Real estate agents are the go-to resource in helping clients understand a real estate market in flux. But knowing exactly how to educate your clients can be overwhelming.
Our 2023 Real Estate Marketing Trends survey found that most real estate professionals struggled to educate their clients in 2022. Because of this, a goal for most professionals in 2023 were focusing on client experience and becoming an expert in educating consumers.
As a real estate professional in 2023, it is more important than ever to have a deep understanding of the real estate market and to know how to educate your clients on the current trends. In this blog post, we will discuss the strategies real estate agents should use to become an expert in educating their clients and the importance of focusing on the client experience.
5 Tips to educate clients
Since education is key when navigating an ever-changing market, we have five tips to help real estate professionals educate clients on market trends and interest rates to ensure they retain business and prove themselves as a reliable resource and industry expert.
1. Keep up with market trends
While this may seem obvious, if you want to educate your clients on market trends, you need to fully understand what is happening—locally and nationally.
Follow industry news, attend conferences and webinars, and read up on the latest research. This will help you better understand the current market conditions and how they impact your clients.
From there, you can share resources with clients, such as websites, videos, and informational pamphlets that can provide valuable insight into the home buying process. Beyond helping your clients understand the market, it can also help them understand the reasons behind listing prices or negotiations.
2. Be open and honest
A part of educating your clients is also admitting when you aren’t 100% sure about something. While we don’t recommend saying, “I don’t know,” to your clients, you can navigate the question by mentioning you’ll dedicate time to finding out the answer and get back to them. Being open and honest builds trust.
Additionally, it’s important to be honest with your clients and provide them with realistic expectations. Explain the risks associated with buying or selling a home in a changing market and the potential rewards. You don’t want to overcommit to your clients on what you can provide or the results your clients will see, so educating them about their options is key.
While interest rates are high now, educate your clients on their options after purchase. What may seem obvious to you may not be obvious to your clients. Providing them with information on refinancing and other financial programs can ease their worrying mind.
3. Analyze the data
One of the most important things you can do to help your clients make an informed decision is to analyze the data available. Look at the historical data to gain insight into the market. If you haven’t already provided your clients with a comparative market analysis, now is the time.
Using data to make decisions and showcase consistent trends in the industry can help your clients make more informed decisions and provide evidence for your point of view.
4. Encourage questions
The best way to ensure your clients are well-informed is to encourage them to ask questions. Take the time to explain the market and answer their questions thoroughly. This will help them better understand the market and how it affects their investments.
While providing education can look like many things, having a simple conversation where clients feel comfortable asking questions is one of the easiest ways to connect and educate. When you encourage clients to ask questions, you not only prevent a Google spiral but also better understand their concerns and how you can help. By enabling your clients to ask anything on their mind, you are helping to ease any concerns they may have.
5. Customize your approach
Although you may specialize in one area of real estate or a particular client, it’s still important to customize your approach to each client. They all likely have different needs and circumstances, so take the time to understand their goals, concerns, and priorities.
If you customize your approach for every client, you’ll have more success educating them and providing resources. For example, if you’re working with an experienced buyer concerned about market shifts, providing them with first-time home buyer information isn’t helpful. Be sure to adjust your communication and advice according to your client.
Educating your clients with help from Virtuance
By following these tips, you can help your clients make informed decisions in a changing market. And if you’re looking for more ways to educate your clients, consider using Virtuance’s variety of free resources. We offer a blog, webinars, and marketing resources to ensure you have the tools you need to educate your clients.
