You might be considering a change in career, from being a real estate sales agent to the more nurturing side of property advocacy. However, it isn’t just a matter of switching sides. The psychology involved is different and you’ll need to develop a new set of skills in addition to your sales skills.
My five top tips for your success as a buyer or vendor advocate
1. Understand your client’s motivation
Why does this matter? Well, your client’s motivation for buying or selling is about their future lifestyle. Your client might be downsizing, in which case they might need to find a home that is smaller, more economical to run, closer to shops and medical facilities and close to good public transport links. Just because they tell you they’re looking for a two-bedroom home in an inner city suburb shouldn’t be your cue to present every two-bedder in Fitzroy. You need to consider how those properties will contribute to your client’s future lifestyle. Maybe, if your client is a vendor, the right decision is to retain the property if it could contribute to their lifestyle.
Upsizers might be anyone from a couple with a growing family to retirees who love having the whole family together so they might be happy to move to a semi-rural location.
Investors will be looking for yield and/or capital growth, so you need to crunch the numbers on any property before you present it to your investor client.
2. Use a system to pull your client through the process
Honestly, too many people I talk to seem to believe that as long as you get the job done, that’s enough. And if you want to be at the bottom of the leaderboard for property advocacy, then that’s true. However, to build your reputation and achieve the success you’re after, you need well-considered property advocacy systems. Only with systems and processes in place can you ensure each client receives the same experience and you can be confident you’ve done all the due diligence necessary to protect your client – and yourself. Just as important, they’ll save you time, meaning you can help more clients.
3. Be honest, and manage your client’s emotions and expectations
Since I’ve been a buyer and vendor advocate, I’ve discovered that sometimes you need to give your clients ‘tough love’. They might fall in love with a totally unsuitable property (one that costs too much, doesn’t deliver capital growth or costs too much to maintain and will compromise their hopes) and it’s your role to guide them to understanding what they should consider rather than what they want.
4. Prepare to be working full time
Although you might see courses advertised or blogs that will inform you that you can build up to being a property advocate while working at your full-time job, this isn’t the case if you want success in this growing field. Your role as advocate is to protect your client’s interests and carry out all the due diligence. You will build your reputation with excellent client service; the journey of consultation is more time-consuming than a simple transaction so be prepared for many many hours on the phone and at your laptop.
5. Join the Property Mavens Group
As I’ve mentioned before in previous blog posts, I’ve been there, done that and I’ve worked out how to be successful in this field. When you join our group, you’ll have the benefit of my established brand, my proven up-to-date systems and processes, a library of resources and ongoing one-to-one training from an expert in the field. Best of all, you’ll join a community of like-minded people who are ready to help, to share expert advice and celebrate your wins with you.
If you think you could make it in the buyer or vendor advocacy world, please get in touch. More experienced advocates make for a much larger collective property advocacy brains-trust.