The answer is frankly easy to spot and sad.
In a nutshell, many real estate brokers, whether theyre acting as the listing or buyers agent, simply dont lead the process for their clients. The bar is fairly low in terms of leadership in this industry, so if youre looking for ways to stand out in excellence, we have some suggestions in this post:
Being organized, having a professional set of steps, following those steps and communicating the status regularly with clients might seem like obvious tasks in a real estate transaction, right?
Well, there are some elements that go .ahem… unpracticed.
What were saying is
Theres a HUGE opportunity to develop your own process, simply described above, and shine, shine, SHINE like a supernova.
We see, and work with, brokers from other firms ALL. THE. TIME. who, in essence, create the wheel with every transaction.
So, it should come as no surprise that we address leadership in both of the weekly classes we offer here at the Learning Lab. Lets raise the bar! Lets dig a little deeper into what leadership in the real estate process could look like:
How might it look to lead the process?
These are just a few frequently recommended, yet largely unpracticed, tasks that would demonstrate leadership:
- You control the process, the client controls the decisions.
- Educating the client about the market and showing them that you have a process and system for proven results.
- Setting expectations for the client, at every step of the process.
- Understanding, organizing…and managing!… a realistic and reasonable timeline, as much as the role will allow.
- Relating and explaining in non-jargony language, precisely what is happening with a property, inspections, legal details of an offer etc.
- Knowing your legal documentation really well.
- Regularly previewing homes in the areas you serve, or would like to serve making you an expert in the market.
Did you notice that hammering out a crushing negotiation was not listed there?
(Going to bat for your clients best interests is definitely blog-worthy, but thatll be a separate post.)
Be assured that you can develop a practice, while learning negotiating skills, and absolutely, stand out as an excellent agent.
What does leading the process feel like?
Well, its different for everyone involved. Check it out:
For the client: For, say, a first-time home buyer, when their broker leads the process, it feels like
It feels like care. Support. Even through feelings of fear, stress and worry. You feel like the person youre working with really has your best interests in mind and you can concentrate on making big decisions instead of managing the details. Theres ..trust!
Plus, if there was any question in this clients mind about whether or not they would feel comfortable referring you, they will vanish. You establish massive referability cred with this client when you take the lead on their behalf.
For the broker whos taking the lead: (even a newer agent) it feels like youre building a practice and always developing a valuable service.
Theres self-confidence to be found in developing value by leading. You have a roadmap, so whether its your first or your 100th consultation you will know exactly what comes next. There will be elation, when things go right. Frustration when they dont of course, but it will be coupled with perspective and understanding about why they didnt.
There will also be satisfaction. You are building something real. A value-based service based on relationships for the biggest consumer investment your people will ever make.
Wed be lying if we didnt say that leadership can bring out your own feelings of fear. You may even feel vulnerable. There is opportunity here too. Go ahead and learn more. You actually have nothing to lose.
Youll be building your reputation with other brokers, from your own as well as other firms. Professionals will want to work with you as a leader. Not against you.
Get an even better understanding of the darn legal forms.*
You are, in this business especially, able to build out your arsenal of tools and experiences to make your practice an amazing one! Both in feelings, and in commissions. Because to develop a thriving & profitable practice means you will always be learning. You can be a leader who is always learning.
Do you have any idea how rare and valuable that is?
For the broker who takes a less active form of leadership (this time): We suggest that opportunity is everywhere. Even in the brokers you work with who are quite active in leading the process. There may be some inspiration. Some element of professionalism you admire. You might even just appreciate it that your counterpart is willing to do so much of the work.
Just bear in mind that with the work, comes better & more rewards.
What would it be like for both brokers in a transaction to collaboratively lead a transaction for their clients?
Talk about powerful, engaging, everybodys winning!!!
Talk about Lets do that again!
Your leadership in a transaction isnt a fluffy fairy story.
Its real. And it takes work. Some of the hardest, most satisfying work youll ever do.
Leading takes organization, continued education, learning and skill building. It means having regular client contact, with conversations that arent always easy or smooth. Its worth it.
Your referability depends upon it.