A HIGH "SATISFACTION QUOTIENT"...DO YOUR BUYERS AND SELLERS HAVE IT?
IT'S A KEY ELEMENT TO A SUCCESSFUL SALE IN TODAY'S REAL ESTATE MARKET...It's Not the same thing as a "Comfort Level" since that can be reached with relatively little input from the agent and has less to do with the process of actually buying a home.
A high "Satisfaction Quotient" deals with the seller or buyer's feelings about how they are being treated in general, how the critical information they need is disseminated for them, and how they feel about the buying or selling process as the agent has explained it to them.
In my featured post, A COMPREHENSIVE MARKET ANALYSIS CAN BE VERY PERSONAL.... from today I offered up my own way of doing a CMA.
It is my standard now, to prepare a personal "report" to the homeowner and a personal evaluation of the properties near by. This technique has turned my recent "Pitches" into a huge success.: I got 4 new listings in one week! Please take the time to read the post if you missed it today!
In the Hampton's market place today, I have found that the outcome of working with a seller or buyer can turn out several different ways; below and in no particular order are the most frequent outcomes I have found in this very chaotic real estate market:
- The Buyer walks away after seeing just a few houses and leaves you with no idea why, never responding to your emails or phone calls.
- The Buyer or seller takes a totally different route and decides to look elsewhere with/for another agent.
- The Buyer is an enthusiastic one who wants to find and buy a house without delay, but is very nervous and hard to convince that this IS a very good time to buy...No satisfaction quotient was filled!
- The homeowner interviewed several agents, all of whom you know well, and they decide to use another agent, in spite of your good feeling about the interview.
- The Buyer is looking for a bargain that does not exist--stops looking when he/she realizes that. You have not convinced them!
Now, there may be more than those 5 but those are the most frequent outcomes that I have experienced.
A high "SATISFACTION QUOTIENT" is the one thing that is needed in order to get the deal done!
If a buyer today does not feel satisfied that they have the right agent, that they are not being shown the right houses---they are GONE!! If a seller in today's market can't even remember the agents she interviewed, how do you expect her to pick you? Is it your winning smile or your assumption that "of course they see that I am a special agent, perfect to handle the sale of their home!!!" Well, these are indications that the satisfaction level is very low and the only way to win here is to identify what it is you are NOT doing or what makes you unforgettable? You need to identify just what you can do to reach a higher level of service, or a high "Satisfaction Quotient"!
WHAT DO I MEAN BY "SATISFACTION QUOTIENT":
Sellers: Being interviewed by sellers in today's market can be like taking abuse! Half the time they talk to so many agents that the chances of you getting the listing is slim to none! They don't even call to tell you that you did NOT get the listing--UNFORGETTABLE!!!
Buyers: When you work with a buyer, I'll bet you have a keen sense of just what the buyer is looking for after the initial interview, and that is what you follow. I do too and I have recently taken note of the fact that the buyer in this market, and in today's world, is not as predictive as they were just a year or so ago. I have to focus more than ever to get this buyer to listen to me--and if I can focus enough on just those things he/she is going to fall in love with I have a loyal buyer who trusts my point of view. I make it PERSONAL; I get emotionally involved with the buyer by spending time with them in the houses they like---I bring them back again and again if need be!
If an individual has not reached a level of confidence that I call a high "SATISFACTION QUOTIENT", then I can not expect them to begin to formulate an offer on a property...in fact nothing will allow them to go forward in the process until that quotient has been reached. The same with the seller--without that personal touch, I mean nothing to the homeowner!
CUSTOMER SERVICE="SATISFACTION QUOTIENT":
- Today's buyers and sellers are much more educated, about real estate in general, than in the past; they expect much more from an agent they choose.
- Today's buyer has a fear that is almost palpable; they do not want to make a mistake and this keeps them from acting, especially if there are doubts about the agent they are working with.
- The level of awareness of market activity on the part of the buyer and seller is much higher today than in the past; this gives them the confidence to pursue the purchase or sale of a home but also keeps them from acting very quickly. They need to feel satisfied that they have the right person to make their decisions--and they need an agent who is decisive too.
- Today's buyer has no patience for a stubborn seller---they move on if they don't hear the price they want to hear when bidding. An agent needs to make sure the seller knows that no counter means no buyer--a small counter offer needs to be examined carefully so as not to insult the bidder....they walk quickly if they feel they have not received a respectable response.
- Getting a buyer to commit to a property is the hardest thing to do in this kind of market. They want to continue looking until they have exhausted ALL their options; this could mean losing a few possible houses to other buyers.
- A seller to day needs a personal touch more than ever; this agent is literally going to take over the house until it is sold. Homeowners need to feel that not only does the agent they hire know their home inside and out--they need to know that the agent they pick knows everything about the location and the surrounding communities.
As a result of all of the above, over thinking and overwhelming anxiety can set in and it takes a polished professional to work the buyer or seller into a calm, confident state of mind so that the deal can happen.
THE REASON BEHIND WHY I IDENTIFY THIS "QUOTIENT" IN MY BUSINESS:
There is a need for a hands-on, emotional connection with the agent in order to make a buyer feel "satisfied" that they have found the right agent. Buyers need to feel that they have the "inside scoop", the best area information and the real facts about the marketplace they are looking in, or they go to the next agent who will supply it! The same can be said of the seller; a feeling of satisfaction that they have the right person working on the sale of their home is priceless!
I HAVE FOUND THAT A HIGH "SATISFACTION QUOTIENT" IS ESSENTIAL TO A GOOD OUTCOME:
- A satisfied buyer and seller is the only way you will proceed to contract.
- A high "Satisfaction Quotient" is necessary to give the buyer a comfort level about the whole idea of home ownership and a homeowner a comfortable feeling about letting go of their home.
- If a homeowner is not sure that there could be a legal matter later with their home, get them to have an inspection by a qualified and trusted home inspector. That will give the homeowner a sense of support if you do.
- If a buyer does not want to make an offer right now, move on to the next house. Nothing will be accomplished until the buyer has reached his/her "Satisfaction Quotient" about the process.
- Agents can save themselves from frustrating experiences if they recognize this need for the buyer and the seller to reach a level of satisfaction with the process.
- Cut to the chase and know that unless they feel satisfied with the showings, the agent, the information provided, the inventory and the process, they are NOT going to buy or sell a house.
- It is important to recognize that buyers and sellers in today's market are very dependent upon the agent they have chosen. Be the one who recognizes this and give either one or both of them your unwavering service as a real estate professional.
TODAY'S REAL ESTATE MARKET IS MORE COMPLICATED, MORE CHALLENGING AND MUCH LESS PREDICTABLE THAN IT WAS IN THE PAST....PLEASE SHARE YOUR EXPERIENCES WITH ALL OF US...ESPECIALLY IF YOU HAVE A WAY OF DEALING WITH THE DIFFICULTIES.
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY
Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill: http://www.elliman.com/paulahathaway
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