How to Manage Client Expectations as A Real Estate Agent
Have you tried putting a jigsaw puzzle together before? That’s what a real estate transaction seems like if you don’t know your way around it. Managing a client’s expectation as a real estate agent is critical and analytical in approach, but sadly it is most times overlooked as part of the client-agent relationship.
Knowing how to manage your client’s demands and expectations is very important and at the same time challenging, that is why you need to be realistic in learning how to manage them, in order to build a strong reputation, keep you on track and establish a stable client-agent relationship. Now, here are some tips/suggestions that will help you as an agent to do this for your clients, while you close more deals.
- Be Honest: Honesty matters a lot; it should be one of your core virtues as an agent. Be honest about the market condition to your clients. Be genuine when providing your services to clients try to be realistic with them, either the buyers or the sellers. Know the market value to avoid client complaints, especially with first-time clients. Be clear with them on what to expect and what not to.
- Communication: This is something that involves humans, that is why communication should be constant for effective management of clients’ expectations. Establish a friendly and open environment with them where they can share their feelings of what they’re about to venture into. In any case, you can’t manage expectations if they’re not clearly communicated to you. It’s important that your clients know you’re always available when they need you (within reason). Constant communication is required from you as a real estate agent to keep the expectations of your clients in check.
- Be Compassionate: This is another very important tip to note. The reasons for buying or selling properties varies from client to client, this process can be very emotional most times. It is your duty as a real estate agent to show empathy and compassion, let them know that you understand whatever they might be going through, that makes you more of an agent.
- Work With A Budget: Looking at this from the buyer’s perspective, every buyer wants more in a property, but the question is, how tight or flexible is their budget, can they afford it? As an agent to such a client, it’s your duty to let them know what they can and can’t afford with their budget. It sets clear expectations and makes them understand the difference between the properties they can and cannot afford.
- Educate Your Clients: Oftentimes clients venture into real estate with little or no knowledge of what’s involved. It is your job as an agent to sit your clients down and advise them. They shouldn’t always expect to put in a low offer and hit the big deal, it can sometimes be accepted or rejected. Helping your clients understand the timelines involved in their transaction is also a necessity. Your expertise in setting realistic deadlines will be required. Help your client understand that there are many factors that go into getting them to the closing table. The loan approval, HOA approval, title search, lien search, survey, and other factors all take time to be completed…especially if issues arise. Avoid creating deadlines that may not be feasible by making sure you understand (and relay) a realistic time frame.
For effective management of your client’s expectations as an agent, you need to be knowledgeable, a good listener, and understanding. Mastering these special skills will increase your value. Your clients will not only use your services again in the future, but feel confident in referring you to their family, friends, and associates.