The real estate broker and sale agent work force is predicted to grow 11 percent through 2022, according to the Bureau of Labor Statistics. Despite the projected job growth, Realtor.org reports 70 percent of agents quit before they get past the rookie stage.
Here, BARE International shares an article by Haris Saeed for Customer Think – Why Improved Customer Service Is Vital for Real Estate Industry Growth?
‘Be it any industry the thing that separates it from the competition is its customer service. Customer service plays a pivotal role in making a business succeed and it is also the reason for its downfall. This is the reason organizations carry out rigorous analysis to improve their customer service so that they can retain existing customers and attract potential clients. Real estate is one such industry whose products are solely depends on its customer service because it is one industry that is very much customer centric.
Real estate customers are the one who makes huge investment to buy a property and if they don’t feel comfortable you are very likely to lose a business. The benefits of a good customer service is that it makes the customer feel that you understand their problem and are ready to do anything to sort it out in the best way possible. This feeling gives customer the confidence to make those big investments which ultimately help real estate business to thrive.
Real estate industry needs huge transformation in their customer service because real estate investors expect a lot from the industry. There are various areas where real estate industry can bring a lot of changes. Here are some key points where the real estate industry needs to improve upon so that they can thrive in the tough competition.
Competence: This is one area that needs a lot of professionalism from the industry related people. Most of the real estate executives lack proper knowledge of the market and understanding of the customer needs. So what happens is that they are not been able to precisely handle customers and don’t understand what exactly they want. Beside this, the executives lack intelligence which is very much required to analyze the real estate market and know when is the time to invest or sell or offer the best deal to customers.
Transparency: This is another very important aspect of the customer care in which real estate industry needs to bring huge transformations. Customers are hesitant to invest a hefty amount in real estate as it has created a bad impression of itself of being non-transparent which ultimately halts customers as they don’t want to invest in a wrong deal. So to eliminate this impression of non-transparency there are certain things like hiding facts, telling lies to customers, false promises etc. which needs to be curbed out of the whole process from client meeting, presentation, making a deal till the customer makes the final payment. This will encourage more and more investors to invest in the real estate sector and this sector will thrive like never before.
Availability: Like every other sector or industry customer want availability of the concerned person to have some conversation regarding things that matters. This is also a compulsion for real estate industry as this is one point they lack punctuality in. It is not like the executive have to be present 24×7 for customers but small things like returning phone calls, replying to emails promptly, keeping up with appointments without rescheduling, answering every query are some factors that can make a big difference. This way you create a positive impression of your company and a happy customer tend to bring a lot of business through references which is very essential for growth.
Listening: Every customer wants to be heard. Customers have many concerns when they are about to make an investment in real estate. So when you listen attentively it signals them that the executive is seriously listening to their concerns and will help them find the best deal. This aspect of customer service also needs a lot of improvement because customers mostly have complaints that executives don’t listen to them.
Beside this there are few other aspects of customer service like friendliness, communication, exceeding expectations, post investment feedback etc. are some major concerns that need improvement in real estate industry for better growth.’
For over twenty years, BARE International has provided businesses in new home construction, property management, office space leasing, multifamily housing, and mobile home sales with critical research that highlights specific areas of focus based on changes in the housing market. Our robust infrastructure supports quarterly mystery evaluation strategies, allowing for the assessment of long-term employee data and subsequent extrapolation of key trending insight.
With the current volatile nature of the Housing industry and the unique challenge of having to constantly reassess key data, now is the time to see your business through your customer’s eyes.
Contact us today and see what BARE International’s customized Housing sector services can do for you.