Managing Expectations in Your Real Estate Business

Expectations are visions of a future outcome, constructed in our subconscious and generally unstated. We have preconceived expectations of restaurant meals, movies, vacations, customer service and our overall success. We often don’t realize we even had expectations until we are either happily surprised or sadly disappointed. Managing expectations keeps your business on an even keel and, you personally, in the right frame of mind.

The foundation for business success revolves around establishing relationships and continually nurturing them. Simply meeting expectations will not set you apart from your competition and is unlikely to garner repeat business or referrals.

The most successful businesses consistently find ways to provide the “WOW” factor for their clients. One way to achieve this is to under promise and over deliver, which involves understanding customer expectations and implementing strategies to exceed those expectations. Clearly defining what constitutes your standard services then building in “extras” can promote loyalty and customer appreciation. Many businesses over-service clients and do not emphasize that extras are a bonus above and beyond the standard service. As a result, client’s expectations become raised and they eventually perceive the extras as part of your standard service, therefore negating the WOW factor. It is imperative that your clients recognize and appreciate the extras as extras to create an element of excitement, make them feel special and ensure you are exceeding their expectations.

So much time, money and energy is consumed by securing new business, and unfortunately in many cases it becomes a perpetual endeavour if the same amount of time, money and energy is not committed to exceeding the client’s expectations after the business is won.

There are a few simple ways to create longstanding relationships that endure through good times and bad.

Build A Relationship That Goes Beyond Business

People like doing business with individuals they not only respect but also like on a personal level. Developing a non-business relationship helps you understand what makes them tick which can translate into exceeding their expectations in business transactions.

Communicate

Regular communication, especially after the deal has been closed is essential to maintain good client relationships, and is a surefire way to exceed expectations.

Take Responsibility

The foundation of any long-lasting relationship is based on trust. Address any setbacks proactively and personally shoulder any blame. Transparency and direct communication foster trust.

Listen

Many clients are unsure of what they really want or have difficulty articulating it. Listening is one of the most misunderstood and under utilized tools in managing expectations. Perfecting listening skills and implementing intuition are critical to ultimately exceeding expectations.

Never Assume

We usually don’t realize the existence of assumptions until it is too late. Avoid the pitfalls of assumptions by:

• Precise communication and explanation of details
• Constantly confirming your message is fully comprehended
• Erring on the side of over-communication

Expectations are what drive your clients’ actions and decisions. In their mind, satisfaction is how close you have to come to their expectations.