The importance of clear and consistent communication when buying or selling a home
Tuesday Sep 14th, 2021
Buying and selling a home can be an extensive experience for both the owners, potential buyers, and REALTORS®, and communication is a vital skill that is a requirement for that successful partnership.
REALTORS® need to be clear with what they can do for clients, and clients need to be consistent and transparent with what they are looking for in a home or the sale of a home. Building a specific type of open and honest relationship is the only way for both parties to benefit from the transaction.
Real estate professionals and clients must both be communicative throughout the entire process. To do this, agents will need to ask lots of questions, and clients need to be clear about their wants, needs, and deal-breakers. This open level of trust makes the sale or purchase of a home that much easier. When clients feel that their agent truly listens to their needs, they begin to trust REALTOR® they chose.
For example, if a client tells their agent that they are looking for a home with a large kitchen and backyard access, showing them homes with kitchens in the front of the house will break any trust they had. In this case, clients are left wondering if they can trust the REALTOR® to find them what they are truly looking for. Sellers, on the other hand, require trust because they are giving up their homes. They want to know that the REALTOR® they chose is ensuring that they get the best deal.
Communication should be a two-way street that both parties feel open to participate in. Any concerns, questions, or newly developed ideas should be consistently reported throughout the buying or selling process.
Eliminate Buyer's Remorse
When a REALTOR® or client isn’t communicating effectively, the lines that get crossed could lead to purchasing a home or property that will later leave the client with regrets. If both the client and agent were consistent with communicating their expectations and abilities, buyer's remorse is avoidable.
For example, if a client seems reluctant to purchase a home but isn’t communicating why, the REALTOR® may think that the client is just nervous about the transaction. On the other hand, if a REALTOR® doesn’t communicate that certain aspects of a house are easy fixes or the state of the market concerning their budget, the client won’t know how many options they truly have.
Buying or selling a home is often the largest transaction of a person's life, and they don't want to sign on the dotted line if they're not going to be satisfied with their decision in the long run.
Your Fiduciary Duties
REALTORS® have a responsibility to uphold their relationship to the highest standard of care when working with clients that are buying or selling their homes.
When communicating with clients, REALTORS® must be transparent when it comes to disclosure and loyalty. That means that when a client entrusts an agent with their sale or purchase of a home, they have the duty to put the client’s interests above their own at all times. Agents must also tell their clients any information that could help when buying or purchasing. Disclosure and loyalty require open and honest communication at all times.
There is a fiduciary duty that requires a sense of discretion as well. The agent and client relationship must operate under confidentiality in the sense that any information that could damage the client should be kept confidential. If a client is able to trust their REALTOR® because of the bond that’s formed through open communication, confidentiality comes naturally.
In other words, agents need to be there for their clients in a way that allows for unwavering comfortability and trust. The only way to build this trust and comfort level is by opening the lines of communication and continuing to be consistent, honest, and transparent about everything that goes into the purchase or sale of their home, what is expected of them, and all the skills the REALTOR® possesses that will help them throughout the entire process.