STOP Selling. START Servicing. BREAK the Rental Cycle.

Successful real estate agents are often thought of as “great salespeople” but when Darla and I studied highly successful agents in both rentals and sales, we noticed their focus was more on servicing their customer than selling.

Agents with the longest careers tended to have a list of people/companies/vendors who could provide an array of needs that might come up in working with customers and clients. Needs such as, a specific type of mover for artwork, a handyman who works by the hour, a millwork specialist, professional organizer, etc., the agent could recommend. Essentially, these agents could take a lead and by asking simple questions turn them into customers. For example, “Do you have a mover?' or suggestions like, “Moving is a great time to reduce clutter. Why pay to move things you don't need or use to your new home? Can I help you with that?” It doesn't take any more time from the agent than making a few phone calls or passing the information on to the customer. For the customer, it can reduce the hassle of moving and makes the agent stand out. When agents position themselves as advocates for their customer, the trust level increases tremendously. This is how leads become customers become clients become referrals.

Newer agents can be hyper focused on the transaction for obvious reasons, particularly those who work in rentals. This is often supported and even created by the company the agent works for. A purely transactional focus kills any hope of building a relationship with the customer. Rentals happen faster than sales and some agents don't understand it's not how long you work with a customer that counts. It's the impact you have on them that matters. Rental agents can get stuck in the “rental cycle” and never develop to include sales in their businesses. By providing a higher level of service, regardless of the transaction type, builds a career. The number of transactions alone cannot scale a business for a single independent contractor as there are only so many hours in a day.

At Equus Residential, our agents are hybrid agents meaning they are equally proficient in both rentals and sales. Performing rentals is a great way to launch a career in real estate in New York City but if you want to develop a long-term, referral-based business that includes sales, you must provide a higher level of service. When we talk with rental agents who want to add sales into their businesses, they will ask us how we can help them find buyers? Every rental customer is a potential buyer! We train our agents that today's renters are tomorrow's buyers. In addition, if a customer is making 90K plus and has enough liquid for a down payment, they should be buying instead of renting. Most people are unaware of this and spending an extra few minutes can turn a renter into a buyer for the agent and be a wise financial move for the customer. Staying top of mind after the rental is complete by following up to see that everything is going well, adding clients to a database, sending tips on real estate related topics, and inviting clients to your favorite charity event are just some of the ways to stay relevant with out becoming that “pushy salesperson.”

Once an agent encounters a lead, the focus should be on service. Be helpful, provide information, and recommend vetted professionals. As a company, Equus maintains strategic partnerships with vendors covering every need a client may have from pre- to post-move including settling in services.