Warning: Not adding value is detrimental to your business.
As an estate agent you believe that the service you provide adds value to your clients, but is it true? Are you really adding value? Are you confident in the belief of the service you are giving?
When valuing a home, what is your approach? I was speaking to a friend of mine the other day and we were having a discussion about appraisals, she said her frustration is when agents will not actually give her a valuation, instead they ask her what price she would like to sell her property for. She told me “I thought the whole idea of a valuation was I would obtain a detailed understanding of the current market within this area. That I would be shown the facts and figures and comparables highlighting where my property sits within the market as well as being given an asking price which reflects that.” Sadly this situation is more common than you think.
Another type of agent is the ‘Yes’ man, so eager to please their clients and obtain business; they allow themselves to be dictated to on the asking price. This ‘client price’ is always inflated and doesn’t reflect the market and therefore causes frustration, delays and requires several drops of the asking price until it is sold. This is not a healthy way to do business or to attract referrals and repeat business.
But why is this happening?
I believe there are two reasons; the first is some agents are complacent in their business and they don’t believe there is a need to change what they do. Secondly, competition is creating a feeling of fear; as though agents want to please their clients so much as they can to get the business. If you are one of these agents, let me tell you this is a very bad tactic.
Some of the best agents I have worked with regularly achieve a sales price higher than the asking price. So what are they doing different?
- They take the valuation process seriously.
They research, create a pack of data and comparables for potential Vendors to digest. They are promoting their knowledge and expertise and becoming trusted advisors.
- They are honest about the condition and presentation of the property.
They are always seeking ways to add value to each and every property they appraise. They will give comprehensive feedback to each client on work they consider necessary to achieve the best possible price for their client, whether it be repairs, decoration or home staging. They work with the clients to obtain the best results and where necessary recommending tradesman and home stagers. The outcomes for this attention to detail are completely worth their while as they move properties to the Vendors timescales and are achieving approximately 5-10% more in their property fee due to the sale price achieved.
As agents we should be helping our vendors to maximize the most precious tax free asset they own, their home.
- They never negotiate.
Yes everyone loves a bargain, but you should not be reducing your fee, instead you should be selling your worth. Providing an exceptional appraisal will illustrate your expertise, prove that you can sell their property in the timescale discussed, and demonstrate that with your advice their asking price is achievable. You need to be confident in your worth and never undersell you or your company.
- They follow up.
This is not a quick phone call from a person in your office asking if you are getting the instruction. The follow-up has a purpose, and the purpose is not to sell. The follow-up call is all about continuing the relationship, highlighting your expertise and willingness to help whether or not they instruct your services. The follow-up call is about creating a positive lasting impression.
A Vendors most valuable tax free asset is in your hands. Do you take the hard road and advise your clients how to add value, or do you play it safe?
There are far too many agents playing it safe. Stop shying away from what’s difficult and start on the path of becoming the agent you know you should be, you will soon reap the rewards.
If you believe you are not performing to your true potential, I can show you how to succeed by creating a robust business built for growth. Contact me today and let me show you how to become The Agent in your area.
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