BAYUT ACADEMY: Five Reasons UAE Estate Agents Lose Clients and What to do Next
I recently saw a straightforward online post that read, ‘Agent Fees, what exactly do they do?’ and the comments ranged from, ‘most of them give them you the apartment/villa number so you can go check yourself,’ to ‘unlock the door and then charge exorbitant fees.’ On the flip side, I hear agents bemoan how difficult it is to keep clients. Let’s take a look at the top five reasons UAE estate agents lose clients and what to do about it going forward.
1. Your commission doesn’t reflect your value
All too often agents appear to be order takers and not a trusted real estate advisor who offers timely insight into market values and trends. People who are looking to buy, sell or rent property are looking for someone to help them. For buyers, this entails going further than asking the reference number of a property and opening the door. Buying property is stressful and scary, and buyers need someone to help them. That means understanding what they are truly looking for, helping them understand accurate pricing and to understand how this investment fits into their overall financial portfolio.
I insist on getting a certain level of service when I go to a restaurant, and I certainly would insist on receiving outstanding service when spending money on a property (either for sale or rent). If you feel you need some brushing up on sales, customer service or communication skills, sign up for a Bayut Academy Training on academy@bayut.com.
2. You have too many properties/clients
This one sounds counter-intuitive as properties + clients = money. There is a belief in UAE that more properties mean more money. All too often agents have got their hands on too many properties and can’t keep up. It’s far better to have a few exclusive listings rather than 100 shared listings. You will lose clients if you cannot commit to providing real service and listening to their needs and working to achieve their needs through your network.
This is not a numbers game – it’s a professional services game. Provide service, provide value and you will close deals. Follow up with clients and make it is easy for them to contact you. If you are too busy to ever pick up your phone or call back in a timely manner, your client will find someone who is eager to help them.
3. Your initial contact is off-putting –
Your first impression will determine whether a client wants to go with you or keep looking. We hear too many phone calls that are answered with a ‘hello’ and not ‘Hello, this is Sameer with XYZ real estate, how may I help?’ Similarly, too many agents ask for ‘a reference number’ versus asking ‘what exactly are you looking for and how may I help?’ We hear far too many agents asking ‘is this cash or mortgage’ before they have the common decency to ask the name of the person they are speaking with.
Buying and selling property is a nerve wracking experience, and the communication skills mentioned above are very off putting. Always answer the phone professionally and stand out from the pack by providing excellence and service from the first point of contact. Again, Bayut Academy offers a full range of educational workshops to help your brush up on and/or polish your soft skills. Register your interest on academy@bayut.com.
4. YOU HAVEN’T ESTABLISHED TRUST
Too many agents post fake listings with fake pricing in an attempt to get phone calls. Clients don’t really believe it when you say, ‘that property has just sold, but I have a similar one for AED 50,000 more.’ Your job, as an agent, is to build trust and make the buyer or seller feel you have their best interest at heart and can secure or negotiate the price. Any type of lie is easy to uncover with the aid of the internet.
Again, it’s easy to stand out from the pack by establishing trust from the beginning by asking the right questions and providing the right information. Ensure your clients feel that you have their best interest at heart and your will close more deals. End of story.
5. You seem desperate
The last in our list of reasons UAE estate agents lose clients is anxiety. Prospective buyers and sellers can spot an agent desperate to close a deal. Remember, buying and selling real estate is about solving someone’s problem and requires a professional attitude and a real passion to provide service. We know top agents across the UAE, and they are passionate about helping their clients with their financial future and constantly reflect on how they can best serve their clients. Focus on service and adding value and the clients and referrals will come.
So back to my opening comment. In response to the question, ‘Agent fees, what exactly do they do?’ One astute agent replied to this comment about how she ‘meets clients, discusses their needs, picks up clients and take them to viewings, negotiates with landlords and sellers, and checks units before showing to ensure cleanliness and cleans it if it is not, and follows up with house warming gifts.’ She had many people contact her as they were desperate to find someone to help and guess what, she closed two deals in one week! What did she do differently? She provided value through service.
The author of this article is Bayut’s Senior Customer Experience Manager and Bayut Academy Training Session Coordinator, Caroline Tinkle. Find good estate agents in Dubai who perfect their skills at the Bayut Academy agent trainings.
