Effective Communication Strategies For Real Estate Professionals

If you want to successfully work as a broker in real estate, it’s important to remember that relationships are a foundational aspect of the business. Early on in my career, one of my mentors explained to me that we are in an information business, rather than sales. Sharing key insights and data with clients in an effective way, along with communicating with others in the industry, will help you propel your career to the next level.

Follow these guidelines to effectively build relationships and close deals:

1. Think as an Advisor

In my role as an investment sales broker, I’ve come to recognize that I am an advisor and not the decision maker. Ultimately, as brokers, our role is to be an intermediary to convey the wishes of our clients. Far too often, I’ve seen situations where junior and senior brokers alike try to push a client into something that they’re not looking to do. I believe the best brokers in the business do their research, provide the information, have a recommendation, and then leave the decision to the client.

I always advise the relevance of putting yourself in the position of the client to understand their needs. Ask, “If I were in their shoes, what would I do?” This can help ensure our advice is in the best interest of the client. Sometimes, this means advising clients to postpone a sale for various reasons, such as unfavorable market conditions. While this might delay a transaction, it builds long-term trust and can turn a one-time client into a lifelong partner.

2. Send out Regular Reports

For clients, my team prepares and presents detailed weekly reports. These documents are comprehensive and cover all aspects of the property. They share market trends and potential buyer interest too. This consistent flow of information allows our clients to stay informed about the level of activity and market dynamics, which can help them to make well-informed decisions.

3. Collaborate with Clients

By regularly communicating with our clients and setting up weekly calls to go over updates, we establish a team-like relationship. Sellers appreciate being involved in the process, and it can be especially helpful in certain situations, such as families or multiple partners who are working to close a deal. Ongoing meetings allow everyone to be on the same page.

Working together with clients also makes it easier to manage expectations, and help sellers understand the balance between the benefits of their property and any issues it might have. In this sense, we give them a realistic perspective as they consider offers. We might highlight a property’s strong market position but also point out necessary repairs or conditions that could impact its value. This balanced approach helps clients have as much information as possible as they make decisions.

4. Negotiate as an Expert

As we create and modify contracts, it’s important to both clearly articulate our clients’ position and to understand the perspectives of the other parties involved. Creating competition among buyers can lead to multiple offers and prices that appeal to sellers. We can also look to establish terms that fit the buyer’s needs while also benefiting the seller. As I mention in my book, “The Insider’s Edge to Real Estate Investing,” if the needed preparation is carried out well, the closing process has a greater chance of going smoothly.

5. Build Industry-Related Relationships

In addition to being an expert in your niche, you’ll want to find ways to interact and partner with other experts. This can include attending conferences to make new connections and maintain existing ones. Sharing information and collaborating with others in the brokerage community can lead to mutually beneficial outcomes, and ultimately deliver the best result to clients.

While it takes time and effort to effectively communicate, it can be worthwhile as you look to build lasting relationships with both clients and other professionals. Being transparent and providing regular updates can help everyone understand the situation and adapt as needed to close a deal. As brokers, effectively communicating can help us reach a goal to be trusted advisors, guiding our clients through their real estate transactions and being ready for them when they want to make a move in the future.