How Not to Lose a Client in 10 days
How Not to Lose a Client in 10 days
Clients and How Not to Lose them
While we won’t be serenading a Carly Simon song or tugging on the heartstrings of a Hollywood heartthrob, we will be sharing ten essential tips for agents, the key pitfalls to avoid and the most common mistakes agents make that can cost them a client. Whether you are a new agent or seasoned veteran in today’s market, get ready for ten insights from Top Agent Magazine. Sit down, grab your popcorn, and tune in to “How To Not Lose a Client in 10 Days!”
Rule number 1: Prioritize Client Well-being Over Transactions. Something we hear time and time again from agents featured in Top Agent Magazine is that their business and relationship with a client is not just about the transaction but more about devotion to serving their clients.
Suppose a client suspects you are only eager for a quick commission versus their welfare; they may move on to a new agent who puts their welfare ahead of a transaction. Agents who make it in real estate care about their clients’ welfare while guiding them through the homebuying journey. If an agent is more transaction-focused than client-centric, this is a sure way to lose a client.
Rule number 2: Be Transparent in Property Disclosures. Never gloss over issues with a property. Be transparent with your client as you disclose everything you know about a property to protect the interest of a client and their family. When an agent openly communicates with their clients, whether a structural issue or faulty plumbing in the home, it prepares them to understand the magnitude of what home repairs need addressing before purchasing. If an agent conceals property issues for their client to discover later, they may lose future business.
Rule number 3: Practice Prompt and Consistent Communication. Failing to respond to your client may cause severe frustration. Your clients will have questions —point blank. The client relies on their agent as their voice of reason to distribute facts, relay progress, handle disruptions in the home buying process, and close the deal as seamlessly as possible. In a way, as an agent, you pledge to take on the stress. When you leave your clients without answers, they may not feel like a priority to you. Promptly return those phone calls and emails!
Rule number 4: Thorough Property Knowledge is Non-Negotiable. Agents must do their homework on a property to avoid losing potential customers and leads. Picture this – It’s an open house flooded with potential clients, but you struggle to answer questions regarding the property accurately. Your potential client will be running for the hills!
Conduct thorough research on the home and property, plunging into every detail from the construction date of the home to the specifics of the flooring. When your clients ask about the home, land, and local community, they expect you to inform them properly. Keep your leads impressed while you share your knowledgeable expertise about your listings so they feel secure in their home purchase.
Rule number 5: Implement Effective Marketing Strategies. Marketing properties sufficiently is critical for generating new leads and sales. Top agents effectively market their listings through email marketing, social media, print advertising, drone photography, and professional staging.
For example, TV Personality from Selling Sunset and one of Southern California’s most well-known luxury real estate brokers featured on Top Agent Magazine’s cover, Jason Oppenheim from the Oppenheim Group, shares, “We focus on the presentation of a property beforehand, and we even have a concierge service that can help get the home ready for sale. We really like to have a property looking as new as possible before we photograph and get them to market, so that often means staging, painting, landscaping, and sometimes a light remodel.”
Implement Jason’s advice by employing effective marketing strategies to have plenty of leads and prevent losing potential clients.
Rule number 6: Master the Art of Negotiation. Lacking confidence in negotiation can give the impression that an agent needs a grip on the sale. Successful agents who know how to negotiate home prices find reward by keeping clients long-term while serving their clients’ best interests.
A client will expect their agent to handle the negotiation aspects of the home buying process to give them the most favorable outcome. Poor negotiation skills can look like rushing, passivity, and lack of decision-making ability. On the other hand, a confident negotiator will have patience, assertion, and the ability to make decisions by articulating a client’s boundaries when discussing the closing price. You could miss out on future business or a five-star review if you don’t bring your A-game for your client.
Rule number 7: Take Your Client Feedback Seriously. Ignoring client feedback will result in client frustration and pose a significant risk of losing repeat and referral business. Constructive criticism from clients can be a guiding light to where an agent needs improvement in how they do business and, in the long term, may help refine an agent’s skills. Which agent doesn’t want to be the best version of themselves? Take advantage of your client’s advice to leverage it as an opportunity for career growth.
Rule number 8: Deliver What You Promise. Overpromising and under delivering is an easy way to taint your image and name in the business of real estate. To uphold your reputation among clients and industry peers, it’s crucial to fulfill the expectations you’ve committed to meeting. An agent should strive to be realistic when working with their client to avoid false hope or unrealistic results in the buying and selling process. Furthermore, it helps everyone prepare emotionally for potential obstacles in the homebuying process.
Rule number 9: Cultivate Patience and Professionalism. Putting pressure on your clients to make a decision when purchasing or selling their home is a big no-no. Not only is a home one of the most significant purchases most individuals make over their lifetime, but it is also where most spend the rest of their lives.
For a client, these decisions can be challenging as they determine what their future home will look like. While guiding your client is valuable, it’s important to allow them to go at their own pace. Patience is a virtue, and professionalism is essential for a happy client.
Rule number 10: Get Versed in Market Knowledge. It is paramount that an agent is educated about present market trends and informed about the local real estate market. Should an agent not prove they are up-to-date with the latest market knowledge, they risk looking unprofessional and unfit to represent a client. By knowing the state of the market, you become a proficient representative for your client.
Additionally, you stay properly educated and may earn respect in the industry for your knowledge. Learning things like year-to-year home values, current interest rates, and home inventory stock, as well as the best time to list or purchase a home, will demonstrate to your clients that they are in good hands with an agent who holds vast knowledge of the real estate world.
In the competitive world of real estate, the success of your business relies on your clients’ loyalty and the prestige of your reputation. By implementing these rules into practice, you can avoid future challenges as you flourish in your business and cultivate enduring relationships with your clients for years to come.
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