FIVE REASONS WHY BROKERS ARE LOSING THEIR CLIENTS
Losing real estate clients? Avoid these five common mistakes. Relationship-building is key in sales be it real estate or otherwise. You need to understand what your clients want and put their needs ahead of your own. That is the very reason why they hire you as their agent or broker—they need your help in purchasing a property, and being friendly does not always cut it. But then again, relationship-building is not always a picnic. You will tend to overlook things when you are too caught up with contracts, marketing, and real estate whatnot, and while there are many reasons why clients get turned off, there are common mistakes real estate agents make, that make them lose their clients—and we rounded up the top reasons why brokers might be losing their clients.
1. You are too impersonal
It cannot be reiterated enough how a little warmth and affableness go a long way with sales. But sometimes when you try too hard to enforce professionalism, you have a tendency to overlook empathy. Real estate is a personal business. Buying is usually an emotional process, and striking a balance between professionalism and treating your clients empathically will make them trust you. Forgetting to do so will give them one valid reason to leave.
2. You prioritize current clients and neglect prospective ones
With all the Web research buyers have at their disposal nowadays, it makes them more educated and even pickier about whom they are going to deal with if they want to purchase real estate. One mistake that real estate agents make is forgetting those clients that are early on in the buying process. These clients always jump boats if they want to, given all the options they have, but the one thing they appreciate is responsiveness. This may just be one of the simplest ways to retain your prospective clients, since this trait is one of the earliest indicators of trustworthiness. Once they feel that they are not top priority, they can always switch brokers.
3. You do not listen and you talk too much
Real estate brokers have a tendency to be carried away when they are trying to make a sale. The bane of any client–agent relationship is the tendency to forget how to listen to the other party’s concerns. But keep in mind that the customer is king and they always come first. Clichéd, yes, but listening does matter, transactions go on smoothly if you maintain a healthy communication—which involves listening. You avoid errors, and give them the responses they want for their inquiries.
4. You fail to follow up
Too busy? Too lazy? These things may just be what your clients are thinking when you do not follow up. Either way, failing to follow up on your clients indicates your lack of interest in selling them a property. Thing is, if a client wants a property, he or she can always look for someone else to cater to his or her real estate needs. They will not leave their plans of purchasing a property just because you forgot to call them. Who loses then?
5. You promise something you cannot deliver
As mentioned, real estate agents can get carried away when they market a property. This results in them giving their clients unrealistic expectations or offers that are too good to be true. Sometimes being straightforward as to how far the negotiations may reach can nab your client’s trust. Making grandiose claims during a deal makes a client doubt your accountability.