Real-estate brokers often focus on the wrong things when trying to differentiate themselves and become successful in the midst of a competitive and unpredictable environment:
- Getting more customer leads.
- "Owning" customers via exlusivity agreements.
- Hiding opportunities to the customers from fear of losing a deal or getting lower commission payouts.
Wrong! Wrong! Wrong!
What really matters for a real estate broker is actually 3 things:
- Ability to tap into a trustworthy and reliable network to source the best available property deals.
- Good understanding of the market for the type of properties and geographical areas served to customers.
- Superior service provided to customers with fact-based advice, ethics and integrity and a pro-active attitude.
In fact, the most common practices from a vast majority of real estate brokers go against what really matters:
1. Focusing on getting more customer leads prevents from focusing on the single most important thing: concluding deals! There are many ways of concluding deals: searching for the best deals in the current market and working pro-actively by proposing to old clients, taking best deals from direct sellers and working with other agents to find serious buyers, etc…
2. Exclusivity agreements are often not in the best interest of the client. However, after a trust-based relationship is established, brokers can explain to clients that working with too many agents will not serve their best interest. Usually, it is best to work with a maximum of 2-3 agents and this should not be seen as a threat but an opportunity for the agent to outperform and differentiate himself / herself.
3. Hiding great deals from clients may have a boomerang effect if the client finds out there are better deals in the market and you may lose the customer forever. Also, focusing only on the properties that bring in higer commissions or that are "less risky" will make you waste a lot of time and energy on properties don’t serve the needs of customers.
I would like to conclude that I founded LinKey to give a platform for brokers to focus on what really matters by getting connected on a large platform of licensed and trustworthy agents who by the simple fact of registering on the platform implicitly accept to work with others and all have a common objective: Working hand-in-hand with other brokers and sourcing the best deals possible in a reliable and effective way.
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