By Sammer Mudawar
Buying and selling residential real estate is one of the most emotional transactions consumers conduct. Understanding client psychology, managing expectations, and using effective communication are the three most valuable skills that a real estate professional needs to develop for a successful career with less stress.
Understand the psyche of your client and your chances of a smooth transaction increase dramatically.
Is the client a standard seller who has lived and raised their family in the home for the past 25 years, but has not done many upgrades? Perhaps prepping this client for the possibility of offensive offers from cash investors will be important to making sure they don’t take things personally, or worse, become unreasonable sellers.
Understanding client psychology is important, however, equally important is they understand your psychology. It is vital to the client relationship that they understand your goals are in-line with theirs, and as a fiduciary you will only represent their best interests. Breaking down the walls in the beginning is one of the best ways to get on the same page as your client.
Here are two examples of how to manage expectations with buyers and sellers. Continue reading »
By Sammer Mudawar
Let’s face it, in the eyes of the consumer, especially the internet shopper, all real estate agents are the same. In fact, they don’t even know why you get paid since they find properties on the internet themselves. Does this sound familiar?
Regardless of experience level, 6 months in the business or 16 years, most agents are insecure when discussing income with clients, especially on the buying side. Why? We work nights, weekends, and holidays to earn their income, but if you cannot demonstrate value in yourself, the consumer will not see value in your service.
First, let’s separate seller representation from buyer representation.
Most agents have less difficulty discussing compensation when dealing with sellers. I’m sure many of you are thinking the opposite; the buyer side is easier because there is no discussion, you just accept MLS offered compensation and the subject is never brought up. So let me explain, this industry has trained sellers to understand two things: 1.) A listing agreement will be required; 2.) A percentage of the sale price will be paid as compensation. In a listing presentation, the expectation of payment is already there, half the battle is already won, now it’s a discussion of how much.
However in buyer agency, the consumer doesn’t expect to pay or they don’t even know how compensation works. Continue reading »