How to Properly Set and Deliver Client Expectations
According to recent data from NAR, only 67% of home sellers say they would use the same agent in a future transaction. By contrast, only 23% of sellers hired the same agent. That’s a staggeringly-low number! As agents, what can we be doing better with sellers to improve client retention and repeat business? It all begins with clear communication and setting expectations.
PRACTICE ACTIVE LISTENING:
-Don’t be afraid to ask your clients up front about their past real estate experiences! It is beneficial for you to know what they liked and did not like about previous agents.
-Confirm the things you hear. This helps you to draw out information to determine their needs and desires. For example, “You are concerned about xyz, is that correct?” “It sounds like you want xyz, right?”
-Commit to being present! I cannot stress the importance of this enough. Put down your mobile device, remove external distractions and demonstrate that you are interested, not interesting. Listen more than you speak.
-Improve your active listening skills and overall attention span by practicing short, daily mindfulness meditation and physical exercise.
FIGURE OUT THEIR NEEDS:
-Use your active listening skills to quickly determine a client’s actual needs. This allows you to tailor your approach without wasting a client’s precious time.
-What are the reasons behind the reasons? If a client says she needs a finished basement, is that correct? Or does she merely need an extra space for her kids to play? Don’t be afraid to ask clarifying questions, just don’t use the word “why”, because that sounds accusatory.
YOU ARE THE EXPERT:
-In many cases, clients have very little experience in buying and selling homes. Oh sure, they may have bought and sold a few times, but that’s nothing compared to what a real estate agent may do over the span of a year. Educate, educate, educate!
-If you’re working with a seller, make sure she knows the relevant market. Have similar homes in the area been sitting for 30+ days? Show her the data! Make sure she’s aware of your full marketing plan and let her know about the processes that happen behind the scenes.
-Talk buyers through the homebuying process. Let them know what to expect out of the market and competing buyers.
COMMUNICATION:
-Make sure that your clients are aware of your communication plan and stick to it. Do not “ghost” a client between resolution and closing. You may have had a great relationship with the client through the tough parts of the contract, but they will only remember how you treated them in the days/weeks leading up to closing.
-Stay in touch after closing! Remember how your grandparents told you to always write “thank you” cards? Same principle applies here. Make sure they know that you appreciate them beyond the bounds of a transaction. Maintain regular contact in the weeks/months/years after a closing. A phone call each year on their closing anniversary is the perfect excuse to reach out.
Many factors determine a client’s satisfaction level and likelihood to come back to you. However, establishing clear communication, understanding client needs and setting expectations at the beginning will help you to greatly increase the odds in your favor.
