Brokerage

The No. 1 threat to the real estate industry: transactional versus relational approaches

Forging relationships with clients creates lifelong business

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

For years, it was believed that the biggest threat to the real estate industry was technology. If customers could simply click on a link to buy a property, would they still need professional help? Happily, we’ve since learned that technology can improve our business because it educates and informs prospective clients about their choices, which can only be a good thing. But this doesn’t mean that we can be complacent. Other threats to the industry do remain — and the biggest of these is our approach to our transactions and our clients.

Historically, many of us were taught to operate on the “find ’em, fleece ’em and forget ’em” principle. More often than not, we concentrated on sealing the deal and then quickly moving on to the next prospective sale, never looking back. We were transactional in our dealings with clients. Is it any wonder then that our customers often came to think of us as a commodity to be forgotten about once the moving truck had been unloaded and the suitcases unpacked?

Yes, the relationship might have been intense during the sale process, but because it was purely transactional in nature it rarely endured once the deal was done. Ask most homebuyers the name of their agent even mere months after they’ve moved into their new house, for example, and chances are they won’t be able to recall.

I┬ábelieve that to be supremely successful and achieve incredible growth in your business, you must be relational, not transactional, in your attitude. Selling someone a house isn’t just about making a deal, it’s about making a home. To be ultimately satisfied and content, clients have to feel a certain way both about the process and the result, and that means attending to their emotional, as well as practical, needs.

What are your customers concerns or fears about buying or selling? Is there a better way to meet their requirements, solve their problems and serve them more effectively? How can you keep in touch once the deal has been done?

Delivering a premium experience means thinking about all of these issues while nurturing, building and preserving your relationship with your client. The phenomenal upside is that this approach not only benefits the customer, but also directly contributes to the “stacking effect” that is vital in order for a business to grow and flourish.

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This isn’t an easy road, by any means. It takes a lot of effort, dedication and commitment to work this way. But the payback is priceless. If your clients have the best possible experience with you, they will become true advocates for your business. They will refer you to friends, family and colleagues, who will do the same in turn.

It’s like having your own sales force out in the marketplace, working on your behalf — and who doesn’t want that? Ultimately, the compounding effect of all these referral customers means that your business will grow and strengthen, year after year. And it all begins when you take a relational, not a transactional, approach to your business. So focus on the client relationship first and foremost — the transactions will follow, sure as night follows day.

Check out this clip from Buffini TV to find out more!

Headquartered in Carlsbad, California, Buffini & Company is the largest real estate coaching and training company in North America. Founded by real estate expert and master motivator Brian Buffini, the company provides a unique and highly effective lead generation system and comprehensive business coaching and training programs that have helped entrepreneurs in 37 countries improve their business, increase net profit and enhance their quality of life. Please visit and like Buffini & Company on Facebook.

Email Brian Buffini.