When you serve luxury clients one way to ensure that they come back to you is that, rather than a real estate agent, you become an “estate manager” and here we tell you how to do it.
Make it personal
Establishing a conversation with your clients covering topics that go beyond the real estate field is a tactic that many agents already use and that is especially important if you want that relationship to continue for the long term. We recommend you to talk to them about everyday issues and issues related to the moment of life in which the client is.
The secret to becoming a trusted advisor is to establish this connection by asking questions such as: “What are your main interests?”, “Do you have children? Do you go to school? We know that most of the time we are completely focused on real estate information but what will make you get your 4th or 5th sale is the life component you share with your clients.
Trust your own advice
Real estate agents are experts in their field, so they should be confident in the recommendations they make to their clients. Remember, they count on you and trust you. However, it seems that most agents lack the confidence to say, “Okay, you should do this.
An agent must show confidence in his or her performance, must convince a customer to do something he or she may not be comfortable with but which is definitely the right thing to do in the long run. This is part of managing a high net worth portfolio, getting your clients to trust you and then encouraging them to take that step that will earn them wealth.
Don’t just give data to your customers, help them understand them.
It is not uncommon for large real estate companies to publish frequent reports of data on market trends, but it is one thing to show data and numbers to customers on a monthly or quarterly basis, and quite another to explain them in a friendly way, making sure they are understood.
To achieve this, we suggest you send an email explaining in a simple way the market data (make sure you have an interpretation for each section of the information you provide). You can also send your clients a daily email in the morning with links to the most important news in the real estate market, it’s an easy way to keep them up to date and generally it will be relevant information for the transaction they are making at the moment.
When we are about to make a real estate purchase it is natural to want to wait for the perfect moment to realize it, hoping that market trends favor us and get the best possible offer but unfortunately things do not always happen this way.
While some buyers move quickly, others spend more time in the waiting game and end up losing excellent opportunities. Here’s what you need to know about the latter type of shoppers, how you can help them, and hopefully how they can finish their shopping without regrets.
The time-obsessed shopper
Those clients who acquired real estate made large investments that have been substantially appreciated over the last decade. However, market trend indicators rarely present themselves as clearly as they did in the years following the recession. Today no one knows what will happen in the market in the coming months, which is why the general population remains uneasy and insecure about how to act with respect to the real estate market.
However, they cannot remain motionless by asking themselves these typical questions:
- “I know this is a market of risky buyers, but when will be the best time to buy?”
- “Do you think the market will continue to decline?”
- Maybe I should wait three months and see if I can get the property 5% or 10% cheaper.
What you must convey to these clients is that, according to your experience and through the history of real estate, you will only be able to know in detail the trends of the market evaluating it in retrospect.
The frustrated buyer starts here
The market is a medium that is constantly changing and customers who choose to wait for the ideal moment will inevitably reach the point where frustration will begin to take hold of them when they realize that they have waited too long and that they have missed good opportunities.
After a certain point, trying to time the market can leave the buyer exposed and disappointed. Honestly, no one knows when the crowning moment will occur, nor when the downfall, either as a buyer or as a seller, suggests that they focus on the ideal offer that will cover most of the fundamental requirements they seek.
How can real estate agents help in such a situation?
These circumstances represent both an opportunity and a challenge for the agent due to the reputation of “aggressiveness” they have been given in recent years, for this reason, one should always be careful not to put too much pressure on clients.
By presenting current opportunities and statistical data that demonstrate the value of a property within the current market compared to a few years ago, you will be helping your client understand the real value that current conditions can offer. By helping them understand this and providing them with the right information, they will feel more prepared to make a final decision in less time.
