It’s easy to assume your clients know more than they do, especially if they are enthusiastic and not asking many questions. But you run the risk of working with confused or uninformed buyers and sellers. Do your best to avoid these situations.
Don’t assume clients completely understand
Explain each step in the transaction carefully and make sure your buyers and sellers understand where they are in the process. When they ask you questions, provide information and then follow up to ensure you have answered them to their satisfaction. Clarify any ideas they seem unsure about. Ask if they would like you to go over anything a second time.
Don’t assume they remember anything from their last transaction
That likely was many years ago. Ask about their experience in the real estate market and build off that. Procedures and forms may have changed since their previous sale or purchase. The way it worked last time may be outdated or even illegal now. You can correct misunderstandings and dispel myths and misinformation.
Don’t assume they are aware of the rules
How would they know that their helpful suggestion is unethical? Or that their proposed solution to a problem isn’t allowed by TREC? Use opportunities like these to explain what’s required and expected during the transaction.
Don’t assume they understand all the terms and acronyms
Explain industry language, even if it seems widely understood. Do they know what a title is? A survey? Escrow? Clients will feel more comfortable during the transaction if they understand what all of the words mean.
Be sure to explain all industry acronyms, too—even ones you think everyone should know. If you say something about MLS, some clients might wonder what Major League Soccer has to do with their home sale (there are Major League Soccer teams in Austin, Dallas, and Houston). You can create fliers, checklists, or overviews to help your clients better understand the purchase or sale.
Part of your job is to educate your clients about the transaction they’re working on. Make sure to prioritize this important part of your business. You can access resources to explain many real estate concepts at texasrealestate.com/sharethis or scan the code with your phone.