The real estate market is hot right now, and both homebuyers and home sellers know it. For real estate agents, this means that setting expectations is particularly important since both parties will come to the table with high levels of anticipation. Setting realistic client expectations will ensure client happiness in a competitive real estate market.
Ask Questions Upfront
It might seem obvious, but whenever you work with a new real estate client, you should start by asking some questions to ascertain who you are dealing with. Has the client purchased or sold a home in the past? If so, did they consider the transaction a positive experience? If yes, what made the transaction so positive? If no, what left them with a sour taste? Learning about the client’s past experiences will give you insight into what the client expects in the future.
Determine Needs and Wants
Ascertaining the difference between needs and wants will help you to understand your clients better and properly establish client expectations. What is a must-have? What is something that the client wants, but is negotiable? Determining needs and wants is especially crucial in a competitive market, as inventory is low and buyers looking to make a purchase will probably need to make multiple concessions.
Uncover Deeper Motivations
How many times have you seen a client visit a house that has a feature they didn’t want, or that was missing something from the must-have list, only to have the client fall head over heels with the home? As a real estate agent, it’s important to understand the motivation behind needs and wants, not just what the client says. A client might “need” a large backyard, but the true motivation behind that need is having enough outdoor space for two kids to play. A smaller home with a modest yard and a community park across the street could perfectly fit the bill, despite it lacking the must-have large backyard.
Educate Your Clients
The majority of client expectation difficulties come out of education, or the lack of real estate expectations. As a good agent, you should aim to teach your clients about the real estate market and real estate transactions. If clients know that 60 days to market is average for the area around them is the average, they won’t be calling you on the phone in a panic when the home has been listed for 25 days without being under contract. Education makes your job easier and keeps clients happy.
Manage Client Expectations with Homeland Title & Escrow
Homeland Title & Escrow offers a broad range of title services, including complimentary consultations for first-time homebuyers. To learn more about our services, give us a call at (410) 544-6700.