Author: Jessica Armstrong Owner & Creator of TCCREATED LLC | Success Coach for Women in Real Estate & Business | Public Speaker
- Pain Point # 1 | Valuable Time Spent Without Securing the Client
- Pain Point #2 | The Home Inspection aka The Transaction Terminator
- Pain Point #3 | Building Stress that Feels Impossible to Manage
- Pain Point #4 | Getting Through the Appraisal Hoop
- Pain Point #5 | Ever Increasing Tasks in the Coordination
The Industry is unpredictable by nature and that can leak into all parts of a Real Estate Agent’s business, transactions being a consistent challenge. Although there are many things we can ‘t predict there are a wide range of obstacles we are familiar with due to experience. The best way to reduce stress and feel more confident about uncertainty is to know how to manage the pain points for the benefits to ourselves, our clients and our business.
The intention of this post is to alleviate major pain points for Real Estate Agents who are doing it all with and create a mindset to feel more prepared for challenges, adapt easily to change, and confidence in their value!
Ultimate Result: Be ready to set yourself apart!
Pain Point # 1 | Valuable Time Spent Without Securing the Client
It is easy to want to put a lot of eggs into the “getting a sale” basket before getting the client under contract. You want to wow them with your knowledge and provide them with all of your resources and advice. You want to prove yourself, but this is also what you enjoy and there is most likely already a signed relationship agreement. Then all of a sudden something changes, the seller finds a discount listing agent or the buyer thought the home search was taking too long and ends the agent relationship, they then go with another agent that promised them the world, whether they can or not.
What we are seeing is uninformed buyers and sellers that take advantage of your value which leaves you feeling beat down and heartbroken. Understandably! You spent all of this time building a relationship, checking in with them, answering all of their questions and that is a lot to give of yourself to anyone. Many agents put their blood, sweat and tears into this because it is their passion and they do it well so when something like this happens it can have a big impact on your mindset and how to move forward. Perhaps you are busy so for the time being you are pushing it away or pretending it didn’t affect you. Without going through the process of managing the situation this can build up and become toxic for you and your business.
To decrease the chances of this happening to rarely or never, it is important that each potential client is given a thorough, up front explanation of expectations for both of you, what separates you from other agents. Slow down and explain your value to them and what you are compensated for, so they feel more connected to your experience. This will also provide you more confidence in your value, as it is an integral part of your client presentation. Work in these practices and you will see immediate changes in how you show up and the results you see from more clients.
Pain Point #2 | The Home Inspection aka The Transaction Terminator
This is a difficult time period to get through, no matter how long or short. There’s the anticipation, scheduling, worrying about results, the negotiation process, managing emotions, etc. It’s the first real hump to get over and it can be a difficult climb.
Here is when you have the opportunity to take control and provide experience driven advice. No matter the inspector, they will definitely find any item that will be timely or costly to fix. This is often the turning point for the buyer, if they feel the repairs are too daunting that can be just enough for them to get out of the deal right then and there. It may also make the negotiating process more difficult. How much is the seller willing to spend or how much is the buyer willing to take on or look past? This can be extremely stressful and time consuming for all involved, so it may be a good idea to get ahead of the problem.
Being the superior agent you are, you want a solution to relieve your sellers of having to face this over and over again. Recommend your sellers get a pre-inspection of their own so they can see what stands out, deal breakers.
If nothing major comes up during the pre-inspection then great! You and the sellers now know you will most likely have a smoother transaction. If the report comes back with some pricey repairs or projects needed, this is a great opportunity to help the sellers see it as a valuable tool. The sellers can now get ahead of it, do the repairs, add the cost to the listing value, advertise the upgrades and enjoy a smoother transaction and faster closing.
Of course, major, costly repairs can be a shock at first even if it is better to find out sooner than later. That is where you come in with your real specialty, your ability to properly handle the situation. Give them some time to review the inspection report and your recommendations on their own and some cooling down time, perhaps a couple hours. Then when you call them, you can listen to what they have come up with and most likely they will be happy you provided the recommendations and space you did.
Pain Point #3 | Building Stress that Feels Impossible to Manage
There are many moments real estate agents can find themselves stressed, so many that they often feel overwhelmed. When there is stress baked into every part of your job and you do not have strong boundaries for your time, energy and self-care the stress just builds up like a snowball rolling down a mountain. The bigger the snowball gets the harder you find it to focus, manage your emotions and ease tension. We must incorporate mindset tools and practices regularly as well as automate and delegate as much as you can, and set clear expectations for yourself, your team and your clients.
