REAL Exclusive Magazine

The Residential Real Estate Business Is …

By Patricia Tan

Some would say it is just that – a business, a commercial enterprise. Others might say it is a transaction business – after all, as Realtors® we get paid only upon successful closing of a transaction, and this is how we measure our personal and business productivity. But what is it really?

The real estate business serves one of a human being’s most basic needs – the need for shelter. As such, it is important that we realize our business is essentially a people business. As Realtors®, our business success is dependent upon how well we serve our customers before, during and after a transaction.

As professionals in a competitive market, we constantly strive to differentiate ourselves from others. When a customer asks “What makes you different from other Realtors®?” many of us will say, often without thinking, “It is the high level of customer service I offer”. We then go on to give examples of the service the customer can expect such as our hours of operation, response times to phone calls and other measurements.

But what does service really mean?

I began to ponder this question as I sat on a nine hours transatlantic flight to London recently. My thoughts were provoked by a book I was reading on leadership.

Newly published, A Leader’s Gift by Barry Banther, talks about the gifts a good leader gives to his most valuable asset, his people. There are many parallels that can be drawn with the gifts a good Realtor® bestows on his customers.

In order to best serve our customers, we must take the time to get to know them – really know them. Not simply know the kind of home they are looking to buy or sell, but what is important to them, how they make decisions, what is motivating them to make a change, and any concerns they may have. This will involve an investment of time on our part, and we must always be accessible, approachable and empathetic.

Listening skills are very important. Really hearing and understanding what is said as well as what may be left unsaid. We are all familiar with the saying that we were given two ears and one mouth, and they should be used in that proportion. The world’s most successful people will tell you they listen more than they speak. As I travel to other countries and talk to people there about investing in U.S. real estate, the biggest criticisms I hear about our real estate professionals are that we talk too much and sell too hard!

Some real estate transactions come about for happy reasons – a wedding, new baby, job promotion for instance. Others are caused by unhappy circumstances: death, divorce, loss of a job. Sensitivity to a customer’s motivation and feelings is paramount. Offering encouragement tempered by practical advice at the appropriate times, will always be welcome and result in lasting customer relationships.

At all times, we should be conscious of showing our appreciation for the trust and confidence our customer has placed in us. Not just when they initially award us a listing, or choose us as their agent in a purchase, but throughout that transaction and into the future. Remember to always thank the busy mother for making sure her home shows beautifully shortly after she has delivered three children to school, or the older homeowners who have followed your staging advice and removed lots of their precious family photographs and trinkets.

Investing in customer relationships will manifest itself as excellent customer service. Excellent customer service will lead to future business, not only with your customers, but also with their friends, relatives, neighbors and business associates. Remember, without people on both sides of a transaction, there will be no contract, no closing and no commission!

Patricia Tan was born in England, and her career in international sales and marketing led her to live and work in many countries around the world before moving to Sarasota in 1997. Patricia is a Certified International Property Specialist (CIPS), Graduate Realtor Institute (GRI), and Transnational Referral Certified (TRC). She is involved in global activities of the Sarasota, Florida and National Association of Realtors, and currently serves as NAR President’s Liaison to U.K. Her real estate business operates from Coldwell Banker on St Armands Key, where her focus is to bring international buyers to the local market. She regularly makes marketing trips to Canada, Asia and Europe, to promote Florida’s Gulf Coast and the Sarasota area in particular. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com.

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