How do you measure your success as a real estate professional?
Annual gross income? Number of transactions? What kind of car you drive?
For me, one of the benchmarks of success is the point in a transaction where I am no longer just my client's real estate agent, but I have become their 'Trust' agent as well.
Case in point:
Middle of Nowhere
I listed a triple-wide manufactured home this past Spring out in a fairly remote section of Mason County WA. It had been previously listed by another agent for almost a year. In spite of two price reductions, the Sellers hadn't had a showing in over 6 months. The wife was getting especially tired of keeping the house in a constant 'show ready' condition.
The Price is Right
When I took over the listing, I convinced the Sellers that they needed to reduce the price again slightly, just so it would register on everyone's radar on the local MLS. I then implemented my usual high-end 'maximum exposure' promotional splash on the Internet, uploading their home to over 15 domains with high consumer traffic . It was my opinion that price wasn't necessarily the issue preventing showings. Their home was simply a niche property that had a very limited field of potential buyers. The key lay in getting their home out in front of as many potential Buyers as possible.
Agent 'No-Show' Strikes Again
After the first week on market, we had two showings. The following week, an agent scheduled a showing, but ended up being a 'no show' and didn't have enough common courtesy to call and cancel. Later that same week, another agent called to arrange a showing, but a few hours later, called to cancel due to time constraints.
Mr. & Mrs. Jekyl & Hyde
At this point, the wife is understandably unglued. She wants to toss in the home selling towel. She calls me in a state of near hysteria and demands that I take their house off the MLS immediately, and come pull up my sign.
About 10 minutes later, the husband calls. He is the Jekyl to her Hyde. He calmly apologizes for his wife's outburst. I explain that no apology is necessary, and that I totally empathize with her frustrations.
The Transition to Trust
And then, the husband asks, "What do you think we should do?"
Ah, music to my ears!
I am no longer just their real estate agent, but I have now become their 'Trust' agent!
I told the husband,
"We're almost nearing the peak of the season when the majority of viable Buyers are out actively looking at homes. If you take your home off the market right now, you're going to miss out on that critical time-frame. I know it's been a very long and tiring journey for you folks up to this point, but let's give it another month or two, and see what happens."
The Sellers agreed with my recommendations, and two weeks later, we were under contract, at nearly full price.
The Cost of Being a 'Trust' Agent
Earning and meriting our Client's trust is no easy task. It takes real, genuine effort. It demands that we have a current working knowledge of real estate law and its related practices. It necessitates an intimate understanding of our ever-changing local markets. It requires the ability for us to compile, analyze, and interpret data, and thereby empower our Clients to make intelligent, informed decisions.
Don't ever settle on just being a real estate agent, strive to be a 'Trust' agent!
~ o ~ o ~ o ~ o ~ o ~
Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, SOUNDBITEBLOG and Crabbing in the Hood, or e-mail: kitsapagent@gmail.com
I have come to understand that if our clients, buyers or sellers, do not really trust us and respect our advice we really don't have a client at all and it's best to let them go.
Excellent post and excellent advice Rich . . this should the intended purpose
I agree Rich, we should all strive to be a "trust" agent. Excellent post.
It's hard to follow unsuccessful listing agents. Seller lose patience and consider us "all alike". I've found that giving the consumer good solid market facts will help them work with us getting the job done.
I've often told consumers that "the market doesn't bend to our needs, we have to bend to the market demands".
The consumer simply needs to understand the market and they can usually get the job done with a smart agent.
A trust agent is something that we should all strive to become - thanks for sharing!
Great post! Many times individuals forget about "the basics", with all the technology available today. Many times the best business builders are simple and most of all common sense.
Follow me on Twitter @davidperry
Becoming a trusted agent carries with it a responsibility and a commitment. The best RE agent I ever had was in Charleston SC. I called him for numerous questions long after the sale. He never failed me.
Richard
Rich-you are so correct. Building trust takes time but when it happens we know we've made the real connection with our clients.
Great post and I disagree with Lenn. I have no problem following "unsuccessful listing agents." and enjoy the challenmge and the reward of doing a good job for my clients! Nice work, how are the crabs tasting these days?
Trust is something just like your reputation ...you can't buy it, you earn it...protect it...value and treasure it.
I like your post today very much. Trust is earned over time.
Patricia
Trust is one of the most important aspects of the business. It's necessary in all deals, and as you point out, sometimes it doesn't really happen until something doesn't go smoothly.
