Being in the business for 5+ years now I must say that one of the things I really enjoy about my line of work is that there is almost always something new to learn. Sometimes the changes come from within the industry and it requires learning new laws, financing techniques, market conditions, or otherwise. On occasion it will be a message about how to work better with customers and clients.
What is the difference between a customer and a client? Well, a customer is a person who may be part of a real estate transaction or who is interested in a property but who isn’t your specific client. Which leaves the definition of a client to be, well, your actual client – usually requiring this person(s) to be signed into a buyer’s agency or listing agreement with you, the real estate agent.
I don’t expect “customers” to tell me their life story, financing situation or otherwise. If they do tell me some of these details it may or may not work in their favor – and as a customer, and not a client, I can utilize this information into the best situation for my actual client.
However, I was reminded over the past several months, via a few client interactions, that not all of the public realizes what they ought to be sharing with their agent. I’m going to have to stop here and remind anyone reading this article that as an agent I am bound by rules of agency which include loyalty and confidentiality to my client. This means that I will not be sharing specific information that will identify a client to a particular transaction. So, without further ado, I can say that it’s very important that sellers be clear and honest in their dealings with agents when it comes to the reasons for a sale and if any outside issues might impact the ability to sell or to be able to negotiate a contract.
But, if you had expenses outside the cost of selling your home, would you tell your agent? I had a situation recently where a client had loans from a family member, and costs outside of the transaction that needed to be paid off by the sale of the property. These costs were quite significant and since my client didn’t disclose them it ended up impacting our ability to communicate well. I had sensed frustration but couldn’t identify the exact source till another family member revealed the true information to me.
It is imperative that clients be as frank as possible with the details of their sale. Had the other family member not shared this info it is possible that my conflicts with the seller could have reached levels that would have imploded the relationship. As someone who prides themselves in developing strong client ties it is also important to me on a personal level, as well as business level, to be sure that my clients and I are on the same side. When the scales are tipped, it is a slippery slope to disheartened individuals on all sides of the transaction.
Feel free to share your story. I hope that the generic version of mine will get others thinking…
