the last few days, the one constant that's come up is "service".

Service is King. If you're not providing service, you're failing. And I'm not just talking about chauffeuring the clients to and from homes, and unlocking the doors.

But you want to make sure that you're providing a valuable service... unlike our DVD rewinder to the left.

What does the general public want from we Realtors today? What do they need us for? What part of our services are they willing to pay for?

FINDING THE RIGHT HOME
With the advent of Zillow, Trulia and more, including our local MLS that offer a watered-down version to the public and our commercial corporate sites (ie: coldwellbanker.com, remax.com, redfin.com)... the general pubic of buyers can find the house themselves these days

Yes, we can find more accurate and more current results, but that's likely to change in the pretty near future. So it seems they don't really need us to FIND the house.

DETERMINING THE HOMES WORTH
This one works for both buyers and sellers. Some buyers and sellers are savvy enough to have a fair idea of what range the house should be in, but they generally need us to narrow the range. While they can access information (like Zillow) to determine what recent homes have sold for... they probably haven't been in the homes, so they don't really know just how "comparable" those are to their home.

NEGOTIATION
This one is key. The general public, while capable of negotiation, does not like to do it. They feel as though they're in a foreign land when trying to negotiate for their car, let alone a purchase such as a home. This is where they truly need us, we've seen the other homes, we know the value of this one vs. others... and we're comfortable with the negotiation process... nay, we ENJOY it, and we've had lots of experience doing it, and bring new and exciting tactics to the table for the buyer and seller.

NAVIGATING THE LANDMINES THROUGH CLOSING
Another critical aspect. Most people buy or sell a home 2 or 3, maybe even 4 times in their lives. They can't keep up with all the nuances of the sale. What paperwork is required, which legal forms must be signed, again this is where our expertise shines. Once the contract has been signed, there's still enough work left to be done. Lending has become trecherous today... we know our way through... yes, they need us here.

INSPECTION and RE-NEGOTIATION?
Again, yes, they need us here. Very few laypeople know an inspector. Sure, they could find one in the yellow pages, but they don't know which ones are good, which ones are excellent. Which ones fit their personality, and which ones put out a stellar computerized report. They have no idea which inspectors specialize in "walking the roof", or which ones were an electrician in a former career. Yes, they need us here too.

Which problems, when found during an inspection, should I request a credit for... should I request a repair for... should I walk away from the deal for?? Again, we've seen many, many, many prior inspections, and know a great deal about what's salvageable, what's repairable, what's credit-worthy (and how much we might be able to get), and what's so serious that we should run (don't walk) away from the deal. Yes, they need us here.

I'm sure you have more "value" to add...that I've not listed here. Finding the home, just isn't one of the strong ones anymore. Many of my clients arrive at my "internet door", with properties in hand that they want to see. But they're more than happy to have my strengths assist them through a strange and unfamiliar process.

Just be sure that you're offering value-added services to your clientelle. Make sure you know what they need, and that you can provide it.

ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
-------------------------------
Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779 Cell: 847.924.3313 Email: Almay@aol.com

Evanston Real Estate, Evanston Realtor, Evanston Buyers, Evanston Sellers
North Shore Real Estate, North Shore Realtor, North Shore Buyers, North Shore Sellers

Posted by Alan May, Coldwell Banker Evanston Realtor, North Shore Realtor on 11/14/2009 01:52 PM

Comments (66)

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66 Comments on Know your value, and tailor your business for your client's needs.

NOV

Alan - just yesterday I answered a zillow question along these lines, when the question was what does the agent really do - in their opinion nothing. ~Rita

Value-added is the key. The information is there and we need to interpret and manage it.

The consumer has not a clue about the elves that come in the dark of night and work hard to get the contract to settlement once the buyer has done the easy work and found the home they wish to buy.

