I have had thousands upon thousands of conversations with sellers, investors, purchasers, tenants, salespeople and brokers over the past 35 years of doing real estate; and I have come to the conclusion about the approaches that we as professionals take, when it comes to dealing with our consumers and sometimes amongst ourselves.
I have noticed and also realized we have two approaches when talking with those that make us our living in real estate; its either a sales pitch of how many homes, coops or condos or whatever they have sold currently or in the past, how amazingly fantastic they are, how great their company is and how they are so well connected international, etc., etc. and then there are those who talk with their prospective, sellers, investors, buyers and renters in a conversational manner about what are their specific needs and wants are and what is important to them in moving forward into the future.
To be able to qualify them with the idea in mind that it’s always been about them, not about us as professionals.
Probing and digging to find the essence of what really makes them tick, from what they do for a living, their hobbies, what makes them happy and smile, and about their kids, if any, their background.
What do they want to sell and move to, invest, buy or rent in whatever towns they desire or we might recommend and of course the time factor in their decision to pull the trigger to begin.
Those of us in the real estate business, who do what I have just suggested, need not read any further, for you are the 5-10 percent who truly know and understand and grasp, what I am talking about and follow a business practice and code of ethics second to none and I applaud you.
Did you know that asking a customer’s income, is not legally allowed, based on state Department of State rules and regulations; however, we can ask how the consumer is going to pay for whatever they are looking to buy, invest or rent; but a commitment letter from their lender or proof of funds and asking credit scores is allowed.
You can also ask the basics, about budgets, bedrooms, baths, styles of properties to be purchased and what they really can afford and have to have, again within their so called budget.
There is a new rule on the books, concerning prospective tenants, that we can no longer ask , if they have ever been arrested or incarcerated; which the Department of State again, has said is discriminatory and that is now a protected class.
But there are ways to insulate yourself as well as the landlord to having future issues in this situation, if it were to happen; you just have and need to know how to go about it in the correct “legal approach.”
Many, many agents need to be much more careful, not only for themselves but for their brokers and their companies.
Fines can be very exorbitant; thousands and thousands of dollars, as I have seen on the dept of State website on cases that have been settled.
There is so much information to be ascertained and derived from those you are working with that it is a never ending process of qualifying and re-qualifying until you can hit the home run in locating that one place that brings you that accepted offer we are all striving for and in the end, that most important payday.
Many still choose the old fashion conversion methods or as the old adage goes, ABC, (always be closing).
Many will go for the throat and push to have papers signed, or provide too high or low a price, just to get the listing or to get it sold quickly, through pressure tactics.
Many homeowners still succumb to these tactics, while others are much smarter and need what this article is all about. But today, the smart choice for real estate professionals, is to take their time in developing the necessary rapport by knowing the process of hopefully building long and lasting relationships with their consumers.
I firmly believe, this is the right and correct way to do it and your client sellers, customer investors, buyers and even tenants will greatly appreciate it in the long run, by coming back to you in the future for something else to sell, invest or purchase, again, if you know how to handle staying in touch with them.
Today it is crucial and critical to know how to guide them through the arduous process, especially those that have done this for many years, and also for those that have had zero experience in today’s challenging markets.
But that is another column for another week. What it comes down to is, “Nobody cares How much you nnow, until they know how much you care” and isn’t that the real truth? Let me know how you feel….
Phil Raices is the owner/broker of Turn Key Real Estate at 7 Bond St. in Great Neck. He has earned the designations as a graduate of the Realtor Institute and is a certified international property specialist. He can be reached by email: Phil@TurnKeyRealEstate.Com or by cell (516) 647-4289 to answer any of your questions or article suggestions or provide you a free Comparative Market Analysis on your property. See what your home is worth: WWW.Li-RealEstate.Com
