The Rules of Real Estate
If you’re a real estate agent, then you know that there are certain rules you have to abide by. But do you know what the unwritten rules are? In this blog post, we’ll go over the most important rules of real estate so that you can stay on top of your game. Whether you’re just starting out or have been in the business for years, these tips will help you succeed. So read on and learn what it takes to be a successful real estate agent!
Even though these may not be rules in writing anywhere, following these rules can make a huge difference in the outcome of your transaction and the satisfaction of your buyer or seller. This also can affect any future business or referrals you may receive, so let’s dive into these rules of real estate…
Never Call With a Problem
Problems happen, right? We don’t always have control of them. Let’s say you just hung up with the buyer’s agent and your listing didn’t appraise at the needed value. You might have the urge to call the seller and immediately let them know. But if you don’t have a solution to offer, all you’re doing is stressing them out and creating additional worry.
Rule Number 1: Always call with a solution, never a problem.
So before calling the seller, try to focus and work through any available options. Can the buyer pay the difference in the value, will the lender allow a new appraisal or a rebuttal of the existing appraisal, or if those don’t work, then will the buyer meet halfway in between if the seller agrees to meet halfway. Figure out what all the available options are first, then call the seller.
Now, you aren’t focused on the problem very long. Instead, you tell the sellers the problem but immediately move on to the options the seller has to choose from. Now, you’re working on the solution, not the problem.
When to Deliver the Bad News
It’s 4:45 pm and you just got off the phone with the title company. There’s a title defect and they needed to let you know immediately. Tomorrow’s a fresh day and they’ll contact their underwriter to discuss how to solve it, then let you know.
You may not have considered this, but if you call the seller with bad news after 5 pm, especially if there’s nothing they can do about it, you’ve just robbed them of their sleep.
Rule Number 2: Never Call After 5 pm with Bad News
Let them get another night’s worth of sound sleep, then call tomorrow. But remember, don’t call with the problem, call with a solution.
Show Your Value
You just got off the phone with the survey company and they discover you have an encroachment problem. A structure on the property is just crossing over the property line onto the neighbor’s property, thus creating an encroachment. The next day, you meet with the surveyor, the title company, the county zoning, and then back to the surveyor. Trying to find a solution (remember rule number 1), you then head back to the title company again, then reach out to the listing agent and share your findings. They discuss it with the seller and determine there are two available options to fix this.
Now’s where you must make a decision. You can contact the buyer, tell them you ran into a problem but you have some solutions, then begin to dive into the possible solutions, or…
Rule Number 3: Show Your Value
This is your time to shine. Before diving into those options for a solution, make sure you share with your buyer all the steps you’ve taken to get to these solutions. Which ones you considered but wouldn’t work for the title company, what the seller agreed to, etc. Take a few minutes of additional time to show your value. This is why they hired you, to solve problems! By knowing all the effort you’ve put into this, they see the value they have in hiring you (and referring you to their friends and family). Make sure when appropriate, you take the time to show your value.
A Bonus Rule
Alright, one more. Let’s call it a bonus rule. Though we should all know this, it seems real estate agents can be terrible at this, so here’s a good reminder.
Bonus Rule: Answer Your Phone
By answering your phone, this means you are communicating and offering good customer service. Most bad experiences customers have stemmed from a lack of communication or miscommunication. Make sure you start off right by answering your phone. At a minimum, if you’re unavailable to answer, call them back right away. This goes for customers and other agents. Let’s all work together for better business!
Review
Speaking of working together for better success, you might want to check out this post on how to increase your sales in 90 days with less than $50.
Are you frustrated with your real estate career, but don’t know where to start or have a solid plan in place? You might want to check out my 90 days to Success Coaching Series.
If you’re looking for more ideas to implement into your real estate business to achieve success, be sure to read The Standout Agent, available on Amazon and everywhere books are sold. There’s a reason why it quickly became a #1 seller!
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