Successful Communication Techniques for Real Estate Professionals
In order for you to be a successful deal maker in the real estate market, mastering successful communication techniques for real estate professionals is of utmost importance, as relationships must be given top priority. In the early days when I stepped into this field, one of my role models guided me that we are in a business where everything is based upon effective and relevant information rather than sales. If the information provided by you to the client is accurate, relevant and current, your career will progress in leaps and bounds.
If you follow the following guidelines properly, you will be able to build a trustworthy relation with your clients and will also be able to close your deals quickly and effectively. The guidelines are:
1. Counsel Wisely
As an investment sales dealer, I’ve learned that I am only a counselor and not the one to make decisions. Eventually, as dealers, our role is to be the joining link between the buyer and seller. So many times during the span of my career, I have witnessed situations where, regardless of being junior or senior, a broker tries to force their client to buy or sell a property which they are not willing to do in the first place.
I strongly believe that, contrary to the observation shared above, a better dealer would do his / her homework, gather as much information as possible, share it with the client, make a suggestion, I repeat, a suggestion, and then leave the decision making part for the client.
Professional Opinion
Whenever I get a chance to share my opinion, I always say that I try to stand in the customers’ shoes. Try to think from his perspective, take into consideration all perspectives that a customer might have and only then proceed any further. This will ensure that whatever we tell to the customer is and will always be in his best interest. Let me take a specific situation into consideration.
Sometimes, a customer wants to sell a property but your market intelligence suggests otherwise, so you advise your customer to wait for favourable market conditions. This might prolong the maturity of a deal but as a result, this will build a trustworthy relation with your client, a dependable bond which can turn a one-time customer into a lifelong business partner.
In Dubai’s real estate market, this is a very dependable strategy because in Dubai, there are a lot of investment opportunities always coming up on a daily basis and if you have already built that bond, you are in for a long, flourishing and rewarding career in the real estate market.
2. Share Periodic Updates
Let me share with you how I work. For example, I have instructed my team to prepare and then share detailed weekly market update reports with my clients. These reports comprehensively cover all aspects of the property market like the current trends, upcoming hot properties, be it short term or a long-term investment, rental business etc., I make sure everything is covered. This consistent flow of information serves dual purpose; One, it keeps the customers engaged so that they do not shift their focus somewhere else, and Two, it keeps them ready to pounce on the right opportunity.
3. Foster Client Collaboration
Once you regularly engage your client and engage on a weekly basis to share current market intelligence, you establish a team-like bonding. Sellers appreciate that they are kept in the loop and it can help in certain situations like families or joint ventures where there is involvement of more than one person. Such engagements allow everyone to feel equal involvement in the process.
If you can ensure close working with customers, it can provide you an insight into the customers’ expectations which can prove to be helpful in maintaining balance between the pros & cons of a certain property. This way, a crystal clear perspective is laid down in front of them to consider offers. A certain property may have a strong presence in the market due to its prime location but at the same time, considerable repair and maintenance estimates could affect its value. If you can manage to maintain a balanced approach in such situations, you will play a pivotal role as you will help your client in his decision making process.
4. Negotiate Like a Pro
As we create and modify contracts, it is pertinent to keep into consideration both involved parties’ perspectives. Creating healthy competition amongst buyers can potentially lead to a win-win situation for both the seller as well as the buyers. Sellers will get multiple offers and the buyers will get lucrative price offers as this happens as a regular feature in the USA real estate market. I have mentioned in my book “The Insider’s Edge to Real Estate Investing” that if the homework is properly done and the right kind of preparation is carried out well, there is all likelihood that the deal will go the way it is intended.
5. Forge Industry-Relevant Connections
In addition to being a pro in your field of expertise, you would certainly like to know ways to engage pros who are champions of their own leagues. This can include but not limited to attending seminars and conferences to meet new people and keep up with the existing ones. Sharing information within your community can lead to outcomes which are fruitful for all and in the best interest of the customers eventually since this is a customer centric industry.
Since effective communication is a tool that cannot be mastered overnight, you need to constantly keep working on it till the desired results are achieved. Once achieved, it can be worthwhile as you look to build strong bonds with the clients and lasting relationships with peers. If you are honest, fair and clear in providing the information to your clients, you are likely to close the deal more often than some of your competitors.
As the deal makers, if our communication is effective, it can certainly help us to build that bond with our clients which will take us to next levels in terms of customers’ trust and as soon as they are ready to make a move, you will be that person whom they will reach out to thus making you a WINNER!
