In these instances, double down — in your expertise, in your data, 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 best price.
Considered one of 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 feels like the start of a (most likely upsetting) joke, however her consumer’s a simple man, and he sincerely needed to know. And when you look at the data round essentially the most and least trusted professions, amongst those that price 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 method.
We fare a bit of higher on the ends of the spectrum. Extra folks see us as excessive or very excessive on the trustworthiness scale and fewer see us as low or very low, however there’s actually a whole lot of room for enchancment.
There’s a stage of professionalism that some actual property brokers don’t maintain themselves to. In the actual property business, some folks see themselves as salespeople and get targeted on the fee — what I prefer to name getting “fee breath” and chasing that greenback.
That’s totally different from appearing as a trusted fiduciary and fascinated by what’s in the perfect curiosity of the shopper. The extent of professionalism you deliver to the desk units you aside, and it helps outline you.
If it’s important to examine your self to a automobile salesman, at the very least be a high-end automobile salesman, like a BMW, Mercedes or Lamborghini — somebody who’s promoting the exotics at the next worth level. They’re not as frightened in regards to the fee as the standard used automobile salesman.
All joking apart, it is a widespread analogy, and I’m not stunned that this consumer requested this query. Simply give it some thought: Research present that now we have comparable ranges of belief, but we’re promoting any individual’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 will we overcome it? I believe we begin by defining ourselves in another way 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 adverse perceptions about our business except all of us begin altering how we function, how we act, how we view ourselves. The adverse notion is nearly a mirrored image of the self-perception of some brokers.
I’m an enormous 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 gained’t keep open late so we will get in, they usually’re not going to hurry in early to look in his ears.
Whenever you’re leaping by way of hoops to satisfy a consumer at 7:30 p.m. to point out them a home quarter-hour after they known as you, or dropping all the pieces you’re doing every time they let you know 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 business. It’s on the market that brokers are commission-hungry, that they receives a commission an excessive amount of and so forth. However you possibly can change the notion on a person foundation by the way in which you conduct your self and the extent of service that you just present to your shoppers from Day 1.
Data-gathering vs. relationship-building
When somebody walks right into a automobile dealership or onto a used automobile lot, the data they provide is all in regards to the nuts and bolts of the kind of automobile they’re in search of and the cash they’ve accessible for his or her buy. If that’s the way in which 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 standards round their targets 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 actual 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 best choices, giving them the data and the worth they should make these choices.
We’re not simply right here for the numbers as a result of we all know that if we deal with them proper, these shoppers will come again later. They’re going to have youngsters; they’re going to have sisters and nieces and associates who they’ll need to consult 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 believe even our shoppers overlook 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 must be) the distinction between a automobile salesperson and an actual property agent? The one factor they’ll 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 lots of you, I take a lot satisfaction in my work, and I worth the friendships and relationships that I develop with each certainly one of my shoppers. Keep in mind that all the pieces you and I do displays on each different agent and dealer within the business. It’s price displaying up at our greatest each single day as a result of that enables us to make our little nook of the actual property world higher.