In the past 10 years of coaching real estate agents to market themselves, I've noticed a simple mistake that can cost you a transaction. Do you know which one I'm talking about? Imagine you're working with a prospective buyer? What is the first thing you make sure to do? This article reveals the secret steps that can save you thousands.
Step 1: Invite the prospective buyer into your office. Why is this important? You need to establish a working relationship with this buyer. They need to know how you work.
Step 2: Ask them detailed and specific questions about what they are looking for. Take notes and don't be afraid to delve. You need to know their specifics, their motivations and their time lines. Do active listening with them and repeat back some of their key phrases and words. It will inspire confidence in them when they feel heard.
Step 3: Tell them all the wonderful things you are going to do for them. For example, tell them that you'll be previewing houses, you'll be taking them out to look at houses, you'll be advertising, you'll be going to MLS meetings, etc.
Step 4: Tell them what you expect from them. A simple way to phrase this is after you have told them what you'll be doing for them is, "All I need from you is an agreement that we'll work exclusively together." They probably won't know what that means, so get specific. "This means that you won't work with another agent, if you see a name and number on a For Sale sign, you'll call me instead of the name on the sign and bottom line it means, I'm the one who is handling the transaction and my name will be on the escrow with you."
Step 5: Clarify what you just said. They will probably have a questioning look on their face. Say, "It looks like you might have a few questions about what I just said, what can I clarify for you?" Keep pursuing and discussing it with them until you are sure they are in agreement with your policy. Their body language is probably the best way to tell if they really mean "yes."
Step 6: Reassure them that they are not "locked in." After all that, be sure to tell them they are not "locked in". In other words, if they don't like working with you or you don't like working with them, then there needs to be a discussion. If the issues can't be resolved and you're not a good match, let them know they can be released from the agreement providing there is a discussion and mutual agreement.
If you've followed all the steps above, you'll save yourself a lot of grief later. I can't tell you the number of agents I've coached who have come to the session extremely angry because a client they were helping decided to go with another agent. Let's make sure that doesn't happen to you.