These days real estate agents need to offer extra services in order to meet the expectations of their clients – but which services are most important? Ayda Shabanzadeh explains why an investment consultant could be your new best friend.
While many investors seek advice from their financial planner, others turn to their real estate agent for specific advice on what to invest in.
An ever-evolving economy, together with an increasingly hectic pace to our lives and new technology emerging all the time has resulted in different expectations from clients across many different industries than just a few short years ago. As consumers of any given product or service, we expect instantaneous replies to our enquiries, the most superior and personal service that delivers immediately, and we also don’t have the time to run around and speak to a number of different businesses for any particular area of our lives.
With our clients’ expectations higher than ever, what this means for your business as a real estate agency is that if you can’t deliver a multi-faceted service, clients will go elsewhere. It is with this reality in mind that many real estate offices have formed relationships with mortgage brokers and solicitors, so that they can become the “one-stop-shop” clients expect. On the other hand, imagine if you were to be the only real estate agency in your area that can provide real value to your clients in a way that no other agent can, and even earn commission from going above and beyond your client’s expectations?
Something that few real estate agencies currently do really well is that of advising and servicing investors. While many investors seek advice from their financial planner, others turn to their real estate agent for specific advice on what to invest in. Real estate agents, however, don’t have the experience of investing in property or aren’t qualified to provide individualised advice on a client’s financial situation, because there is so much more to it than selling an investor just any property.
There are many boxes a smart investor needs to check when selecting that perfect investment property in order to bring a good rental return and increase in value long-term, but unfortunately, many investors may feel pressured to just take the first property available in fear of missing out altogether. A time-poor society could also result in the wrong property being selected due to lack of available time and resources to source the entire selection available. Each and every investor has an individual situation, and entirely different needs and aspirations – there is no “one-size-fits-all” approach that works. Tailored solutions should be created to meet individual investors’ needs and goals.
Without a proper facility to advise investors, your clients are missing out on crucial information and an investment plan for their future needs. However, real estate agents could really provide a superior service to their clients by allowing them access to a qualified property investment consultant prior to making an investment decision. This, for example, could help clients who want to invest in property achieve their goals, as the aim is understanding the clients’ affordability and what they want – before talking about real strategies and educating the client about the price bracket and property type that will suit them best. From there, the real estate agent can source and show the right properties to the client because they know what’s going to meet their needs.
Liaising with investment consultants can help provide a service over and above that of your competitors, and you could ask them to provide specialised property investment advice to your clients, either one-on-one or in the form of a workshop. Many investment consultants also offer access to a number of exciting projects that are not yet on the market. These opportunities are usually snapped up before they are completed or placed on the market, making it essential for astute investors and real estate agents to align themselves with a consultant who has relationships with developers already in place. It is likely the investment consultant will be only too pleased to provide a commission to the real estate agent in return.
There is no question that property investment provides financial security and a means to wealth creation, freedom, and choices in the future, and real estate agents who provide this opportunity to their clients are truly providing an exemplary service.