In these instances, double down — in your expertise, in your information, on you. Be part of us Aug. 8-10 at Inman Join Las Vegas to lean into the shift and study from the perfect. Get your ticket now for the perfect value.
One among my brokers got here to me just lately with a query from a consumer. He requested her, “What’s the distinction between an actual property agent and a used automobile salesman?”
Now, that seems like the start of a (in all probability upsetting) joke, however her consumer’s an easy man, and he sincerely needed to know. And for those who have a look at the info round essentially the most and least trusted professions, amongst those that fee our trustworthiness “common,” we’re not that far aside: 44.9 p.c of respondents see used automobile salespeople as having common trustworthiness, versus 56.12 p.c who see actual property brokers that manner.
We fare a bit of higher on the ends of the spectrum. Extra individuals see us as excessive or very excessive on the trustworthiness scale and fewer see us as low or very low, however there’s definitely loads of room for enchancment.
There’s a stage of professionalism that some actual property brokers don’t maintain themselves to. In the true property trade, some individuals see themselves as salespeople and get centered on the fee — what I wish to name getting “fee breath” and chasing that greenback.
That’s totally different from appearing as a trusted fiduciary and eager about what’s in the perfect curiosity of the client. The extent of professionalism you carry to the desk units you aside, and it helps outline you.
If it’s important to examine your self to a automobile salesman, no less than be a high-end automobile salesman, like a BMW, Mercedes or Lamborghini — somebody who’s promoting the exotics at a better value level. They’re not as frightened concerning the fee as the standard used automobile salesman.
All joking apart, it is a frequent analogy, and I’m not shocked that this consumer requested this query. Simply give it some thought: Research present that we now have related ranges of belief, but we’re promoting someone’s home or serving to somebody purchase a home.
That ought to give us all pause.
Setting the expectation and establishing a stage of service
So why does that notion persist, and the way can we overcome it? I feel we begin by defining ourselves otherwise proper out of the gate, setting the extent of expectation and repair that we’re offering proper up entrance with that first consumer communication.
We’re by no means going to have the ability to change damaging perceptions about our trade except all of us begin altering how we function, how we act, how we view ourselves. The damaging notion is nearly a mirrored image of the self-perception of some brokers.
I’m a giant believer in valuing your individual time and behaving in a very skilled method.
When my son isn’t feeling nicely, I’ve to name the physician at 8:30 a.m. to get an appointment for the day. If I don’t, the physician will e book up. The physician’s workplace received’t keep open late so we are able to get in, and so they’re not going to hurry in early to look in his ears.
If you’re leaping by way of hoops to fulfill a consumer at 7:30 p.m. to indicate them a home quarter-hour after they referred to as you, or dropping every part you’re doing every time they inform you to, that’s a bit of extra used automobile salesman than what your physician, your lawyer or one other skilled would do.
We will’t, as people, change all the stigmas that exist round our trade. It’s on the market that brokers are commission-hungry, that they receives a commission an excessive amount of and so forth. However you’ll be able to change the notion on a person foundation by the best way you conduct your self and the extent of service that you just present to your purchasers from Day 1.
Data-gathering vs. relationship-building
When somebody walks right into a automobile dealership or onto a used automobile lot, the knowledge they provide is all concerning the nuts and bolts of the kind of automobile they’re in search of and the cash they’ve out there for his or her buy. If that’s the best way you’re approaching the preliminary purchaser or vendor assembly, you’re appearing like a automobile salesman.
Our job is to create a relationship and consider the factors round their objectives to find out how we may help that consumer. As a substitute of trying to qualify them for a mortgage, we’re serving to to find out how that consumer suits into the huge spectrum of the true property world. Our job is to information, to not promote.
The home (rental, co-op or lot) will promote itself as soon as we current it, so long as we all know the consumer and their wants.
That additionally means we’re not right here to “soup up” that property. We’re right here to make sure that consumers and sellers are making the precise selections, giving them the information and the worth they should make these selections.
We’re not simply right here for the numbers as a result of we all know that if we deal with them proper, these purchasers will come again later. They’re going to have youngsters; they’re going to have sisters and nieces and mates who they’ll wish to check with us. We’re going to construct these relationships to construct that long-term referral community.
So, we’re not application-based. We’re criteria- and relationship-based. And that’s one factor that I feel even our purchasers neglect about. It’s extra than simply the sale.
Let me say that once more: It’s extra than simply the sale.
So what’s (or ought to be) the distinction between a automobile salesperson and an actual property agent? The one factor they may provide their buyer that has worth is the automobile. We’re providing a lifetime of data and expertise, and that’s what separates us.
Like a lot of you, I take a lot pleasure in my work, and I worth the friendships and relationships that I develop with every certainly one of my purchasers. Do not forget that every part you and I do displays on each different agent and dealer within the trade. It’s price exhibiting up at our greatest each single day as a result of that permits us to make our little nook of the true property world higher.