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July 12, 2011

G is for Goodwill

by mark mclean

So you are probably wondering what goodwill has to do with having a successful brokerage. The truth is, there have been hundreds of articles written about the technical aspects of running a good business but without personal interaction, your business is likely to fail. Real Estate is a prime example. The buying and selling public require ‘face time’, that simplest idea of building relationships face to face.

The word goodwill is probably best defined as that special feeling a client gets when they know you are working in their best interests. At our office, our listings come with a guarantee; if you aren’t happy with your agent’s service, we will be release you from your contract.  In addition, our President sends a personal note to every seller and buyer and asks how the experience was.  Whether it is good or bad, we want to know. Fundamentally, goodwill is not a tangible commodity. It is nearly impossible to monetize, nevertheless, when executed properly, goodwill can provide the agent with continued opportunities and referral business. 

While that is easily translated between and agent and a client, it is also important to communicate the essence of goodwill between brokerage and client and brokerage and agent. Creating goodwill is done by giving (of yourself, time) and  appreciating and acknowledging the contributions of those around you. Goodwill transcends financial or material reward. It is not only about making more money, it is about gaining the agent’s trust, affinity and friendship and those are, collectively, the most important aspects of continuing success.

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