Deals can fall through for several reasons. Some reasons are beyond our control like the client deciding to go with another form of investment, buying in their home country or simply changing their mind. Unfortunately, there is not much we can do in these situations.
On the other hand, deals can flop because of the agent’s behaviour. When you lose a sale, look back to understand what went wrong and how you can prevent the same mistake. If you want to close more transactions, avoid these six deal-killing behaviours.
The Unresponsive Agent
All calls, texts, and emails should have a quick response time when following up with a client. Remember, being first is free, and it also gives you the highest probability of retaining the client. Very often, leads contact multiple agents with the same enquiry. Being the first to respond shows that you are dedicated, active and ready to help.
As a real estate agent, you should be proactive and responsive from your initial interaction with the client until the day you close the deal. Inconsistent or unclear updates can leave the client feeling stressed, anxious or ghosted. Responding too late ultimately diminishes your chances of capturing the lead; if you aren’t responding to clients, chances are someone else will.
The Poor Communicator
Clear and concise communication is essential when speaking with clients. Make sure you add value or share something new during each interaction. Market reports, last sold transaction data (available on Profolio™), and Area Guides are valuable resources for property seekers.
We recommend walking your clients through the entire purchase/sales process early to avoid misunderstandings.
It would be best to ask questions about the client’s intentions, timeline, preferences, etc., to have an in-depth understanding of their needs. When clients ask you questions, ensure you answer directly and accurately, and avoid using jargon or complicated language. If you do not have the answer to a question, make it a point to find the correct information and convey this to the client promptly.
Your client is relying on you to support them through the whole process – part of this support is actively listening to the client’s requirements and precisely delivering what they expect. Pay attention to what the client is asking for and why they are asking for it. For example, they may be looking for a large garden for their dog to play in or a high floor apartment with a sea view. Ensure you understand what the client wants and why they want it.
The Dishonest Or Deceptive Agent
Lying is the fastest way to lose a deal. If a client catches you in a lie, you lose any trust you’ve built throughout your relationship. Covering up problems with a property, providing inaccurate information and swaying the truth is unacceptable behaviour from a real estate agent.
Buying and selling property is a big decision; all clients deserve to work with a transparent and honest agent who has their best interest at heart. Honesty about your experience, inventory, and clients will foster much stronger relationships rather than manipulating the truth for short-term gain.
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The Pushy Agent
Clients work with agents to make their home searching/selling process easier and smoother. Unfortunately, being a pushy and aggressive agent does the exact opposite.
Always be polite and empathetic when dealing with clients. If an urgent matter comes up, stay calm and ensure you guide clients through any changes. Putting pressure on the clients can make them feel stressed and may lead to them backing out of a deal, even if they’ve shown the interest and readiness to proceed with the transaction.
The Unprofessional Agent
Professionalism can go a long way in your real estate career. Unprofessional behaviour such as showing up late to appointments, dressing inappropriately and being rude are quick ways to end your relationship with clients and prospects. Clients are looking for agents who are competent and trustworthy. Maintaining professionalism demonstrates that you are qualified and reliable.
Ethics also come into play here. Ensure you treat all your clients equally and avoid making assumptions about a prospect’s ability to buy based on what you think their income, age or nationality is.
An ethical agent will also be open and honest with clients by informing them if there are better offers on the market. Ethical agents always give the client accurate information and update the client if price trends change.
The Ill-Informed Agent
Your knowledge is what clients value. When interacting with new clients, consistently demonstrate your expertise in your area of specialisation and the overall market. This can be done by sharing market reports, transaction insights and market expectations. If you need to brush up on your knowledge of Dubai neighbourhoods, our Area Guides will help you!
Study your niche and equip yourself with answers to common questions. Here are a few things you should know about your area of specialisation.
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For more tips like these, check out our Content Corner, where we have a variety of articles related to the UAE real estate market. You can also register for one of our interactive workshops at Bayut Academy, where we conduct various sessions to help you upskill as a real estate agent.