Creating Insight from Information
Real estate transactions are a big deal. They could cause a lot of anxiety and stress for buyers and sellers, thankfully, they have you to guide them through the hurdles and alleviate their fears.
As a Realtor, you are responsible for far more than executing a transaction; you’re granted the opportunity to make a difference in someone’s life. So stop seeing yourself as someone who closes deals and begin thinking of you as someone who makes a difference. It is less about making a sale and more about making the process of buying and selling better.
When clients are burdened with stress during the process, they stop doing what’s best. They get focused on the wrong thing and end up buying the wrong home. They ask for too much but settle for too little. They forget what’s important, what fits and what they truly want and need.
The secret to better serving your clients, is taking the time to know them. Understand their needs and goals. Strangely enough, part of your job is to protect your clients from themselves. You can only do this if you know them well.
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Build a reputation on what you know, not on what you sell: As information shifts from scarcity to abundance, real estate professionals can no longer rely on being the gatekeeper. Most of the information buyers and sellers think they need is now just a click away. It’s time to shift focus from delivering information to delivering something new: insight.
Insight is information with value added to it. That value is your years of experience or it might be important details that only you have access to. It could be your ability to take something complex and make it easily understood. Insight is information that they didn’t know, they did not know.
What are sales-to-listing ratios? How will it effect the price I put on my home? Where are mortgage rates going and what does that mean? What strategies are needed for a buyer’s market? And a seller’s market?
Bring scarce information: There’s still tons of information out there that’s not easily compiled or that requires relationships to access. Information on future development projects, economic development plans and prospects for a community, trends in school planning and school quality and upcoming changes in zoning, highways and infrastructure.
Add advice: More than ever, you’re going to have to tell clients what you think. You need to provide them with all the information and insight possible to help them make informed decisions. You need to put your expertise and reputation on the line. You’ve got the training, the experience and the market knowledge. Tell your clients what you’d do if it were your home.
The ability to create insight from information will be the dominant force in the marketplace. Realtors with these qualities will make the best deals, get the most referrals and build the strongest personal brand. Master this skill now.
Richard Robbins is CEO/founder of Richard Robbins International (RRi), a Canadian-based organization providing world-class real estate conferences and one-on-one coaching. Visit www.richardrobbins.com