As in any profession, there is a wide variance in competence from one real estate agent to another.
But even a REALTOR® in the Top 1% of skill, knowledge, and experience can be, and often is, guilty of perpetuating the biggest complaint there is in the business:
Lack of Communication
“We met with the REALTOR®, and they seemed extremely skilled and knowledgeable. They had a strong game plan, so we decided to list with them. They walked out the door with our signed listing contract, and that was the last we ever heard from them! That is, until two weeks before the listing expired, when they finally called, demanding that we reduce the price and extend the contract.”
I hear this all the time or something similar, often about big-name agents, and these sellers have a perfect right to be angry with the treatment they received.
Early in my career, I realized this was a massive problem in the industry, and I was determined to be different.
Over the years, I’ve set up various systems and procedures to ensure I was never one of those agents. For example:
The Market Watch System
I set up every listing so my clients automatically receive a notification whenever there is a new competing listing, a sale (firm or pending), a price reduction, etc. After all, it’s one thing for your clients to know what is happening with their own listing (showings, feedback, etc.), but it’s even more important to know where they stand compared to their competitors.
The Market Watch System is one of several ways I have to keep my listing clients up-to-date with important information. But it’s only been in the past 2-3 years that I’ve added what has proven to be my #1 most important communication tool:
The Monday Morning Report
This is a review of everything that happened in the past week, including my personal commentary on the Market Watch System (see above). How might this new listing affect them? Why do I think that listing sold and theirs didn’t? Should they be concerned about this price reduction?
This report keeps my clients consistently well-informed, but there’s an unexpected bonus to this system that I didn’t expect when I started doing it:
It keeps me better informed, too!
I’m 100% committed to sending this report to every client every Monday, so no matter how busy I am, I have to stop whatever I’m doing and closely examine what’s happening with each of my listings at least once per week. I’m usually watching closely anyway, but this is a surefire way to ensure I never forget to take that extra-close look every Monday.
And it’s NOT a hassle. It’s easy and highly effective when you do it consistently and follow my simple system.
My clients always clearly understand where they stand in the market, allowing them to make informed, intelligent decisions.
This creates undying loyalty and endless referrals. That’s what you should be striving for.
- Coach Ted
