The public thinks Realtors sell houses and condos. They’re wrong.
A new home salesperson sells houses and condos. But the wants and needs of the new home salesperson are in direct conflict with the buyer’s.
As an agent, your wants and needs are perfectly aligned with your buyer. In every case, whether you are working with a buyer or seller, new or used, your role as an agent is to provide expert advice and facilitate a transaction that best suits your client’s wants and needs, without regard to your own.
At least that’s what you’re supposed to do. And it’s in your best interests, as well.
The most successful agents I know are quietly completing 50-100 deals every year, without spending a ton on advertising. They don’t need a huge advertising budget because they have a steady incoming flow of high-quality referrals, people who value honesty and expertise.
Remember this: You have two currencies – time and money.
I believe the best agents invest their time wisely by improving their knowledge and skills, building trusting relationships and providing outstanding customer service. Others invest their money in advertising to create leads. But ask yourself, “Why do they have to spend so much on advertising?”
It’s because of their mindset. They think that real estate is a single-transaction business. Once the transaction is completed, it’s over. Now they need to chase down the next lead.
But truly successful agents don’t think that way. They know that real estate is not a transactional business. It’s a relationship-based business.
You think the “celebrity” agents you see advertising everywhere are successful? Maybe. It depends on your definition of success. But I think you’d be surprised to know how many of those agents are in a vicious money-spending loop. They’re paying thousands every month on advertising, in order to get new clients, in order to pay for their advertising.
If you want to avoid the vicious money-spending loop, you need to shift your focus from constantly searching for the next lead and start focusing on, “How can I do an even better job for my existing clients?”
That’s the secret to building a thriving referral-based business. It requires a commitment to constantly improving your knowledge and skills, and absolute honesty.
Sometimes, that means talking yourself out of a commission cheque. But protecting your reputation as a knowledgeable and truthful provider of expert advice is priceless.
“To be persuasive, we must be believable; to be believable, we must be credible; to be credible, we must be truthful.” – Edward R. Murrow.
Don’t be a salesperson. Be a knowledgeable and truthful provider of expert advice.