Find a way to process, reflect and let go to find clarity in the present, this helps with decision making and response. Meditation is a great way to do this in a quiet, intentional way and has been known to be very effective for successful entrepreneurs. Mind dump, journaling or writing down thoughts, feelings and happenings of the day. This helps to create an end to the day and provide you with more space for the next day. Adding a “self-care” or “reflect” time on your calendar has proven to keep busy professionals consistent, providing them with a healthier mindset and new opportunities.
Do your research and work with experts to learn more about mindset tools and practices revolving around stress management, defining what you can control, active listening and switching from negative to positive self talk. It takes work just like going to the gym and the results are incredible and continue to get better. Not only are you more fulfilled in your real estate business but in your friendships and home life as well. Working with a Real Estate Coach or mentor is always an impactful way to boost your progress with life changing results that last a lifetime.
Lastly, set clear expectations for yourself and for your clients. To be successful in de-stressing your life, you have to set boundaries, you have to have time when you are unavailable. I know that is not always easy to hear but it is absolutely essential to your health and well-being. Having good communication around when you’re available, when they can expect responses, and provide them comfort in you are always working in the background for them. This will not only build trust, your clients will feel relieved knowing what their boundaries are with you. It may feel uncomfortable at first, and that is ok, once you see the results you will love it! Now you just have to stick to your guns.
We show people how to treat us, so if we say “no calls or texts after 8pm”, but then answer or respond during that time anyway, the precedent we had set has now gone out the window. If we don’t respect our boundaries, how can we expect anyone else to?
Keep in mind: If your cup is not full, you cannot fill others’ cups. Strive to be better than the rest and give yourself balance, that is how you can truly succeed.
Pain Point #4 | Getting Through the Appraisal Hoop
Coming in at the wire, it’s the appraisal. Depending on where you live, this could be a very lengthy process with little control and minimal updates to the agents or clients. If the buyer is using financing to purchase the property, there will almost always be an appraisal. When you are talking to sellers about their listing price and how the appraisal valuation may be a factor, how do they respond? Do they understand enough to know that overpricing their property may result in having to come down on the sale price or have more terminations so close to the finish line?
A lot of the misunderstanding and confusion around the result of the appraisal process comes from, again, uninformed buyers and sellers that were never given clear expectations.It is one of the worst feelings for the whole transaction team when the appraisal comes in short of the sale price. It is devastating for the sellers and causes uncertainty for the buyers, asking themselves, what if the sellers don’t come down on the price? Why was everyone so off on the value? Resulting in mistrust.
The mindset should be around providing your clients the information for the market valuation by utilizing your experience and systems, letting them know there most likely will be an appraisal and appraisers are the say all when providing the valuation to the lender for financing. Sellers need to know that if anything, price the listing right! Start thinking about positioning yourself as an agent that does not take on listings where the client cannot agree to a right price. Avoid the headache and make space for those who value your expertise. For buyers, their agent should be negotiating on their behalf, by being informed on valuation and challenging the list price if it is not where it should be.
Pain Point #5 | Ever Increasing Tasks in the Coordination
As you know, real estate transactions involve many parties, buyers, sellers, co-op agents, lenders, inspectors, and appraisers. Coordinating all of these parties can be a challenge in itself, particularly if there are scheduling conflicts or delays. To do this successfully, agents must be proactive in keeping everyone on track and meeting deadlines, following up on requests, providing documents, and working towards closing the transaction, while keeping focused and taking it one step at a time. If we try to push past or run through steps, it is easier to make mistakes or oversights and that can be costly, time-consuming to resolve, and may even result in legal disputes.
Transactions can be complex, and communication is key to ensuring all parties are on the same page. There is always a chance communication could break down at some point, causing delays and misunderstandings. For example, if one party is unresponsive or if important information is not shared in a timely manner, it can cause frustration and confusion for the agent and their clients.
Agents may find themselves in the middle of difficult negotiations between buyers and sellers, where they must work to find common ground and ensure that both parties are satisfied with the outcome. They must be able to navigate these ups and downs, lefts and rights while still ensuring that their clients’ needs are met.
Managing all of this efficiently requires expert skill, organization and detailed systems.
The Transaction Specialists here at TCCREATED are experts at managing and streamlining this work (what we call the 80%) with quality communication so you can focus on optimizing (the 20% – the activities that provide most of your profit) your clients’ satisfaction, attracting more leads and increasing your referrals while simultaneously skyrocketing the value of your service and separating yourself apart by becoming an authority in the real estate industry.
We are passionate about providing exceptional service that provides instant results to incredible real estate agents so more buyers and sellers are receiving the real estate experience they deserve. When we’re succeeding, the community is succeeding.
Thank you for reading! Look forward to connecting with you!
Sincerely,
-Jessica & The TCCREATED Team!