Going into 2020, we’ve been discussing how to wrap up 2019, what’s new for the year, and how to better prepare for it while still being present. Last week, we dove deep into the Swanepoel Trend Report for 2020.
Today, we would like to explore Swanepoel’s statement of “Redefining The Edge of The Real Estate Transaction.” What does this mean for us? How can we provide additional value to our clients?
The industry is finding that real estate agents are providing more and more services past the transaction/closing. In fact, there are often times 2 edges to the transaction; the beginning edge and the end. Post-transaction will reshape our industry since this is where there are significant financial events for the client. If you think about it, after the transaction, there are movers, home warranties, utilities, insurance, contractors, security, etc, for the home. You see, after the client purchases a home, the average person will spend $10,000 on services within 6 weeks of purchasing. People typically want to save money on these services, (sometimes including your commission!) This is a phenomenal opportunity to explain your value since, remember, we are the fiduciary.
Introduce yourself to those companies and vendors that your clients are spending $10,000 with. Vendors in each of this area are spending enormous amounts of money to acquire and FIND the customers. They can be your financial partner. Even if you can earn your client 20% off, that is $2,000 that they will be so grateful for! You could even partner with the vendors to throw client/marketing events. Do the work to have these conversations so you in turn, can represent your value to your client. Don’t stop once you get paid in a transaction.
In The Power of Moments, by Chip Heath and Dan Heath, they talk about something they refer to as “duration neglect”. Overtime, clients will remember the peak, pit, and the end. They forget all the minutiae in between and remember the main events that evoked emotion. Create a new end for them by redefining the edge of the transaction.