Real estate is an emotional process. For buyers and sellers, the process brings emotions to the surface that, when misunderstood by their agent, can lead to feelings of frustration and anger by all involved.
Clients aren’t the only ones at the mercy of their emotions; even the most level-headed, seasoned agent has moments where his or her emotions bubble to the surface.
Agents with a high EQ, the measure of emotional intelligence, are able to manage their emotions as well as those of their clients.
According to top listing agent Joe Niego, increasing your EQ will also increase your pay by 25 percent. More than that, boosting your emotional intelligence is sure to help you connect with your clients on a deeper level.
Discover how to serve clients better
When an agents works by referral, the service they offer their clients is the calling card of their businesses. To provide the highest level of service, it’s vital to have empathy.
Empathetic agents are able to put themselves in their clients’ situations and see things from their point of view. They listen closely to what their clients are saying and not saying.
They tune into cues in body language and demeanor so they can adjust their responses accordingly. As a result, their clients feel heard and respected. Misunderstandings are mitigated or avoided altogether, and trust is built.
While a real estate pro understands that markets change and the process might be different each time, their clients might not. Additionally, though the Internet gives clients access to more information than ever before, it might also set up false expectations.
When left unchecked, this leads to misunderstandings, frustration and angry phone calls and voicemail messages.
Expectations are set at the first meeting, whether it’s in the office with buyers or at a listing presentation at a seller’s home. Ask them what their expectations are, and use a 60:40 dose of empathy and reason to temper them.
Remember, you have two ears and one mouth — listen twice as much as you speak to help you decipher what your clients are looking for.
Improve negotiation skills and resolve conflicts
According to the National Association of Realtors 2014 Profile of Home Buyers and Sellers, both buyers and sellers rank “negotiation skills” as one of the most important skills they want their agent to have.
Sellers want to make as much money as they can from their homes and sell at or above listing price, while buyers are thirsty for a great deal and want to pay much less.
The negotiation stage is seen as a simple business transaction by real estate agents; however, it’s often a high-stakes game of emotion for their clients.
Agents with high emotional intelligence are able to manage their emotions and rise above the negativity. When others are inclined to respond defensively to angry clients or other agents, a true pro is able to diffuse the situation by resisting the urge to counter negativity with more negativity.
Instead, they control their emotions and seek to understand why the other person is upset. Then, they offer solutions that create a middle ground for all parties.
At the end of the day, people like to work with agents that they like and trust, who they feel understands them. A high emotional intelligence can help you to not only become the trusted agent of your clients, but of their friends and loved ones as well.
How can you boost your emotional intelligence? Listen, empathize and practice whenever you can. It’s that simple.
Want to improve your negotiation skills? Head over to our Resource Hub to unlock a free episode of Peak Producers Training: The Art of Negotiation.