Breaking News & Top Stories

Real Estate

Are You More Honest Than A Used Car Salesman?

In these occasions, double down — in your abilities, in your data, on you. Be part of us Aug. 8-10 at Inman Join Las Vegas to lean into the shift and study from the very best. Get your ticket now for the very best worth.

Considered one of my brokers got here to me not too long ago with a query from a consumer. He requested her, “What’s the distinction between an actual property agent and a used automobile salesman?”

Now, that seems like the start of a (most likely upsetting) joke, however her consumer’s an easy man, and he sincerely wished to know. And when you have a look at the info round essentially the most and least trusted professions, amongst those that price our trustworthiness “common,” we’re not that far aside: 44.9 p.c of respondents see used automobile salespeople as having common trustworthiness, versus 56.12 p.c who see actual property brokers that approach.

We fare just a little higher on the ends of the spectrum. Extra individuals see us as excessive or very excessive on the trustworthiness scale and fewer see us as low or very low, however there’s definitely numerous room for enchancment.

There’s a stage of professionalism that some actual property brokers don’t maintain themselves to. In the true property trade, some individuals see themselves as salespeople and get targeted on the fee — what I prefer to name getting “fee breath” and chasing that greenback. 

That’s completely different from appearing as a trusted fiduciary and enthusiastic about what’s in the very best curiosity of the client. The extent of professionalism you deliver to the desk units you aside, and it helps outline you.

If it’s important to evaluate your self to a automobile salesman, at the least be a high-end automobile salesman, like a BMW, Mercedes or Lamborghini — somebody who’s promoting the exotics at the next worth level. They’re not as fearful in regards to the fee as the everyday used automobile salesman.

All joking apart, it is a widespread analogy, and I’m not stunned that this consumer requested this query. Simply give it some thought: Research present that now we have related ranges of belief, but we’re promoting any person’s home or serving to somebody purchase a home.

That ought to give us all pause.

Setting the expectation and establishing a stage of service

So why does that notion persist, and the way will we overcome it? I believe we begin by defining ourselves in a different way proper out of the gate, setting the extent of expectation and repair that we’re offering proper up entrance with that first consumer communication.

We’re by no means going to have the ability to change damaging perceptions about our trade until all of us begin altering how we function, how we act, how we view ourselves. The damaging notion is nearly a mirrored image of the self-perception of some brokers.

I’m an enormous believer in valuing your personal time and behaving in a very skilled method. 

When my son isn’t feeling nicely, I’ve to name the physician at 8:30 a.m. to get an appointment for the day. If I don’t, the physician will guide up. The physician’s workplace gained’t keep open late so we will get in, and so they’re not going to hurry in early to look in his ears.

If you’re leaping by means of hoops to fulfill a consumer at 7:30 p.m. to point out them a home quarter-hour after they known as you, or dropping every thing you’re doing at any time when they let you know to, that’s just a little extra used automobile salesman than what your physician, your lawyer or one other skilled would do.

We will’t, as people, change the entire stigmas that exist round our trade. It’s on the market that brokers are commission-hungry, that they receives a commission an excessive amount of and so forth. However you possibly can change the notion on a person foundation by the way in which you conduct your self and the extent of service that you simply present to your shoppers from Day 1.

Info-gathering vs. relationship-building

When somebody walks right into a automobile dealership or onto a used automobile lot, the knowledge they provide is all in regards to the nuts and bolts of the kind of automobile they’re searching for and the cash they’ve accessible for his or her buy. If that’s the way in which you’re approaching the preliminary purchaser or vendor assembly, you’re appearing like a automobile salesman.

Our job is to create a relationship and consider the standards round their targets to find out how we might help that consumer. As a substitute of trying to qualify them for a mortgage, we’re serving to to find out how that consumer matches into the huge spectrum of the true property world. Our job is to information, to not promote.

The home (condominium, co-op or lot) will promote itself as soon as we current it, so long as we all know the consumer and their wants.

That additionally means we’re not right here to “soup up” that property. We’re right here to make sure that consumers and sellers are making the appropriate selections, giving them the data and the worth they should make these selections.

We’re not simply right here for the numbers as a result of we all know that if we deal with them proper, these shoppers will come again later. They’re going to have youngsters; they’re going to have sisters and nieces and buddies who they’ll need to seek advice from us. We’re going to construct these relationships to construct that long-term referral community.

So, we’re not application-based. We’re criteria- and relationship-based. And that’s one factor that I believe even our shoppers neglect about. It’s extra than simply the sale.

Let me say that once more: It’s extra than simply the sale.

So what’s (or must be) the distinction between a automobile salesperson and an actual property agent? The one factor they are going to provide their buyer that has worth is the automobile. We’re providing a lifetime of information and expertise, and that’s what separates us. 

Like a lot of you, I take a lot satisfaction in my work, and I worth the friendships and relationships that I develop with each certainly one of my shoppers. Keep in mind that every thing you and I do displays on each different agent and dealer within the trade. It’s value exhibiting up at our greatest each single day as a result of that enables us to make our little nook of the true property world higher.