Rich, we have so been there! It is a difficult position, once a seller is already disgruntled. Agent No-shows are a pain to us all. Isn't it a great feeling though once you become Agent Trust and you get a successful conclusion. Congratulations!
We've all had those folks before. Needless to say compassion and trust will get you through. The honesty is the hardest thing to convey, but once it's established.....walaaaaa. You do get that successful conclusion.
Hi Rich -- You are so right and real estate is a very complex business that many consumers don't realize. Knowing how to understand the market, seller's emotions, and a slew of other things is a delicate balancing act that and there is rarely a cookie-cutter answer that works for everyone.
Good post and lots of good advice
Building trust takes times, it is not something that simply happens. And it can be an uphill challenege when you are on the heels of others who are not so competent or who perhaps violated the trust of their clients. I think that setting expectations and providing lots of information will go a long way toward earning that trust.
Jeff
Reserved Parking For "The Lovely Wife" :)
Rich,
In my radio days the salesmen said they had it made when a client invited them to the Christmas party. I guess this is that kind of thing.
Now THIS is a professional experience that shows just what you do to give the client sound advice ...amongst patience. You lead them in the right direction and know your market and 'seasonal' times as well. It takes just that one buyer who walks in and says 'this is the home for me'. GREAT job Rich. :)
Being the Trust agent is great, however, it makes me uneasy sometimes. Many times, my buyers like different houses than I like and it's hard to give them my specific opinion, but try. Sometimes I cross my fingers and think, "Don't ask which one I would buy!"
Rich, if they trust us, they will spread the word. I am using as many web-sites and social-networks and marketing vehicles as I can afford and manage, but so much of my business comes from my previous clients' referrals. When we lose their trust, we've lost something worth way more than money can buy. Great blog.
Rich: Trust is what it is all about … congratulations on earning the trust of your clients and congratulations on the sale!
Trust is earned and cannot be bought. Great post and congratulations.
You make a great point, Rich. There is no better feeling knowing your client(s) have complete trust in you. As Jeff said, it does not come easy and can be challenging. However, the gratification that comes from helping clients is why we're in this business. It sounds like you handle a strenuous situation with poise and patience. Congrats!
That is also one of the greatest points in any deal, being asked my opinion. I take that responsibility very seriously and make it a point to give the best service possible.
Hi Rich ~ Lenn pretty much said what I would like to say...
I think if you do it right up front then you won't need to second guess yourself down the road. You did it right and became their "trust" agent. That's the way to do it!
Denise
Customers come and go but the ones with whom you have built trust are usually the ones that refer. At least that has been my experience. Trust is like spider silk: delicate, stronger than it's appearance yet easily broken.
Oh yeah, the larger the web the more flies can be caught :-)
Rich.. you make an excellent point. I am like you, it's when I have my clients trust, they come back to me again, they refer my name out, and if at all, that we actually become friends. And the biggest trust to me? When they have heard from others promising better, or telling them things opposite of myself, yet they stick we me. Trust and believing is all I ask.... but I have found it helps when educating the clients that many others don't take the time to help. Many truly appreciate this. good post.
I love "trust" agent! May I borrow the phrase? This is exaclty what we are supposed to be and strive for and when it happens it is an honor to me!
Excellent post - we all need to be "trust" agents.
Trust is really the cornerstone of our industry. If your clients can't trust you, you are out of business fairly quickly.
I totally agree. Working hard for your client with integrity and knowledge of your market place, will earn the trust of your clients. Lastly, you need to be able to convey to your client what they may not want to hear - the truth. Your honesty and empathy will take you far in earning their trust.
Being a "trust" agent is what it is all about. If they don't trust you it won't go anywhere. And if you get it to closing, you will have a "Cheerleader" for life, thus moving your business ahead. Without referrals we are constantly looking for new buyers and sellers. Being in the search mode rather than the working mode can be exhausting. So the ultimate goal is to make the most from every contact, and earn the trust through knowledge a due dilegence on every contact, no matter how small. At least that is my theory...
Great Advice, no amount of paperwork can ever force a client to work with you without trust. the steps we take to help them through the largest transactions in their lives are impossible without it!
A execellent post with a very good point. To boot, happy ending... You gotta love that!
Rich, very good post. You became their go-to guy, their trusted advisor, and more importantly, the guy who sold the house for them to bring sanity back to their life. They will be your best word of mouth advertising for years to come. Good job.
Thanks Rich, its amazing what happens when you serve your clients best interests. Having served clients for over 30 years, my clients call me before they engage in any decision upon which effects their financial future. It is a good feeling.
