Buying and selling residential real estate is one of the most emotional transactions consumers conduct. Understanding client psychology, managing expectations, and using effective communication are the three most valuable skills that a real estate professional needs to develop for a successful career with less stress.
Client Psychology
Understand the psyche of your client and your chances of a smooth transaction increase dramatically.
Is the client a standard seller who has lived and raised their family in the home for the past 25 years, but has not done many upgrades? Perhaps prepping this client for the possibility of offensive offers from cash investors will be important to making sure they don’t take things personally, or worse, become unreasonable sellers.
Understanding client psychology is important, however, equally important is they understand your psychology. It is vital to the client relationship that they understand your goals are in-line with theirs, and as a fiduciary you will only represent their best interests. Breaking down the walls in the beginning is one of the best ways to get on the same page as your client.
Managing Expectations
Here are two examples of how to manage expectations with buyers and sellers.
- Home inspection. If the buyer thinks a seller is going to update a 1920 home to the current building code, this is usually a bad sign. The expectation should be set before the report is issued of what will be outlined and items that should reasonably be expected to be addressed. A buyer can always ask for everything and a seller can give nothing, but by setting the expectations upfront you will help clients get more without losing it all.
- Setting price with sellers. There is no easier way to upset a seller than continually ask for price reductions. Go through the pain once in the beginning, set the price right, and sell the home. Otherwise you will continually have to explain why the price needs to be reduced. Set the expectation and get the job done right, the first time.
This will be short and sweet:
- Call, e-mail, text, or Facebook your clients with updates and information before they call you. Third-party vendors should do the same (lenders especially, escrow, title, etc.).
- Bad news early is good news. Do not delay making these calls.
By Sammer Mudawar
Ron Goldstein,MBA
Certified Luxury Broker@Berkshire Hathaway Chicago & St. Petersburg
Principal, Silver Professionals
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