Immovable properties comprise some of the most valuable assets that a person can possess; a truism that has undeniable global currency. Real estate consultants and agents, in fact, agree that the typical potential buyers’ habit of making relentless inquiry, before moving forward with a real estate transaction, is hardly inappropriate. Yet coming across a difficult client, whose idea of a perfect property can be quite difficult to realize (much less attain) in concrete reality, is an everyday occurrence in the real estate sphere.

As a property dealer, if you want to avoid getting caught in the grip of any such situations, you need to formulate a plan of conflict-resolution. Whatever framework you built, the following strategies should definitely figure somewhere in your rubric (so you might as well start noting them down, if you haven’t already!):

Step No. 1: Hear your clients out

The key step.

You, as a real estate agent, should first find out what your clients have in mind. This querying session will help you attain the answers to many crucial questions, such as your customers’ budget, their family size and needs, their preferred neighbourhood location, and how they envision their future living within the property to unfold.

If you don’t manage these crucial interactions effectively, you may end up spending more time in finding the right property option for a demanding client. Additionally, you may also stand the risk of failing to close the deal. But if you master the art of knowing what your client needs, you can save a lot of time that might otherwise be wasted on several site visits, individual negotiation sessions, and counselling.

The estate agents who learn the technique the hard way agree that procuring this crucial information in a topsy-turvy, unorganized way is a frustrating endeavour – to say the least. And the chances of this state-of-affairs arising is much likelier in the case of first-time property buyers and investors, who are hesitant to trust someone with their money. The murky market conditions can also make them wary about making such a move.

Bearish investment trends wield a decisive impact on the demand for genuine property, and their influence can be quite wide-ranging and deep if a slump is both sudden and significant. The same was witnessed in several US states in Q3, 2018, where, according to a report shared by the MarketWatch, property demand among home buyers dropped significantly soon after the real estate market witnessed a slowdown in Portland, Seattle and San Jose.

You should be aware if your client has any concerns regarding the current market condition, or how the situation could unfold in the future. This will help you in counselling him (or her) accordingly.

Step No. 2: Share market updates

Being a real estate consultant, you are bound (by the unwritten code of your profession) to share the latest information on property buying trends, market rates, and potentially rewarding investment options with your clients. This information can convince them to make any needed changes to their original plans – so as to remain in the safe investment zone.

Depending on your market knowledge and communication skills, you can convince them to raise their budget, alter their investment duration, or even purchase a property option other than what they had planned for originally.

Being an expert in your niche, you can elaborate on property details which they don’t have, and clear out many misconceptions about investing in different market conditions and property types.  

And if all this turns out well for them in terms of returns on investment (ROI), they stand a good chance of becoming your returning clients, and recommending you to their family and friends.

Furthermore, if the current market conditions suggest that they should absolutely refrain from buying property in a particular location, you can always suggest other forms of real estate investments.

Step No. 3: Thoroughly plan site trips

Dealing with demanding clients can be tricky in terms of retaining their interest. If you find that your client-dealer relationship has somehow stumbled to this point, your very next step could make or break your entire effort. You cannot take clients around to visit property sites that don’t match their aspirations.

The knowledge that you gain from your customers regarding their idea of a perfect property should help you in picking the appropriate sites to plan a visit to. These selected properties should also be tagged matching the standard house-staging criteria.

At the same time, you should also have the complete low-down on these properties, a thorough understanding of their neighbourhoods and the promising developments planned there, as well as a lot of detailed insight on how soon the property transfer be finalised.

Furthermore, you need to come prepared on addressing the common slew of client property questions; such as the monetary amount that would be required for conducting a home renovation gig, details on whether or not the property is jointly-owned, if (and if so, the number of times) it was sold in the past, and other such related concerns.

Step No. 4: Encourage them to conduct independent research

Good real estate consultants (who are truly worth their salt!) allows their clients to make their own independent decisions – without bearing on their mind-sets, too much, after making them cognizant of all property facts, . They also guide them on the means and ways to confirm facts; thereby strengthening their faith in the veracity of your consultations.

When considered from a general standpoint, the essence of any public dealing is (and really should be) a firm commitment towards honesty.

Honesty is the prescription that will help you in dealing with demanding clients (provided that they’re not too unreasonable). Don’t leave any doubts in their minds regarding the property transaction that you’ve engaged them in. Make it easy for them to verify the information. And most importantly, encourage them to compare and confirm market rates.

Another way of dealing with difficult clients is to guide them to attain the relevant property information of their own accord. In Pakistan, as well as in many other countries, many government sites list all property transaction details (including the prerequisites) on their servers for public access. Additionally, a large number of privately maintained local property portals, such as the recently launched Prop.pk online interface, allow real estate dealers to post property options in a very engaging format; thereby facilitating market research. These websites host a large number of rapidly updated property listings from across the country, and they allow clients to easily verify the figures quoted to them by their contracted real estate agents.

By sticking with and implementing these actionable real estate selling tips, you’ll be well on your way on closing some of your more pesky real estate deals – that have for long been impeding your progress – in no time!

 

Published by Charlesa Gibson