What You Should Expect from Your Broker

In this episode of CRE Radio & TV live, Peter and I discuss what you should expect from your real estate broker.  This is a bit of an introspective in which we address what we expect of ourselves, as service providers, business people and real estate brokers. This show was a live broadcast originally aired on Youtube, Facebook and Twitter/Periscope on August 15, 2019 at 4:00 pm., Pacific time. This recorded video and podcast has been edited.

The following is an outline of what we will be discussing. The written portion of this post will change after the original airing.

Excel

• Don’t be average
• Give more than 120% as often as possible
• Don’t be a commodity
  • Clients can get listings online

Research and Know the Client

• Ask Questions
• Listen
• Understand what they want
• Do Research on the client, before, during and after my representation

UNDERSTAND WHO YOU ARE AND WHAT YOU ARE CAPABLE OF

• Are my skills, knowledge, experience in alignment with what the client needs or wants?
• Am I the right person for the job?
• Do I have the time?
• Do I have a team that I can work with or should I refer the representation out to someone else?
• What is Your market knowledge?

Focus on:

• Details, but don't get lost in details;
  • How dis this done?
• Process;
  • What is my process?
  • Be Flexible and nimble;

I’m a detail person. I like to explain so that the client fully and clearly understands and can make the best, informed decision. However, some of my client’s prefer not to get the details.

The client is the decision maker

1. Remember that the client is the decision maker. I’m there to help them make the best decision possible.
2. Understand the client’s needs and wants;

Communication

• How does the client prefer to be communicated with;
• Telephone;
• Email;
• Letter;
• In person
•  
• How much detail
• How much information do they want and in what format;
• Often and Consistently

SPECIFIC SHOULD’S AND SHOULDN’TS

SHOULD’S

• Expect loyalty;
  • To get loyalty should you give loyalty;
  • Exclusive representation
• Truthful and accurate representations
• Genuiness
• Admission of errors?

For the Buyer or Tenant

• Properties should be physically previewed before property is presented to the client
• Published listings are generally designed to generate interest and are likely not to describe the warts;
• Agent should know the market and have done an:
• Area Survey;
• Physically explore and understand:
• Other properties within relevant proximity to identified property that you will be presenting to the client;
• Speak to sellers/landlord’s agent
• Speak to other brokers
• Speak to landlord’s, owners and other tenants who are not listed

For the Seller or Landlord

• Agent should be at each showing by the buyers/tenant’s broker and/or their client;
• Agent should know the market
• Area Survey;
• Agent should physically explore and understand:
• Other properties within relevant proximity to identified property;
• Speak to other owners or tenants
• Speak to other brokers

Marketing

• Publications;
  • Where and how often?
  • Open House?
  • Reports

SHOULDN’TS 

• Should send more than just listings or property flyers
• Detailed analysis and recommendations;
• Agent shouldn’t just say what they like, don’t like and definitely, shouldn’t state what they would do if they were you. You should get the reasons supporting their analysis;
• Show imagination, understanding of:
  • Client's wants and needs;
  • Knowledge and experience and the market;
  • Enthusiasm