10 Ways to Build a Reputable Estate Agency
If you are considering it and you tell a friend or family member that you want to start an estate agency business, what reaction do you usually get? Well honestly speaking, a number of them have had a bad experience or two with some estate agents in the past and they will tell you so.
Estate Agents: Are they All Bad?
Stories about unruly agents who only cared about their commission and disappeared as soon as they received their money. The property industry is definitely filled with its fair share of these types of dishonest agents and as a result have given the practice a bad reputation. Unfortunately, this appears to affect the well-meaning agencies operating with good intentions.
The property business should be built on trust; trust between the landlord, the letting agent and the buyer/tenant. This relationship can be fostered by the high-level customer service delivered by the estate agency to the property owners and renters.
At Redstones’ Agency, we stand for excellent customer service.
We work with new franchises to run an estate agent business that will be reputed for first class customer service. We do this because we believe that great customer service gives you a competitive edge over your competitors.
Here are some tips to make your agency stand out:
Communication
Imagine you want to sell a house or buy one, it can be difficult dealing with an agency whose representatives are poor communicators. The property market is a time sensitive one, so you need an agent who willing to inform you of your standing in relation to your present buying or selling conditions on time. This allows you to quickly move ahead to the next potential buy or sell.
No doubt, one of the biggest disappointments for people is a total lack of communication with their agent. It is really necessary for agents to be in constant touch with their customers and clients. Sometimes what may appear to be an unimportant information to an agent who has been in the industry for long may actually be useful to a customer who is green to the real estate market.
Be Pre-emptive
A good agent should be active in calling his potential buyers and property owners. He should be on the constant lookout for new information. Is there an opening somewhere, a new government law that they should know about or some developing information that could be useful to either his buyer or homeowner? This is something you should be able to tell them.
The major key to being pre-emptive is keeping your client in the know about the market. If your client is the one calling all the time, then it means you are probably not giving them adequate information. As an efficient estate agent, you should be pre-emptive.
Be a Good Listener
As a rule, most people are watchful of agents who talk too much. They take it to mean that there is probably something to hide. If people cannot get a distinct meaning from what you say they will usually clam up. As a good agent, you should be an attentive listener. Ask your potential buyer or house owner questions about their intentions and expectations. Make them be the ones to talk so that you can listen. By listening you will be able to serve them better and maintain a cordial relationship at best.
Be Client-Focused
Simply put, if your client wins, so do you as an estate agent. This is why it is imperative to put your client first. The resulting benefit is sustaining; think about the referrals to other potential customers if your client is happy with your services.
Build your offerings around the client. Make your business easily accessible (online or offline), train your agents to be more amenable and be true to them about development in the property market. By keeping your business client focused you will build a relationship that is mutually benefitting by way of repeat business and advocacy. You will be better off retaining satisfied customers than trying to gain new ones.
Adapt Easily to Client Needs
A good agent should be able to study and understand their clients. While most clients prefer to communicate through email, other like to do so by quick SMS messages. Yet others prefer long discussions via phone calls so that they can be informed about the news on their property sales or purchases.
It is the job of a responsible agent to discover which means of communication is the preferred choice and adapt to using it so that the client does not feel neglected or overwhelmed by too frequent communication. At Redstones’ Agency, we advise agencies make sure their staff recognises these cues.
Know Your Clients’ Time Frame
For a good client-agency relationship to be viable, being time aware is essential. Estate agents need to know how urgently their clients need to conduct their business. Whether they are in a hurry to sell or move. If your customer needs to settle into a new home as quickly as possible, then the agent should plan a closer time frame too.
On the other hand, if a client is more relaxed the agent can give the client advice on when it is better to hold off until a more suitable offer is available. This can allow the client to get a better deal on the property.
Understand Your Client’s Reason for Selling
As a customer-focused agent, always know the motivation behind your client’s reason to sell. This provides you with more information before you make decisions on behalf of your client.
Are they selling to buy again?
Are they selling as a last resort?
Is it an investment property?
Do they intend to live in the house or remodel it?
By knowing the reasons behind the sale of a house, you can tell if there is a sentimental attachment to a home, in which case a buyer matching the client’s preferences will be more suitable. Clients will be more appreciative of an agent who takes the time to produce the ‘best fit’ for their home.
Be Willing to Give your Previous Clients as References
Your clients’ glowing testimony is a good sign of an agency’s sterling reputation. If you are as good as you should be, you would be proud to offer your previous clients as references to potential ones because you trust them to vouch for you. Conversely, if your agency isn’t so good you might be hesitant to produce previous clients of yours.
Some new customers make this request to see if they can trust you. Always maintain a cordial relationship with previous clients so that they can recommend you positively in the property business.
Be A Salesperson
Whether you like it or not, an estate agent must essentially be a salesman. So inasmuch as you have all the information about the property or the market, you should be able to make a convincing case and compel a would-be buyer or seller to make a sales completion. At Redstones’ Agency, we train agencies to produce the best estate agents who are customer focused and adept at closing a transaction in the most efficient way possible.
Make an Emotional Connection
This is one of the most significant aspects of the real estate business. If your potential client senses a disconnection, they are likely to lose interest in the transaction. Most of the other tips mentioned revolve around this quality.
Your clients will be more forthcoming with you if you are able to connect with them on an emotional level. If you can find out their reasons for sale or purchase, this can be the pathway you need to make an emotional connection. You can also reveal information that shows trust; be upfront and sincere. Most people already believe that estate agents are not trustworthy, so by being open to them you increase the chances of letting their guard down.
Why Choose Redstone Agency?
We will prepare you for a successful operation in the real estate business.
In our extensive years of training, ensuring superlative levels in customer service is an in-depth part of our process. We facilitate using current business practices like our Switch Agents Programme which is geared towards improving service levels for landlords.
We also elucidate on how franchises can integrate certain governmental policies into their regular business operations, like the latest requirements for all rented buildings to be provided with smoke alarms, carbon monoxide sensors and the recently introduced Right to Rent checks.
In addition to our training programmes and effective change management procedures, communication will be one of the key topics for building a positive reputation for an estate agent franchise.
According to our director Manjit Virdi, in spite of the industry-wide or more local market changes that are happening, constant communication with buyers, sellers, renters and property owners on all important issues prevents frustration.
We assure you of building a more reputable estate agency and your agents will debunk the wrong notion that has been trailing the property industry for a long time now.
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