Putting together a jigsaw puzzle is akin to real estate deals. Every transaction has many participants, motivations, obstacles, and deadlines. One of the real estate agent’s major tasks is to properly arrange all of the conflicting interests in a transaction. The ultimate aim is for all of the jigsaw pieces to add up to a successfully closed deal at the conclusion of the process. Most agents soon learn that “coordinating the chaos” is an important aspect of their job in every transaction. Many agents, on the other hand, fail to appropriately establish and manage their clients’ expectations of how the chaos will operate and how the process will unfold.
In real estate, whether you’re dealing in person or via virtual real estate, managing client expectations can be tricky. This is especially true in times of a global crisis when real estate virtual tours are all that you have to land clients and show them around properties. In real estate, managing your client’s expectations can be difficult. Your customer may lack a thorough grasp of the market or be relying on inaccurate assumptions or misinformation. They may believe that their home should sell for far more than its actual and fair market worth, or that they should be able to purchase a new home for an absurdly low price.
Real estate agents understand that managing client expectations is important to long-term success, just like managing any other form of personal connection. Buyers may believe you can locate them a house on day one that has every quality they desire at an extremely low price; sellers may believe you can turn their property around overnight at an outrageously high sales price. Unrealistic? Possibly. However, if good recommendations are a key part of your company strategy, you’ll need to understand how to manage client expectations early on in the relationship. Let’s check out a few ways you can do that.
- Be Genuine and Honest
Although being honest is a key concept of customer service, it is all too easy to overlook. You could answer “yes” to satisfy your customer, even though a “maybe” or even “no” would be a better response. When a client wants to sell a home for double the market value or a buyer wants to find a discount in a hot market, being realistic pays off. You never want to hear a customer say, “But you promised me a buyer at my necessary sales price,” or “But you promised me a buyer at my required sales price.”
- Ask Them What They Expect
When buyers and sellers first join the market, it’s typical for them to have unrealistic expectations. They could also have erroneous ideas about what your job as a realtor is, what they’re prepared to compromise for in terms of pricing, or how soon they should be able to buy or sell a home. Some clients’ expectations may have been influenced by reality television shows about house renovations and property flipping. It’s remarkable how many misunderstandings may be prevented by just asking your customer about their expectations right off the bat. You may handle issues before they go out of control by asking your clients what they anticipate.
- Educate Them About the Internet
The internet is, without a doubt, the most powerful communication instrument ever devised. Be it information or virtual site visits, we now have access to everything at our fingertips in a matter of seconds. The problem of fake news, on the other hand, is becoming increasingly apparent. There is a lot of false and erroneous information regarding real estate online.
For a realtor with clients searching the internet for information on buying or selling a home, false information may be a nightmare. Some of your clients may take what they read as gospel, even if it’s outdated information or outright lies. You can’t take away their computer access, but you can tell them that a lot of the material on the internet isn’t true and might even be dangerous rather than beneficial.
- Stay in Touch
The key to being effective is to figure out how often a customer wants to interact upfront. Do they wish to communicate on a daily basis? Do they only want to hear from you once you’ve accepted a job offer? Be aware of their preferences. You also have the right to set communication boundaries early on. During the sales process, your clients should expect to hear from you regularly, but you can also restrict your contact. For instance, set a timeline between which you will receive calls, in case you have some high maintenance clients.
- Property Access
Sellers must have a thorough grasp of what showings, virtual real estate viewings, open houses, and inspections involve. Sellers must comprehend not just the appropriate process for staging a home for viewing but also rules about monitoring, evacuating the premises in specific circumstances, and preparing the property for transfer of ownership. Buyers want a clear grasp of how to schedule showings and the time commitment these appointments imply. Buyers should also know how often they will be able to view property (whether in person or via virtual real estate), who will be able to conduct onsite inspections, and what changes (if any) may be made to the property before closing.