Know it, love it, trust it should be a real estate agent’s watchword. Coldwell Banker’s Kamini Lane provides insights on building the trust that matters most to your customers and colleagues.
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In many ways, being a real estate agent is a profession built for trust. expression. due diligence. Fiduciary Responsibility.
These are the minds of the agents, but somehow this story is changing. I’ve talked a lot this year about the topic of trust in real estate agents, and how this year has changed that view – how the value of the service real estate agents provide is being called into question. I was surprised at how much it was.
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Confidence in the real estate industry is arguably at an all-time low, and the industry is in the spotlight with lawsuits and accompanying headlines. The influx of inexperienced agents and AI innovations that are changing communication since COVID-19 have further eroded consumer trust.
Trust funds in the traditional sense provide support and protection in the distribution of assets to beneficiaries. In theory, these are mutually beneficial, providing peace of mind and transparency for all parties.
Agents require their own “trust funds” in the form of deposits and actions over time that benefit their business and their clients. Many agents are already doing this and have built reputations for providing excellent service, but we need a renaissance, a return to the basics. And as with any fund, more assets always help.
Here are three ways to deposit money into your “trust fund”:
1. Know your assets and clarify your value
Clarity and preparation are key in the real estate industry. To avoid consumer confusion, brokerages, leaders, and agents must come together to educate on industry rules and changes. In this moment of uncertainty, agents must seize the opportunity to step into their individual value propositions, educate themselves, and educate their clients.
Even with long-term customers, it’s important to discuss what the deal will be like and the value you’ll provide. This includes open conversations about compensation.
Whether it’s structuring offers, negotiating prices, interpreting inspection reports, or advising on how best to place concessions, agents offer extensive experience directly protecting clients.
A useful exercise is to prepare three different pitches: 30 seconds, 5 minutes, and 30 minutes. You need to be able to articulate your value proposition on the fly in a variety of settings, whether you’re attending your child’s soccer game or attending happy hour with acquaintances.
2. Invest and make the most of it
Face-to-face communication and meeting clients face-to-face has never been more important. But you have to make time for it. Agents have transitioned from information guardians to professional service providers.
We need to focus on being advisors, not just gatekeepers of information. AI and technology innovations are changing how agents spend their precious time, but the human aspect remains important.
Make sure you take advantage of the technology and tools your brokerage offers to help you do your job more efficiently. This is not the time to be overwhelmed with administrative tasks.
Tools that benefit consumers, such as marketing platforms that help draw attention to real estate, are valuable. Have your intermediary support you both in terms of time and value.
Many agents are now planning for 2025. Now is the time to meet with your brokerage firm and see what tools and technologies are underutilized.
3. Take advantage of what you save and earn.
Understanding whether customers are buying and selling for emotional or financial reasons is an important distinction. Different approaches are required depending on the client and their situation. It’s not just about making deals.
Taking the time to understand your client’s story and goals can influence the dynamics of the relationship and open the door to future deals. Speaking the same language and staying focused on what really matters to our clients strengthens our partnership.
If you know a former client will be looking for a home near their grandchildren in the next few years, send them your options now to build trust and understand their future needs.
Renaissance means high rate of return
Collectively, we in the real estate industry believe that the next few years will not just be a new era for our industry, but a true renaissance, one that leverages the classical learnings and wisdom that built our business. We have an opportunity to usher in an era where we can take value to new heights. .
But none of that is possible until we re-establish trust, the very foundation of relationships, both business and personal. There’s a reason why agents are called “trusted advisors.” We now face an opportunity to recalibrate many of our fundamental principles as consumers look to us for guidance in a complex and evolving marketplace.
There’s only one way to get started on that path. It’s about investing in ourselves and our clients to build the credibility and confidence they need to be the best partner they can be.
Kamini Lane is President and CEO of Coldwell Banker Realty. She lives in Los Angeles. Connect with her on LinkedIn.
