Real Estate Industry’s #1 Threat
For years, it was believed the biggest threat to the real estate industry was technology. If customers could simply click on a link to buy a property, would they still need professional help? Fortunately, we’ve since learned technology can actually improve business because it educates and informs prospective clients about their choices, which can only be a good thing. But this doesn’t mean we can be complacent. Other threats to the industry do remain – and the biggest of these is our approach to our transactions and our clients.
Historically, many agents were taught to operate on the “find ’em, fleece ’em and forget ’em” principle. More often than not, real estate agents are concentrated on sealing the deal and then quickly moving on to the next prospective sale, never looking back. This is a transactional way of dealing with clients. Is it any wonder then that our customers often came to think of a real estate agent as a forgotten commodity once the moving truck was unloaded and the suitcases unpacked? Yes, the relationship may have been intense during the sale process, but because it was purely transactional in nature it rarely continued once the deal was done. Ask most homebuyers the name of their agent – even mere months after they’ve moved into their new house – and chances are they won’t be able to recall.
At Buffini & Company, we believe in order to be supremely successful and achieve incredible growth in your business, you must be relational, not transactional, in your attitude. Selling someone a house isn’t just about making a deal, it’s about creating a home. To be ultimately satisfied and content, clients have to feel a certain way both about the process and the end result which means attending to their emotional and practical needs. What are your customers’ concerns or fears about buying or selling? Is there a better way to meet their requirements, solve their problems and serve them more effectively? How can you keep in touch once the deal has been done? These are considerations for any relational approach.
Delivering a premium experience means thinking about all of these issues while nurturing, building and preserving your relationship with your client. The phenomenal upside to this approach not only benefits the customer, but also directly contributes to the “stacking effect” that is vital in order for a business to grow and flourish. This is the idea that when you add more value to your clients, it builds over time and creates raving fans of your business.
This isn’t an easy road. It takes a lot of effort, dedication and commitment to work this way. But the payback is priceless. If your clients have the best possible experience with you, they will become true advocates for your business. They will refer you to friends, family and colleagues, who will do the same in turn. It’s like having your own sales force out in the marketplace, working on your behalf – and who doesn’t want that? Ultimately, the compounding effect of all these referral customers means that your business will grow and strengthen, year after year. And it all begins when you take a relational, not a transactional, approach to your business. So focus on the client relationship first and foremost – the transactions will follow, sure as night follows day. Find out what type of real estate agent you are, then develop your skills to go the extra mile and build relationships.Brian Buffini