Real Estate Dating Guide

Look at the headlines in the newspapers:  Economic meltdown.  Scandals.  Distrust.  Fear.  When it comes to the most valuable transaction our clients may ever complete, it is no wonder that buyers and sellers do their homework and diligently scrutinize us before signing on the dotted line.  How should agents prepare for this increased level of scrutiny?

Have raving fans.  Hopefully those that know us and respect our work are recommending us to their friends, colleagues and neighbors.  Introductions from trusted advisors work best.  Fuel the fire by encouraging these types of referrals. The stronger and more trustworthy the referral, the less painful the scrutiny will be.  Blind dates are preferable to meeting strangers on the street, no?

Be visible online. If you Google yourself, what do you find?  This is what your buyers and sellers will know about you before you’ve spoken on the phone or met in person. Be present, and be pretty, online, because online research is an integral part of today’s real estate agent beauty pageant. Have your own web site or an individual page on your company’s site.  List your credentials, years of experience, licenses, degrees, designations, trade group memberships and awards.  Remove the Facebook photos from the wee hours of last New Year’s Eve.  If you write a blog or newsletter, make certain it is up-to-the-minute, easily accessible, and well written.

Know your unique selling proposition (USP).  Once you pass the online first impressions test, buyers and sellers will typically invite you for an interview, akin to the first date.  Chances are that they will meet at least one other candidate, and most likely, two or three others.  How are you different and better?  Be able to articulate succinctly why a potential client should hire you. 

Prep Beforehand--Expect the hard questions:

Just like a first date, there are certain questions to expect. Some are easy to answer, some make people squeamish, but all help both parties determine if their match is a good one. The more you prepare and anticipate them, the better impression you’ll make.

 Have the following answers to these questions at your fingertips, and update them regularly:

 Basis Stats:

• How many deals did you complete last year?  How many of those deals were in the geographic area / price range / style of property that relates to the potential client?
• How many listings do you have currently and how many buyers are you working with?  (Underlying this question is whether you have enough time to devote to your clients and, in particular, the client interviewing you.  Conversely, if you have too much time, expect to do some explaining.)
• How many showings are there likely to be before the right buyer materializes, and how many homes are buyers likely to view before finding the “right one”? (Buyers need to understand how you search for homes that meet their needs, and sellers need to understand how you market your listings.)

Basic Policies about Teamwork

• Do you work with an assistant or a team?  How do you handle vacations, and what happens if you’re sick? (Clients will want to know how they will be serviced if you’re busy when needed.)
• How do you assist with the other facets of a move?  (Have a list of movers, attorneys, organizers, inspectors, decorators, architects, contractors and other professionals who can help seal a deal and ensure an efficient move.)

Basic Best Practices

• Will you preview the properties?
• Do you stage your listings and take professional photos? 
• How do you provide feedback from the showings? How will your client –whether buyer or seller-- know that the price is the best price? 
• What happens if there are multiple offers and how do you represent your clients in these sticky situations?

Basic Closing Procedures

• How do you ensure that closing takes place on time?
• How do you minimize the stress of a transaction?
• What is your fee and how is it paid?  Is the fee negotiable?

All of these questions distill down to one key point: You must demonstrate your value, and that you’re worth every last penny of the fee you charge. To do so effectively, an agent needs to set priorities and strategize for each client’s needs.

The Real Estate Dating Game-Miscellaneous Edition.

Clients choose an agent they trust and like.  Like dating, there must be chemistry.  But beyond that, it is helpful if an agent:

• Is knowledgeable
• Communicates clearly
• Is prompt for appointments
• Answers questions candidly
• Negotiates with skill
• Makes others feel comfortable, and
• Works with a reputable brokerage company.*

*(I’m often asked whether size matters with respect to a brokerage company.  No surprise, it all depends on who’s asking and who answers.)

When all is said and done, not every agent will be a good fit for every client. It happens.

Then again, there will be clients that I, as an agent, might not enjoy. 

How do agents select their clients, and how should buyers and sellers prepare for the job interview by the agent of their dreams? Quick hint: Google works just as well for the agent researching sellers and buyers as it does the reverse.  (But I get ahead of myself—what an ideal topic for another column!)

The long and the short of the real estate dating game is this: choosing the right one, and getting chosen.  A perfect discussion for Valentine’s Day, no?

Manhattan Real Estate / Michael Shapot / Keller Williams NYC