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With consumer attention focused on relationships with real estate professionals, it’s never been more important for practitioners to demonstrate their value. Broker and speaker Michael Soon Lee, president of Seminars Unlimited Inc. in Dublin, Calif., shared six key ways to make your value unequivocally clear to sellers during a session at NAR NXT, The REALTOR® Experience, in Boston.
- Be responsive throughout the process. Lee once was helping a relative find an agent across the country in Arlington, Va. “I texted nine agents and only two responded,” he said.
- Ask logical questions. “When you ask questions about the sellers, what does that tell them about you? You care!” Lee said. Among other things, he asked, what’s your biggest concern about selling?
- Identify their selling pain point. People will pay to reduce pain points in their lives, Lee said. “It’s easier to sell aspirin than yoga lessons,” he added. Since he typically works with sellers who’ve lived for decades in the same house, he zeroes in on how to help them declutter and downsize. “I give them a timeline. Here’s what we’ll do in week one, in week two. We’ll work in the office, then the garage, then the exterior. I show them the whole plan, which makes them feel comfortable.”
- Explain how compensation works. Whatever your business model, show clients the reality of what you take home after paying taxes; expenses, like marketing; and insurance.
- Show all that you do to earn your compensation. The most important thing he provides to sellers is a detailed accounting of what he does to advance the transaction behind the scenes. “I give them a list—and it’s a long one,” Lee said. You can get a ready-to-go list to include in your seller materials by downloading NAR’s customer handout, “179 Ways Agents Who are REALTORS® are Worth Every Penny of Their Compensation.” Lee also recommends agents explain various marketing strategies, like broker tours, because sellers don’t necessarily know what they are or why they’re important. (Tip: Provide sellers with handy one-page resources on topics like offers of compensation and listing agreements, which are available for download at facts.realtor.)
- Show you respect their feedback. Lee sends out surveys to find out what his clients like about their experience with him and how he can improve.
Once you successfully sell the house, let the seller sing your praises in a testimonial. Lee emphasized getting video testimonials rather than written ones. “Videos are more powerful because you can see living, breathing human beings talking you up. And they’re easier to get than written ones because all you have to do is take out your cell phone and ask the seller to talk about how the transaction went.”
