Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we spoke with Jonathan Garcia, a Realtor with ONE Sotheby’s International Realty, who shared his top ways to explain your value to your clients.
3. Know your numbers and market –As the real estate industry continues to grow and more agents are added to the field, it is extremely necessary that you stay on top of the changing market and know your numbers and inventory. Not only will it help you stay ahead of most agents, but more importantly, it shows the true value to consumers as to why we call ourselves “real estate agents.” You must become a market expert in the eyes of the consumers and that includes knowing:
- The number of homes that sell each month
- Average selling price
- Sale price to listing price ratio
- Properties’ average days on the market
- How many months of inventory are on the market (aka absorption rate)
- The number of homes listed/sold each month = Turnover ratio
2. Always be a professional – Easier said than done. Being always a true professional in our industry can be perceived very differently from agent to agent. As a former portfolio manager assistant in the private banking industry, one of the most valuable take aways from it is the importance of offering outstanding service and professionalism at all times. Being a professional real estate agent involves constantly servicing and responding promptly to your clients in a professional manner, which means: avoid texting so much; a phone call will always be the most professional way to talk to your clients so you can explain everything in detail; dress as a professional so your clients see you as one; gain your clients’ trust through honesty and loyalty; and lastly, always provide more value than the monetary benefit your are receiving.
1. Listen to your clients and communicate thoroughly – Whether you are working with sellers or buyers, listening is one of the most crucial tasks that many fail to do. When you truly listen to your clients is when you can perform your best; therefore, add more value! Sometimes clients don’t directly express what their goals for you to achieve are. Listening to them and clarifying those goals will lead you to a very happy client, which will, in turn, translate into more business. Additionally, communicating back and forth in detail is very important. When you constantly communicate with your clients about the activity surrounding their listings, including feedback from every showing and inventory updates in the area – whether small or significant – you will not only show that you are on top of things, but you’ll also save you and your clients surprises in the future, which is ultimately your job as a real estate agent.
Jonathan Garcia is a Realtor with ONE Sotheby’s International Realty working primarily in the Miami area. Before joining the agent side of real estate, Garcia worked as a portfolio management assistant at EFG Capital International.