Being a real estate agent or property manager is, in essence, a customer service position. Navigating the challenges inherent in such a role can be difficult, especially when clients have their own ideas about how the real estate business should work.
However, you can better satisfy clients through one key practice: managing their expectations. This is more simply said than done. Every situation is different, and with people there will always be something that comes up that you haven’t planned for.
By managing your client’s expectations, however, you can better negotiate anything that comes your way, leading to happy clients and greater returns. Here are some tips to help you set and maintain those expectations.
1. Clearly Compare Budgets to Reality
Buyers have a clear picture of their dream home in their head. However, they may not have the budget to make those dreams a reality just yet. As a real estate agent, broker, or property manager, your job is to show the client truthfully what their budget warrants in terms of buying or renting.
With a clear picture of what their budget can get them, prospective movers are in a better position to be satisfied by their final choice.
2. Don’t Exaggerate Market Conditions
Just as you don’t want buyers or renters to expect the world, you want anyone involved in a real estate transaction to be aware of the current market.
For instance, the real estate market is red-hot in Boise, Idaho. Many sellers are receiving multiple offers on their home right away. However, this is not a guarantee. You don’t want a seller to have false hope only to have to lower their starting price or wait weeks for activity.
Sell the market, but don’t exaggerate. You don’t want your clients to be ultimately disappointed.
3. Describe Your Process
Many individuals and families you work with will be doing all this for the first time. When finding the right home, there’s a lot at stake and stress can get high.
One of the best things you can do for your clients is to layout every step of your process. This allows them to know exactly what to expect and what next steps they can take.
4. Open Up Your Time for Questions and Clarification
Every time you meet with clients—no matter if you’re working with renters or buyers—you should open up the conversation to any questions the client might have. This is the perfect opportunity to provide clarification that can go a long way towards managing expectations and avoiding misunderstandings.
Simply state your desire to make everything as transparent and clear as possible. If your client has any questions or concerns, they should feel as if they can bring them up with you.
5. Be Empathetic
To best set clear expectations with your clients, it's important that you allow them to do the same with you. A part of this means opening up for questions and concerns. However, to maintain a two-way flow of clear communication, you need to ensure that you are taking the time to understand your clients, their challenges and needs.
Show empathy to your clients and there is a better chance they will be more receptive to your insights. You can then direct their expectations more towards the reality of whatever real estate transaction you are approaching, answering all questions and placating all concerns.
Bottom Line
Managing client expectations is a necessity for any agent involved in real estate transactions. As the hub of all our day-to-day activity, our homes can be invaluable assets. Take care and show empathy to clients in order to best set expectations that align with reality.
For more information on real estate and property management, contact 208.properties or find us on social media.
