Rival real estate agencies are no longer a principal's only competition, a leading agent and auctioneer has said.
According to Adrian Bo, partner of McGrath Estate Agents who operates out of the group's Coogee office, just what constitutes competition for an agency principal is rapidly changing.
“You are no longer just competing against Ray White or McGrath around the corner,” he told over 250 attendants at the Cooley Auctions and Josh Phegan organised 'List Sell Negotiate' event, held in Sydney earlier this week.
“You are competing against big brands like FedEx, Four Seasons Hotels and Apple. These are the brands that are doing customer service right. They have set the bar and now every industry and business needs to rise to this five or six star service."
“The consumer expects so much more now and if you don’t keep up you can easily become a dinosaur.”
The best customer service can be achieved when an agent just listens, said Mr Bo, who has been in the industry for over 20 years.
“Silence is the best thing you can do in a listing presentation,” he said. “Agents talk their way out of listing properties every day. You just need to close your mouth and listen to what they are saying, their concerns and questions."
“And then once they are finished and you understand their situation, it is your turn to speak.
“Also, sometimes you just need to ask for the business,” he added. “I have known agents who come out of a presentation boasting a two-hour conversation that went “really well” but never once asked for the business.
Other speakers at the event included Dr Fred Grosse, Damien Cooley of Cooley Auctions and industry trainer Josh Phegan.