You have some excellent points about where an agent can still add crucial value to a real estate transaction. I would add that an agent's community knowledge can be very important in helping a buyer think about external impacts and where to get info to guide their decision (things like that new jail that has just been approved for just down the street - or conversely the new park or trail that is coming nearby, or what rural areas need to be researched for flooding etc etc). We also tend to have good lists of dependable specialists from home stagers to electricians and from insurance agents to veterinarians that we can recommend. More value!

Rita - I've all but given up on Zillow... they're highly anti-realtor over there.

Jane - interpret and manage expectations... 'good answer'.

Lenn - it's true... they have no idea, and it's our job to enlighten them

Nancy - we can be exceedingly valuable in areas where we know the inventory well.

Hi Alan -- Many think service is under-rated. I totally disagree. Get bad or medicore customer service as a consumer and you will quickly realize how important it is. Great post.

Great post, Alan! I was talking to an agent just yesterday at the NAR convention about this very subject. She was obviously part of your far-flung spy network.

Cheers,

Robin

Chris - service is under-delivered, but cannot be underrated.

Robin - my spy network isn't that far flung... they can "fling" pretty far, but I don't think that's the same thing.

What Lenn said! No really SERVICE is the only thing we have to offer!

Alan - I'm not sure why its so much fun to pick on Realtors! Kinda of like when someone stares at a Jason Pollock painting and says "oh I could do that."

If everyone could buy a home on their own, they would, but they can't. Long live the Realtor!

Michael

... and dont forget the free 'Fashion Consultation' you give each of your clients ... priceless ...

A couple of weeks ago a client commented, "I couldn't do what you do. You work really hard and have to know about everything."

That was a wow moment. Most clients have their heads downs focusing on getting to their goal. It is a rare flash of insight when they understand what it is that we do for them. A little appreciation goes a long way.

I'm still struggling with expectations; both the client's and mine.

Nice Post Alan. I have found myself surprised as of late with just how educated our buyers are out there due to the world wide web. It really keeps you on your toes and I always like to check my neighborhoods on the MLS so I am just as aware as the buyers out there. Great post.

Good post Alan....

I was just going to feature this post but it looks like AR beat me to it!

Alan another excellent post. Yes most definitely service is one of our main selling points.

Good post, negotiator...a good negotiator is worth their weight in $$$$ to the client. Often resulting in 2 or 3 or 5% more bottom line. Facilitator and negotiator kind of go together as you often, as you said, have inspections and other things pop up that will require both...keeping it altogether.

I thought my niche would be new homes, since I used to be a homebuilder. Then short sales, but I can't stand those (because banks are a rare combination of stupid AND evil!). Now, I just specialize in my clients, and negotiating and navigating difficult deals.

Russell... service IS King.

Michael - I recently sat in front of some contemporary paintings at the new wing of the Art Institute of Chicago. A completely black canvas. I could do that.

Fashion consultations, Sheldon? wouldn't think of it.

Mary Jo - a little recognition is nice., isn't it?

Thanks Brent - they come to us far more educated (and farther down the road toward buying) than ever before.

Richard - don't let that stop you... double-featured is a dream.

Larry - to be quite honest... it's all we have.

TerryLynn - negotiation is one of those things that scares the average joe.

Kyle - i like the idea of "specializing in 'ciients'".

I think a good negotiator is worth their weight in gold. Also being able to price a house right is good too.

Alan. And to add, none of the real estate sites can be as accurate as MLS. Many times we can not show the property that the client found on those websites because they were sold long time ago.

It's good to see what we bring to the transaction written down as a reminder. We're also a great source of referrals for any number of tradesmen that our clients need.

NOV

Hi Alan,

I think that you've hit on the formula of what made Realtors become Realtors in the first place. Before there were MLS boards and listings, there were people who bought and sold properties... and helped other people buy and sell properties. While engaging in a real estate transaction isn't like climbing Mt. Everest, there is a mountain of details to deal with as far as most people are concerned and they need some help focusing, committing, and carrying through on a purchase or sale.

