Does Trustworthy Mean You Sell More Rental Property?

Is it true that trustworthy real estate agents sell more real estate then real estate agents that are not trustworthy? In my experience, the answer is yes, but with the following explanation addressed in this article.As our model, we’ll compare the styles of two types of real estate agents. Those who are eager only to close a transaction with little regard about the lasting impression they make on their customers, and those who care more about developing a long-term relationship with their customers; those who disregard the interests of their investor just to make a sale, and those willing to lose a sale when its in the customer’s best interest.It is not a matter of ethics. Our assumption is that both types of agents are highly ethical and diverse only in the way they conduct their business.Here are the FactsAny agent can locate a rental property listing. It’s easy to research the local MLS or collect data from online services that cater to real estate investment property listings.Any agent can locate a potential buyer. Whether it’s a previous customer, family member, a friend, a friend of a friend, the result of a call-in or walk-in, agents who remain proactive and take their business seriously are bound to meet buyers.Any agent can sell an income property listing. Whether it’s a commercial property or multifamily property, if it’s listed for sale at a lower-than-market price and you present it to a qualified buyer, the property will generally sell itself.In other words, both types of real estate agents are capable of making money. Fair enough.The difference is that the agent who has eyes only for the commission (sometimes to the detriment of the investor) is less likely to establish a trust relationship with that investor that could over time evolve into multiple sales then the agent who doesn’t just take the money and run.Okay, so what must you do to become significant to your investor and therein start cultivating repeat business?Foremost, be trustworthy. Treat your customer’s money as if it was your own. Beauty is certainly in the eye of the beholder and you certainly can’t impose your taste upon your customer, but don’t hard sell a property (or its potential) just to make a sale.Next, be informed. Know what your market values are and be prepared to share that information with your customer. In your opinion, if a property is over priced, say so. The same is true when you consider a property to be a good investment. Just back it up with credible data.Next, be honest. Tell your investor whether you deem a property as a grade A (proudly show it off) or a D (show no one and never collect the rent after dark) type of property. Discuss realistic (not hope-so) vacancy rates. Give an informative opinion of what you believe the odds of lowering those rates really are, and whether rent increases are likely. Be truthful about the property’s location, condition, profitability, and potential.Finally, be reliable. Never attempt to sell an investor investment real estate based solely on someone else’s data. Run the numbers yourself and create your own presentations. This is easy with good real estate investment software, and too beneficial not to make the meager investment. Real estate investors will trust you more when they can rely on you to substantiate the data you present to them.Here’s the bottom line.Winning over an investor is more than style and panache. Real estate investors are less impressed with the agent’s Armani and Mercedes then they are with the agent’s ability to discuss and service real estate investment property.To make the kind of lasing impression on real estate investors resulting in a long-term relationship, it must be evident that the agent genuinely cares about how the investor spends his or her money, is competent about rental property, and therefore can be trusted to assist them in making a sound investment decision.
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