You might read the headline and think, “Hang on! I want to leave real estate sales to do something different, why do I need to maintain a relationship with my colleagues and competitors?”
The thing is, to be able to help your clients to the best of your ability, you want access to properties before they hit the market. And if you have good relationships with real estate sales agents, across your territory and beyond, and you’ve proven that you can help them sell a property quickly, then you’ll hear from them first when they have the type of property you’re searching for.
With strong peer-to-peer relationships – where there’s mutual respect and trust – sales agents in your network will be on the phone to you or shooting you an email as soon as a prospective listing is being signed.
Why property sales experience is a must
Recently, I discussed the reasons why a real estate sales background is vital for buyer advocacy. With your breadth of experience in real estate sales, you’ll easily sort the strong agents out from the weak, those who offer mutual benefits and go on to forge relationships with those individuals that are win-win for all parties, your clients included.
If you simply search for properties in the same way the general public can, then you’re not offering the added value that your home buyers and property investors expect. Your clients pay not only for your property expertise, but also, for your property industry contacts.
Time is money, to you and your client
Your ability to find buyers the perfect property requires you to have the means to source a great home before it’s marketed publicly. Once you’ve identified various factors like the property attributes, condition, location, your client’s risk profile and their available budget, you want to act quickly to fulfil that client’s goals – not just for your client but for yourself. Time is money as they say!
When buyers ask me how soon I’ll find them a property, it’s difficult to give a definitive answer. Identifying a suitable home or investment property might happen on Day 2 or Day 22. However, having favourable relationships with real estate sales agents means I can find properties faster.
As you no doubt appreciate, homes are sold for all sorts of reasons; work relocation, divorce, rightsizing. Even in slow real estate markets, homes will come up that suit your clients’ criteria. The key is to find out about them before the hordes.
Two-way, win-win relationships
Building relationships with real estate sales agents not only helps you but helps the sales agent, too.
Agents who know and trust you will call you first, often before a property is formally listed for sale. If a sales agent in your network has a property that’s a great match for your client, you can help ease the negotiations for all parties.
As a buyers’ agent, you help determine the price range and ensure your client has finance in place or a loan pre-approved from their bank or lending institution. Whether the property sells by private treaty or auction, you bring a highly qualified buyer to the table and help them to make smart, informed decisions. They won’t miss out on a great deal with you on their side, and that benefits the sales agent too.
Smart sales agents understand the value of working with a buyers’ advocate who has buyer management systems in place to help get their clients pre-qualified and ready to act. You help the real estate sales agent look like a hero in the eyes of their vendor when the property gets sold in record time.
Systemise your agent communications
With the right systems and processes in place within your customer relationship management (CRM) system, you’ll be able to facilitate regular communication with other property professionals with ease. For a start, being able to send a blanket email to a select number of sales agents, highlighting what you’re looking for, the approximate budget and the ideal location is a must.
Make it your duty to treat your real estate peers with respect. Sales agents are your ticket to servicing your clients. Adhere to what the sales agent needs within reason, view properties at open homes, or private inspections as required, keep in close contact, and share feedback on a property that might help them sell it more easily, even if it’s not the right fit for your client. Help your property peers and they’ll be more willing to help you in return.
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.