Basic sales skills will be far more useful in the future than wishing we still had the keys to all the information. Who woudda thougtht.

Great post. Often times, both buyers and sellers think we don't do anything that they couldn't do by themselves.

For example, a lot of FSBO's are often priced higher than they should be, and they go to a Realtor aftern they can't sell it.

I strive to bring a lot of extra value to the table for my clients. Going above and beyond for my buyers and sellers is the best way I know to assure future business. One of the best things about service is that it almost is free to provide.

Amen to Lenn! Isn't it the truth that the general public thinks out job is EASY. They think buyer walks in and says "I like that house over there on the corner." We write it up...they go to settlement and we then take home a bag of money.

Alan:

I think there are still plenty of people out there who appreciate the knowledge that a good Realtor brings to the table. As you said, most people only buy a house 2 or 3 times in their lifetime, so how can they possibly understand the gritty details that need to be followed and that change every few years. You have spelled it out very well here.

Alan, where can I buy one of those DVD Rewinders? I need the DVD Rewinder! If I order from you, will you throw in a Shamwow?

Russ - a good negotiator can make a substantial difference in the bottom line

Haris - the MLS is always more accurate than any of the public websites.

Margaret - I'm sure I left out lots of good stuff too.

Andrew - basic skills... it all boils down to SERVICE.

fdh - pffft.

Renee - not all FSBOs are idiots or overpriced. Many are priced well, but have some difficulty getting the word out.

Dave - service, service, service.

Nancy - I missed that bag o' money... when did they pass those out?

Claudette - I do think that most people respect Realtors in general. I only hear negative impressions of Realtors when on Trulia or Zillow.

Bob - sorry, available on t.v. only.

Allan, It's not my value, it's treating every customer and client with the same higher value that matters (at least to me). But, that doesn't put money in my pocket. I know we have often disagreed on real and perceived value, especially under you're Elvis persona. However, I have watched you evolve into a fine blog writer. Nice job.

Gregory - it has to be value that is perceived (not by you or me, but...) by the client. If the client doesn't see value... then we'll end up going the way of the travel agent and the dodo bird.

I don't remember having any disagreements with you, even under my Elvis persona (which as you know, has gone by the wayside, for good reasons), but thank you very much for the compliment. Truly.

Many of the online forums are biased against realtors, and realtor-bashing is prevalent. I answer questions on Trulia and it can be harsh.

Erica - trulia is one of the better ones... not nearly as anti-realtor, and fairly well moderated... so when things do get out of control, someone steps in and removes offensive posts.

I haven't been on zillow in an age and a day, but when I was there it was poorly moderated and run by the inmates... who are vehemently anti-realtor and anti "buying" real estate. So any of the drive-by realtors who popped in and said "it's a great time to buy" were often greeted by a hail of bullets.

Awesome post Alan! It's bad enough the consumer has a bad opinion of us Realtors. It's worse when sites are anti-realtors. We have to change that with one client at a time and eventually that negativity will turn around. If not, I can dream can't I? :)

Dear Alan,

So where can I get a fancy new DVD rewinder? I gott get one of those!!LOL

;)-

Hello Everyone.

I'm a new-to-the-business Home Stager and curious as to how many realtors ever suggest Staging to their clients or even consider it as a very real part of Client Service. When a home is full of personal items do you at least suggest that they pre-pack some of the clutter? Do you remind them they're selling square footage and if people can't actually see it they will react like it isn't there?

Enlighten me, please.

I think most of them with bad opinions off us are the same ones that have bad opinions of any service provider. They would rather try and do it themselves. Penny wise and Pound Foolish.

Alan, sometimes the consumer has too much information or mis-information! All markets are different, circumstances are different and our role is to listen, advise and follow through.

This is a good summary. I think it demonstrates that finding the home is the small picture of what we actually do to get from contract to close.

