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Posts tagged ‘clients’

2
Feb

Are you a Flintstone or a Jetson? or Both?

flint-vs-jetThere are two sides of our business. There’s the stuff that we do without technology, let’s call that the analog you, and then there is the stuff you do with a computer, that’s the digital you. There is no question that technology is having a significant impact on our business. It seems like every six months or so there is a new launch of the next shiny new toy/gimmick making promises to increase our business.
The truth, I believe, is that technology will help us reach more people and even make our job easier. If you consider yourself a Jetson you can use tech tools to increase your business flow…that is, increase the contacts that pass through your life. But being only a Jetson isn’t going to make you more money. To do that you also need to think like a Flintstone. Understand that before there was Facebook, Twitter, emails, texts and digital signatures there was the simplicity of face to face interaction. Granted today’s fast-paced world makes that personal interaction more difficult, but clients learn so much more about you, as a real life person, than an email signature or Facebook post.
My goal for 2017, and I hope the goal for every realtor, is to ditch my jet pack and adapt the more foot powered car alternative to increase my business. This doesn’t mean giving up on tech tools that help you and I meet and interact with people but we should also ramp up those phone calls, letters, hand written notes and personal interactions. Above all, increase our frequency and speed of those old school interactions. Consumer surveys reveal that our new digital world has created a population that is impatient and compulsive so the key to connecting is a quicker response time combined with increased frequency.
Personal interaction has another benefit. It allows you to ask more personal questions and in order to get truthful answers the clients just need to know you better. I suppose that is why video bios have become so important to our business. Not only is it easier to get information (watching rather than reading) but it gives clients an idea about who you are well before they meet you and divulge their motivations for moving. The reality is that we can’t help our clients until we truly know them.
So be more like a Flintstone this year. And don’t give up. Remember to keep calling and interacting until you get the business or they tell you to stop.

img_8798Mark McLean is the Broker/Manager at the Bosley Real Estate Queen St W office, the Immediate Past President the Toronto Real Estate Board and a director at the Ontario Real Estate Association. The opinions expressed here do not reflect the opinions of TREB, OREA or Bosley RE.

5
Jun

Dum Da Da Daaaaa! Where Do Clients Come From?

meeting client picI know you’re dying to find out the results. Earlier this week I sent out a simple message to my agents…”The results of my little survey are in BUT you will have to attend tomorrow morning’s meeting to find out where clients come from. The methods were highly unscientific but the results will be mildly informative (hopefully) and, with any luck, generate some worthwhile conversation”. The heading was also a bit catchy…Dum Da Da Daaa!

I have to admit that I was rather curious too. A few weeks ago I pulled the last 120 deals from our records. I wanted to know two things; Where did the agent meet the client AND how long did they know them before they bought or sold their house. I had a feeling what the top response would be but I was more curious about other responses. It took me some time to contact each agent and ask the questions but in the end I was able to categorize the responses into twelve clear groups. We had a full house at our meeting to unveil the results. Now, if you know me then you know that reading them off is NOT something I do well. I prefer the pomp and circumstance of an event, even if the results aren’t all that exciting so we played the “Realtor Feud” game, pitting the Red team against the Blue team in an epic battle (not really) with the winner getting bragging rights for the day.

Obviously the results will vary but I thought it interesting that the top four responses, representing 67%, came from the people we know the most; past clients and friends. I suppose that makes sense, after all, our past clients and friends know us the best. We are still picking up clients from people we don’t know as well. That’s a good sign and evidence that traditional methods of prospecting work. Flyers, news letters, open houses, sign calls and walk-ins accounted for 15%, family and neighbours accounted for 10%, clients coming from social media and web accounted for 6%, and professional referrals (people you are associated with in business such as referral companies, lawyers, accountants) accounted for 3%.

So the next question is how quick did agents buy or sell homes? Well not surprisingly (again) agents had long-lasting relationships with friends, past clients, family and professional referrals. Social media and web-based clients had the shortest relationship time followed by signs calls, open houses and walk ins. This indicates that clients coming from these sources have done their research and are in the active buying or selling process.

The take away from this little bit of non scientific research is that you need to prioritize your inbound clients. Past clients and friends are on a slow drip campaign when it comes to touching base and follow-up. Online leads, open house and sign call clients are ready and able so deal with them quickly. I believe this little test is further proof that a solid CRM system is a mandatory tool for our business. I would encourage all Realtors to evaluate where their clients are coming from and prioritize their contacts.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

31
Mar

Client or Customer? If It Quacks Like A Duck…

duckWe all know it. In real estate there are differences between clients and customers. We learn these differences very early in our education and training. We talk about fiduciary duties, accounting, fair and honest service etcetera, but the reality is that often those lines get blurred and that puts us into a difficult situation. Case in point. An agent, lets call him Terry, gets a call on one of his listings. The couple want to look at it at 5pm on a Thursday. Terry is not available to show the property so he gives the lead to Fran, an agent in his office who often acts as a buyer agent for him. Fran meets the couple at the condo and shows them around. They spend a long time there and ask Fran a bunch of questions about the property such as, what closing are the sellers looking for, what is included and excluded, and what facilities are in the building. Fran is happy to answer their questions. After a few minutes, it is clear that this couple is very interested in the condo. They start asking more questions about past sales, additional parking costs, maintenance fees and reserve funds. Fran knows the building and answers their questions. Finally the couple tell Fran that they are prepared to make an offer. They want to know why the seller is selling, what the Seller is likely to accept, closing date, and how much commission the seller will be paying and what clauses they should include in their offer. Fran is no dummy. She advises the couple that the property is inline with past sales and is well priced but gives no details into motivation or details into the listing contract.
The couple tell Fran that their lawyer has advised them not to sign a BRA and that they should only enter into a customer agreement. They also feel that it is only fair that since they contacted the Selling agent directly they should only pay 1/2 the commission however they still want Fran to prepare the offer. So here is the crux of the situation. Fran, has treated them, for the most part, like clients. She has provided information and offered advice on the property before establishing what kind of relationship the couple wished to assume. This creates a problem for Fran. If something were to go wrong during the transaction the couple could hold Fran responsible. She has after all put herself into an implied client/buyer relationship. If she knew that the couple wanted only to be customers, her answers on most of the questions would have been much simpler…”Please have your lawyer direct his questions to the Sellers or the Sellers agent”. By doing so, she exonerates herself from any potential question of representation.
As to the comments about commission, the answer again is simple. “My firm has been retained by the sellers to market their property for sale. The details of that contract are confidential and do not impact the sale price”.
It is only human nature to want to help and that desire becomes stronger when there are dollar signs on the other side, but the pitfalls of taking too many assumptions can be equally devastating. The example above highlights the importance of that critical first interaction with a potential buyer who you meet through a direct call or even at an open house. The realities of the Toronto market are that buyers are looking for a price advantage, just don’t let your eagerness to make a deal cloud your judgement.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

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