Honesty is the best policy. However, spilling the beans may cost you a sale.
Just to be clear on the onset, we do not advocate for deceiving potential buyers. To become a trusted real estate agent, you need to be 100% honest about anything that would impact the purchase decision if the buyer knows it exists. Don’t run on a buyer beware status. In fact, we already have a great article on importance of being trustworthy.
Important read: Guide to creating trust as a real estate agent.
We are only discussing some details where spilling the beans may not be in your best interest. These details that you can skip are innocuous and you can gloss over them while being honest and respectful to your potential buyers.
No 1: Why a property is being sold.
We have all been faced with this question on why the owner is selling. The owner could be selling due to their personal problems and it’s not a good idea to tell everyone what those problems are. Maybe the owner is unable to pay loans and risks being auctioned. Do you tell all potential buyers of this fact? No. Instead, gloss over this question respectfully.
Remember, hinting that the seller is having financial problems could make you look desperate to sell, and buyers could use it to their advantage by giving you low offers.
No 2: Number of offers received.
Customers want to know if there has been interest on the property. Whether it’s a house you have put up for sale or are dealing with plots for sale, you will encounter this question. How do you handle it? The truth may be this is the first customer you are taking to view the house, so you haven’t received any offers. You do not gain by admitting that your property for sale hasn’t seen much or that you are yet to receive even a single serious buyer.
When a potential buyer asks me if I have any other serious offers, I usually respond with, ‘We’ve had quite lot of interest and are expecting an offer soon” Says Martin. “I consider this not to be a lie just staying loyal, to the seller.”
It’s okay to indicate that the house or apartment for sale is generating a lot of interest and you think it won’t be in the market for long. This could be true as you may not be the only agent selling and other agents could be close to closing the deal.
No3. Level of experience you have in real estate
Every customer wants to work with an experienced real estate agent. If you are just starting out, this is not a detail you want to throw out there. If a customer becomes aware that you are starting out, they may move and start looking for a different agent. However, do not pretend to be more experienced than you are by trying to show off. Customers can detect this from a mile off.
Try to draw the customer from your lack of experience to other qualities like your drive or dedication. The customer should know that since you do not have a lot of clients, you will dedicate more time to them. With fewer customers, communicate to them more often, something more experienced real estate agents skip out.
And don’t stop at accepting that you are not experienced. Find ways to network with other real estate agents.
Must Read: Networking Tips for Real Estate Agents.
People are naturally cautious of real estate agents as some have gained a bad reputation for being unethical, and others tell lies to get the deal done. To succeed you need to remain honest with your clients and other real estate agents. Real estate agents who lie to make a sale risks being found out and there are reputation and legal consequences of this.
Some areas that you need to be truly honest as an agent include disclosures of property conditions, ownership details and any material facts on the property.