Where can I buy a DVD rewinder? I have a client that needs one badly ... and I want to provide the best customer service possible ...

Alan, I work with people that can appreciate the value I bring to the table. My expertise is to find solutions to their real estate needs. All I can so is to do make the transaction as smooth as possible. Great post

Alan, Those are exactly the points I make to prospective clients. I would only add that I can save them time and energy and get the new listings to them faster then they could get them on their own. Negotiating is probably my strongest point and I am very specific about my past numbers to my prospective buyer clients.

Hi Alan, I agree that negotiation is a critical skill set. I also see a lot of agents far too willing to negotiate away their ckient's money !

Hi Alan,

Value added services..great post and exactly what needs to be provided to our clientele. Congrats on the featured post!

What we do seems to be mysterious to our clients. They think we open doors, write offers, and then magically, the deal is done, though this isn't the case as much with short sales ; )

Jackie - the sites aren't inherently anti-realtor... it's just the regular visitors to the site seem to be, and there's not enough moderation to keep them in line.

Betina - I'd be happy to sell them to you directly... they're available by the gross... @ $12.99 each... please send your checks (Cashier's or Certified only) directly to the company that my mother-in-law set up for me at He'llneveramountoanything corporation, 23 fleeceyou drive, whatsamattau, Illinois 60201.

Kathy - home staging is something I don't recommend on every single listing... as it's a cost the seller is often not willing to bear. I only recommend it when the home truly "needs" it, and the decluttering I recommend will not be enough.

Gene - there are certainly many who are naysayers, but many who've had a bad experience or two.

Ty - a little knowledge can be a dangerous thing

Jirius (what an interesting name)... yes, we can get them more accurate and perhaps faster information... but that's a hard sell, when by "faster" you may mean a few hours to a day.

Bill - many agents will to negotiate away their own money too... far too easily.

Dorie - thank you.

Christine - unfortunately, if we do our job properly and well... it does appear to be magic and seamless. The better we do our job, the easier it appear to be.

Alan, your points are all more important then the timely issue, but yes, if they get the lisitngs in their email within hours and they do not have to do a search, that is better service. My name is the original form of "George." It is in the bible and I was born in the West Bank.

I have always felt that the "real work" began after the purchase and sale agreement was signed - keeping the transaction together and getting it all the way to closing is hard work.

In my opinion, that's why there are so many agents out there who can't make a living. They think their work is over once the agreement is made.

I can't tell you how many I've heard moaning and groaning because their sales never close - but it doesn't occur to them that their lack of involvement and action after the agreement is signed is the reason.

The consumers who are "down" on Realtors probably had experience with some of them.

Alan - great article. I wish all buyers saw the benefits in the areas you mentioned. I talked to a buyer at an open house who was representing himself but didn't know the basic points of an offer. He may represent himself but will likely leave a lot of money on the table due to not understanding offer strategies, inspection follow up strategies, etc.

Alan,

Wonderful insights! I have had Buyers tell me that other REALTORS would not touch them because their price point was way too low. I figure everyone should have the same treatment regardless of the amount of money they can afford to spend.

I still have Buyers call me with questions about who to call a year or two later and always say they tell everyone they know to call me! That's reaping what you sow.

Alan - Great article about the value of a real estate agent. As a professional home inspector in the Waxahachie, Texas area, I was particularly interested in your comments in this area. I consider myself a pro at what I do and strive to learn more from every inspection I do and, from the agents and clients I meet. I work to improve my computerized reports which are delivered onsite and all aspects of my business every day.

One improvement and, I believe, a great value to home sellers and real estate agents are "Move In Certified" homes and seller home inspections. For seller Realtors looking to add value and gain a great marketing advantage, I recommend a home inspector that provides "Move In Certified" home inspections.

There are many advantages to a seller home inspection including yard signs and onsite inspection reports just to name a few.

Thanks again for your post and your insight to the value each professional can bring to our industry.

