It’s almost Valentine’s day and people are celebrating their relationships more than ever. When we think of relationships, the first thing that comes to mind are the romantic ones. However, by definition, relationships are the connection we make with other people. A relationship can be between a developer and their engineers; between a landlord and their tenants; or between a real estate agent and their clients.
Like in any relationship, it takes patience, effort and trust to establish, maintain, and nurture good relations with parties as a real estate agent. Learning how to network effectively in the real estate industry is fundamental to keeping your career afloat – even amid a pandemic. This does not only refer to relationships with clients but also with colleagues and other people involved in your field.
Relationships with Clients
The first and most important relationship that a real estate professional must keep and nurture is with their clients. Your clientele is where your sale comes from. Not taking care of your clients may just as well lead to the downfall of your career (and we wouldn’t want that!)
Matthew Austin Jison, SMDC’s International Property Sales Specialist, shared with us that there are numerous similarities between a relationship with a partner and an ideal relationship with a client.
In his words, the similarities in handling both kinds of relationships are:
“First, I need to be a good listener. I need to listen to what my client wants and needs the same way I listen to the wants and needs of my partner. So that I can give my best advice and guidance to my clients and partner.
Second, it is a win-win relationship. I give my best services to my clients so they can have the property that they are looking for and in return, I make a living; the same way I give my best to my partner so that we have a loving and prosperous relationship.”
The foundation of every relationship is built on trust, and that trust is established with honesty – even if it’s not necessarily good news to your client. Matthew shares that clients still need to know the bad news even though it may disappoint them. As a real estate professional, it is your responsibility to make sure that your clients know what happens in the process and to guide them as you look for a possible solution or an alternative option to problems that may arise.
Relationships with Developer
The developer-agent relationship is very important when it comes to selling real estate. Without the developer, there would be no properties to sell; and with no agents, there would be no one actively looking for clients to sell their properties to. Likewise, the foundation of this relationship is built on trust – trust that both parties will uphold their end of the deal.
Developers have a wide network and can see the different opportunities available to them. They can relay these to their agents which can help them greatly in selling their properties. It’s a working relationship that benefits both parties as long as it’s maintained well.
Relationships with Real Estate Agents
Being on good terms with your fellow real estate agents is beneficial for your career. There is nothing gained when you greet your colleagues with contempt. Being in a healthy working relationship with them can make your work easier. You can share the lessons you’ve learned, best practices that worked for their career, and also referrals for clients whom they cannot help.
These relationships can serve as a source of relative news in the field or inspiration to strive to do better. And with each other’s network, you can find clients that are fit for each other’s services.
Relationships with Lawyers
Real estate agents and lawyers work closely together when completing a real estate transaction. It is easier to get the trust of a client when you work well with their lawyer.
Both the lawyer and the agent help each other with compiling the client’s legal documents and requirements as well as creating an agreement of purchase and sale. Because of this, it is important to establish good communication with them to avoid misunderstandings and to not to affect your existing client relationship.
Relationships with Lenders
It is important to understand the client’s lenders – especially since they are restricted by certain rules and regulations. However, remember that you both have the same goal, which is to keep client volumes steady and high.
Fostering a good relationship with the client’s lender can create transparency between the two parties. That way, you can know what they can or cannot do for the housing loan.
Establishing healthy (non-romantic) relationships is essential for business and personal growth. It is all about the give and takes between parties – and the best part is that you can help each other possibly in the long run.
According to Matthew, aside from being honest and diligent, having sincerity in your work is also important. An agent’s responsibility is to have the best interest of the client at heart. Although the commission is part of the job’s rewards, having helped a client find their dream home and the developer’s property find a new owner is still one of the best accomplishments in this line of work that will make you feel happy and fulfilled in the long run.
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