After a year of buying, selling, competing, winning and losing in a low inventory market, clients and prospects aren’t the only ones showing signs of pressure in today’s hot real estate market.
Many of the estimated million-plus Realtors across the country are also feeling the heat from a whirlwind year of educating prospects, motivating clients, communicating with parties, overseeing shrewd negotiations, smoothing rough waters and seeing the day-to-day changes facing an industry that will see 12.2 percent career growth through 2020. Keeping emotions in check, while remaining competitive, is often advice given by Realtors to their clients. After a hectic 12 months of nonstop activity in a limited inventory market, brokers are well-advised to follow their own “breathe deep” wisdom as they negotiate with industry peers, consult business partners and co-exist with more office mates.
Realtors who demonstrate business tenacity and self-preservation skills during this ever-expanding real estate bubble will no doubt help their clients with their homeownership needs, and make a healthy living in the process. However, it’s the gifted agents with both real estate market knowledge and the ability to consistently, respectfully collaborate with competing brokers, managers and peers that will not only achieve success today, but build a foundation of respect and rewards for the future.
Competition can be a great motivator and business builder; conversely, it can also undermine business growth if one’s scope is too narrow. Now, more than ever, when listings are sparse, client emotions are frayed, and dreams and deadlines are often derailed – true professionals will rise to the challenge and display their professionalism at every turn. Think about when you started out on this career path. What were the tried-and-true attributes of a great Realtor? Here’s a refresher for both experienced and new associates.
First, be a good listener – this rule does not apply only to your clients or prospects – it pertains to all you interact with in business, including homebuyers, sellers, tradesmen, financial experts, management, fellow brokers and those in your community. By showing an even-keeled approach to your business – and all the associated interactions – you will ensure that your reputation and, subsequently, your income, soar.
Top real estate professionals are equal-opportunity empathizers. Authentic compassion and genuine interest in problem-solving and providing great service knows no boundaries. Confidently approach each transaction and interaction with the same degree of integrity and interest – whether you are working with a client, a colleague, a contractor or community member.
Another real estate basic relates to looking out for others’ best interests. While it may seem difficult or counterproductive to focus on a competing agent’s needs or their client’s desires, being creative and open-minded will help foster business and a reputation for being an intuitive collaborator – and that’s a win for your clients. Additionally, by keeping the needs of contractors, mortgage brokers, attorneys and neighbors in mind, agents will organically earn the respect and future business of key real estate influencers.
Finally, set boundaries. The key to keeping your cool while balancing client needs and a cooperative spirit with industry peers is to set realistic guiding principles upfront. This is easier said than done, but the rewards are truly worth the effort. Realtors are often like therapists, responsible for giving information and empowering their customers. It’s up to clients, however, to ultimately make the best decisions. Veteran real estate professionals will know when and why to say “no.” Having industry insight, your client’s best interests at heart, faith in others’ intentions and the wisdom to know when to play nice or hold firm will go a long way in real estate – especially in a vibrant market. Leave your ego at the door. Realistically, if you can manage your own business acumen, and “make peace” when necessary, you’ll be better equipped to handle the intricacies of your client’s real estate deals.
Today’s real estate market and the future of real estate sales is very promising for those professionals willing to invest time, research, compassion and patience. Open your heart, challenge your mind and fine-tune your business protocol in the New Year – and you and your clients will prosper.
Debi Benoit is principal of Benoit, Mizner, Simon & Co.