Trust is key. Trust will also lead to referrals and a more financially successful business. Nice post.
Rich,
I can't think of a higher compliment than to be a 'trust agent'. Getting the deal done is fine but knowing that your clients trusted you to get them there in the first place will pay off long after that comission check goes a a stray.
Thanks for reminding all of us about the importance of that five letter word - TRUST.
Michael
I love this post, Rich. It speaks wholeheartedly to what I hold true - the client's best interests are served when we treat them with integrity. I so respect colleagues like Ken Shimer of Myrtle Beach Rental Connections, who always says:- "We treat customers with integrity. The customer is not always right. We will tell them, and then we will treat them with integrity." Only then can they trust you and rely on you to serve them well.
I think if you are always 'genuine' with them trust will follow. Great post that shows the development of the relationship that got the job done.
For my part, Rich, it is lovely to see a blog on the front page that clearly states that PRICE is not always the key discriminator. In this case, exposing the listing was just as important. That "promotional" piece of listing a home for sale is critical, and most often missed - especially by the "ladies" who are frightened of technology!
Excellent post and it sounds like you did them a real service. You understand that selling is more than just putting it on the MLS.
Rich, you were a "trust" agent from the beginning, the sellers just didn't realize it. Finally, when they really were desperate, the sellers take your advice. This has happened to me with buyers. I just let them do what they want until the time comes when the "I told you so" kicks in. I never tell them that I told you so. We just go on and now the buyers have a more realistic view of the market and what is available.
I used to measure success based on the number of comments I got from my friend, Rich Jacobson. Thankfully, I found a new method. :) I am guessing you've read "Trust Agents" by now? If not, I recommend it - it's an easy read, and lots of interesting perspective.
Lenn: I find tremendous success in following inept agents. It allows the contrast between our abilities to be very stark and highly valued.
Russell: Just perfected my own recipe for 'Crab Pot Pies!'
Donna: It can be a balancing act at times not to interject our own personal tastes/opinions into the mix. As long as we qualify it with a disclaimer that it's simply our own personal preference....
Vanessa: Chris Brogan has cornered the market with the phrase 'Trust Agent' when referring to buildidng trust through the use of social media. My use is more relational...
Juliet: Thos of us who have embraced social media have a huge advantage over the majority of agents who continue to plod along using old school or traditional marketing methods.
Jason: Rich who?
Wow - so right on. I just got off the phone with a client right before i saw your post. She had said - "I will follow your advice bacause I trust you!" As you said, Rich, music to our ears - to get a client to that point!! Right on
I was so happy to read your post today, and immediately subscribed to your blog. With your head and heart in the right place, with a can-do attitude, lots of energy and market knowledge, it's no surprise that you got the job done for your thankful clients.
You should check out Jennifer Allan on Active Rain, author of Sell With Soul, if you haven't already. you'd fit right in with her philosophy!
Clients trust us when they realize we want what is best for them, what they want, and not necessarily for ourselves. Sometimes you have to give them some tough love.
Evening Rich, I love the premise "I am no longer just their real estate agent..." That really says it all and is indeed music to our ears ! Well done.
Great job Rich. Oftentimes, we are left dealing with "issues" that the other Realtor created.
Rich, you are so right. The trust factor is the biggest right we earn as real estate agents. Congratulations on your great offer on the home!
I like the concept of being a trust agent. I had never considered it in those terms though it is what I strive to be for my clients.
Trust is the most important thing between an agent and their client. Without it, it is impossible to do your job. However, a lot of times it is not the fault of the agent. Sometimes the client is just too difficult.
Trust Agent...excellent words to describe the confidence and "trust" we strive to instill in all of our clients!
Love the new title of "Trust Agent". It's a tough title to gain at times, but after we have earned it, things run much more smoothly, don't they? You offer the entire package to your clients and that, my friend, is why you are such a success. Honesty pays off ten fold :)
I just met with a new buyer couple this morning that claims to despise agents...I'm about to turn that around, they just don't know it yet, lol!
Hi Rich. Great post. I too found out that when clients trust us they will stay with us, appreciate the work we are doing. That is always a great reward. Trust is a big word in any industry, any profession.
True, true Rich! It is not easy but being that "trust Agent" is certainly worth striving for. Good luck ~ Brad
Fine advice...would that every Seller would at least listen and take time to consider. I had a client who pulled the home off listing, in July one year, then wanted it back on in August--despite advice that summer is NEVER the time to take a listing off the market. Eventually the house went through two more listings--and the third was REO/foreclosure.