Commitment is what transforms a promise into reality…Commitment is the stuff character is made of; the power to change the face of things. It is the daily triumph of integrity over skepticism.
~ Abraham Lincoln
The bubble burst in 2008. The real estate industry suffered huge setbacks. You are reading this because you are among the fearless, undaunted, courageous and committed real estate professionals who withstood the test of times.
Changing times require change in attitude and style to cope with the market’s needs. To survive, perhaps, a change in niche is necessary. I, for one, has circumvented my focus from being a lakefront specialist into a buyer’s agent lest business lead me astray into nothingness for the simple reason that demand for lakefront homes in Connecticut has dwindled.
The switch was actually a blessing. I feel vicariously the delight and joy in the hearts of the buyers, especially first-time homebuyers, more deeply when they closed on their homes. This is a priceless emotional reward.
How do we keep buyers loyalty until the end of the transaction and beyond? I don’t have scripts to preach at initial contact. I ask questions and absorb as much as I could with open heart and mind as I LISTEN. Once they passed the DNA test (motivation, qualification and intention) then you bestowed upon them your Commitment in exchange for their trust.
Buyer Representation does not equate to simple fiduciary duties. Some agents lose their buyers along the way. Some let them go voluntarily.
In shedding better perspective on the best practices in buyer representation, I have extracted from REBAC an article about their two featured real estate agents’ styles in managing clients’ expectations and keeping their loyalty.
Michael Toomey of Kirkland, Washington, used “buyers are liars” maxim to lay the groundwork for a working relationship that is built on open and honest communications. He would tell the buyers this straightforwardly.
Oh!. Don’t pound him by saying this. He would diffuse the percolating buyers’ anger instantly by appending, “Not that they lie intentionally. But what they think they want today probably will not be what they end up with later.”
He explained that this could be the result of a mismatch between their budget and the features or location they desire. Or, their preferences might change once they start looking at houses. He continued by telling them what goes on behind the scenes of the real estate business, specifically, how he gets paid by commissions.
Michael said that being forthcoming with facts is critical in creating transparency as the key in building trust.
David Scott of Boulder, Colorado, focused on providing a very high level of customer service. He emphasized that he is always accessible and willing to help. He firmly believed that all great businesses are built on customer service. He perfected his trade by tailoring his services to what each client wants. For the sophisticated number crunchers, he would provide detailed market analysis. And concentrated on the home features for buyers with discriminating tastes.
He admitted that he kept on changing his sytem to perfect it albeit glaring fact that perfection is not possible.
As buyers’ agents, we develop our own unique style in our quest for better buyer representation. This should not be distinct from our individuaity. There is no general system or perfect style. Just be yourself and keep the positive attitude. Your attitude towards your buyers will either lead to a fruitful and enjoyable relationship or to NONE.
Most importantly, a buyer-agent relationship should be a two-way traffic. Trust begets trust.