As luxury real estate professionals, we strive to provide our clients with outstanding service. Understanding a client's values and expectations is essential to meeting and exceeding their expectations, as is knowing the measures they will use to evaluate the service they receive.
What do the affluent expect?
Based on a new report by Vanguard and the Spectrem Group, it would appear that they expect communication & competence.
If you've completed our CLHMS Training this should sound very familiar!
While the report looks at the affluent and their relationships with investment advisors, their expectations for real estate professionals are very similar.
As we can see, the two most important criteria are:
- Returning phone calls in a timely manner (Communication!)
- Providing good ideas and advice (Competence!)
What does "in a timely manner" really mean?
Pretty darn quick. As we can see in the chart above, among the Ultra-High-Net-Worth, almost a third of them expect a return call or email within two hours. In almost all cases, a response two days later is a losing proposition.
Discuss and know your clients' expectations on communication. As you begin to work with a buyer or seller, they will have expectations and preferences about communication. Ask, “How would you like me to communicate with you and how frequently?” Also establish their expectations as to response time.
They may ask for a weekly phone call and an additional call when something important occurs. Or, they prefer that the principal form of contact be a weekly email with a phone call as necessary. Whatever their preference, it is important for you to be aware of it. If you have a specific communication schedule, share that with them. “I call my sellers every Monday night between 6:00 and 8:00. Will that work for you?” If they tell you that’s when they play bridge at the club, you’ll need to agree on another communication schedule. In short, agree as to when and how you’ll stay in touch. The relationship will benefit and they’ll feel more positive about you and
Communicate your knowledge and expertise. When working with the affluent, success comes not from who you know, but WHAT you know. Be an expert. Advise your clients from a position of knowledge and expertise, and you will be rewarded with their trust and loyalty.