Agents who want to earn higher commissions have been urged to sell themselves on stress management rather than price.
This could be one way for agents to increase their earnings, which are rising at a much slower rate than that of their industry peers, according to research from Gough Recruitment.
Martin Grunstein, a professional speaker on customer service, said although vendors want a good price, what they most want is for an expert to hold their hand through the daunting sales process.
“A lot of people, when you talk to them afterwards, they say they would do anything to not go through that stressful experience again,” he told Real Estate Business.
“While getting the best price for the property is certainly very important, what the successful real estate agents have to be selling is this message: ‘I will take all the stress out of this for you, I will do all the running around, I will be totally accessible to you.’”
Mr Grunstein said agents should reassure their clients by emphasising that they can be contacted 24 hours a day, seven days a week.
They should also promote the fact that they can connect the vendor to trusted partners such as conveyancers, mortgage brokers and handymen.
Mr Grunstein said that agents who focus on building relationships rather than conducting transactions are not only more likely to win the immediate sale but also future business.
He said the reason commissions have fallen over the years is because many agents have taken the easy way out by undercutting rivals to wins sales.
“Here’s the interesting thing I find in the real estate industry – these guys market themselves as expert negotiators on behalf of the vendor, yet they drop their fees in negotiation with the vendor,” he said.
Mr Grunstein also warned agents to avoid the common mistake of “humiliating” vendors, which occurs when agents are late for appointments, don’t return calls or use jargon.
“Real estate, cars and financial services are the three industries where customers get their egos crushed more than any other," he told Real Estate Business.