David Selman
Selman Home Inspections
Ellis County Texas

Jirius - hmm... not a name I remember from the Bible... but then admittedly, I'm not quite as Bible conversant, as I should be.

Marte - I agree... there's still plenty of work to down, once the contract has been signed.

Kevin & Monica - there are always those who think they can do it themselves... (I differentiate them from those who actually CAN do it themselves...not everyone NEEDS a Realtor... but most could benefit from one).

Jayne - I, too, have clients who contact me regularly.. years after a closing... to ask questions about taxes... handymen... local city issues... and I want them to... I'm happy to answer any questions I can, or point them in the right direction. I've told clients before... having a transaction with Alan buys you year-round access to me. Call me anytime.

David - "move in certified homes", just sound like a home that has been "pre-inspected". Personally, while that sounds great... I would still want to have my own inspection done (by a professional who I hired, and is fiduciary to ME), so I'm not sure if it really adds any major value, in my opinion. But it sure couldn't hurt.

Alan,

Great article. I think most of the customers never consider our efforts and worth. They jsut think we are doing what we are supposed to.

NAVIGATING THE LANDMINES THROUGH CLOSING - My favorite part. Great article.

Great post Alan. I always communicate with my client each step of the way so they know what I am doing. They also get a written weekly report on my activities.

Really good post. I try to point out this to my clients all the time. I actually try to train my clients to find their house. I explain my value really comes in with these other area.

Alan, you are so right - service IS KING. We are currently working with a FSBO seller. This guy thought it would be easy, but as he has found out, it has been anything but. He stated this will be the last time he ever does an FSBO. While on face value it seems so simple, the issues that inevitably arise cause disaster if there is not a dedicated Realtor to provide the services you state.

Those landmines before closing are getting harder and harder to work through my friend, but they do make us earn our money in a big way don't they?

NOV

Ted - most clients don't consider our efforts. We do what we do so well, that is appears effortless.

Chrystina - you have to admit... there are numerous landmines hidden along the way that could easily cause the deal to 'blow up' unless we exert some of our expertise.

Wayne - that's excellent. No surprises.

Mike - perfect... managing their expectations... that's key.

Tim & Pam - it does seem so simple...and when it works, it can be simple... but ohhh when it goes sour... it can go really sour... and if you don't know what you're doing... hooooooeeeeey!

JL - they are getting harder to spot, and more difficult to keep from exploding... but that's why we get the 'big bux' isn't it?

Thanks for the post. Sometimes when a potential client asks what value do I bring to the table I will ask them if they just had their job review and had to answer that same question in a joking manner. I then follow up with the "as you know there are a lot of behind the scene things that need to be dealt with that others know nothing about ..." and inform them of what I do. I don't know, but this seems to help them understand that as with their job more is being done than meets the eye. Take care and have a great day.

interesting "turn about" unknown-commenter. Thanx.

I love this post Alan. It's a perfect job discription for Real Estate Agents.

thank you, erin. you have excellent taste.

Alan, you are so right about service. I know of some agents in our area with "very" questionable service. I have to scratch my head sometimes and wonder how these agents stay in business.

I know, Tammy... we all know those agents who don't provide any service, barely put any photos on their listings, rarely return phone calls, and yet they're highly sucessful! Go figure!?

NOV

Alan, good points! I just wrote a post about our value in today's society recently, too. I truly believe our clients need us more than ever now to help them sift through the ever-growing amount of info they can find!

NOV

you know, Kristen... some people need us... some people can manage without us. We have to learn who's who, and adapt. But you're right... for those who do need us, they need us more than ever.

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Alan May, Coldwell Banker Evanston Realtor, North Shore Realtor

Evanston, IL

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Evanston Real Estate, Evanston, IL

Address: 2929 Central Street, Evanston, IL, 60201

Office Phone: (847) 425-3779

Cell Phone: (847) 924-3313

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