E is for Educating

THE ABC's OF MINDSETS

E is for Educating

What do road trips and a home purchase or home sale have in common? They all need a good road map to be successful.

If you go on a road trip without a map (GPS now days) and at least some sort of plan of what you are envisioning for the trip you may see some nice areas but you have a higher chance of missing the most beautiful and interesting sights. At best you will waist driving time, and at worst you find yourself completely at the mercy of two rough looking strangers from a neighboring small town to help you get off the side of the road and headed in the right direction.

Imagine the uneasy feeling you would have when you encounter these two strangers but with no other option in sight you must rely on them to be helpful, honest and knowledgable.

Now picture the uneasy feeling buyers and sellers have when getting started. Let's face it our industry does not have the best record for being great at educating buyers and sellers. No wonder it was so easy for Zillow to become such a big part of our industry in a few short years. Even with zestimites often having the same feel of a slot machine in Vegas, it still gave buyers and sellers a starting place.

Truth is, as real estate advisors we have one main role, and that is to educate our clients so that they can make the most informed decisions possible. Real estate is a complex and constantly evolving industry that requires a deep understanding of market trends, legal regulations, finance options and marketing strategies. Therefore, education is crucial for maximizing any real estate goal.

With an educational mindset, advisors can better serve their clients with valuable insights, local market stats and knowledgable advice. Education provides the open communication and trusting relationship necessary to navigate the various challenges and risks associated with our industry.

For instance, as advisors we must be able to negotiate effectively, manage transactions, and work to get the best outcome for their clients. We do this by educating our clients on what we are seeing in the market. What is standard for our industry. What concerns or issues could arise. What forms should be completed to protect them. And more.

Real estate advisors should be educating their clients throughout the entire buying or selling process. Education is especially important during the initial stages of the process, such as when the client is deciding whether to buy or sell, and when they are setting their goals and expectations. Educating early on or when they are not even thinking about making a move is how we teach our clients to feel good about asking for our expertise. It is probably the most important time and the time most advisors don't even have it on their radar.

10 ways you should be educating buyers and sellers:

• Provide them with market reports and analysis to help them understand current real estate trends.

• Educate them on the home buying/selling process and guide them through each step.

• Share your knowledge of the local community, schools, inventory levels and amenities.

• Explain different types of financing options and their pros and cons.

• Help them understand the various legal documents and contracts involved in a real estate transaction.

• Share tips on how to stage a home to sell it faster and for a higher price.

• Explain the importance of home inspections and what to look for during one.

• Provide them with resources for finding reputable contractors and home service providers.

• Educate them on how to negotiate effectively, whether buying or selling a home.

• Help them understand wealth building and tax implications of buying or selling a home.

Real estate advisors should also educate their clients when unexpected situations arise. For example, if a client’s offer is rejected or a seller’s inspection report uncovers unexpected issues, the advisor should provide guidance and information on how to proceed. Advisors should be proactive in educating clients on potential risks and challenges, always bringing in experts when needed to provide solutions and options to address them.

By keeping their clients informed and educated, advisors build trust and establish themselves as knowledgeable and reliable partner in not just a real estate transaction but with all the clients real estate goals.

10 avenues real estate advisors should consider using to educate their buyers and sellers:

• Use social media platforms to post informative content about the real estate market and trends.

• Conduct seminars and workshops to educate buyers and sellers about the buying/selling process.

• Create and distribute informative brochures and flyers to potential clients.

• Send out regular newsletters to keep clients informed about the market and industry updates.

• Use virtual tours and 3D walkthroughs to showcase properties to potential buyers.

• Create a blog to discuss and house important market topics and industry myths.

• Provide clients with market reports and analysis to help them make informed decisions.

• Use email marketing to keep in touch with clients and provide them with relevant information.

• Discuss National Headlines that buyers and sellers may be seeing in the news.

• Network with other professionals in the industry to stay up-to-date with industry trends and developments.

In short, we should see ourselves as the GPS system for our clients real estate transactions. Don't be an advisor that waits for the client to give you directions or an advisor that is so out of touch with the market it's like a GPS system desperately in need of the latest update.

Real estate advisors who prioritize education can provide their clients with valuable guidance and support. By educating our clients, we help demystify the process and give them a better understanding of what to expect. This will help reduce stress and anxiety, and make the overall process more manageable. The education mindset is crucial for a successful career in real estate.

Top 10 things buyers are asking to be educated on:

• The local real estate market trends and conditions

• The location and proximity to amenities such as schools, shops, and transportation

• The condition and age of the property and any potential repairs or renovations needed

• The property's history, including previous owners and any past issues or disputes

• The neighborhood's crime rate and safety statistics

• The availability and cost of utilities and other services

• The property's zoning and any potential future developments in the area

• The purchase process and associated costs such as taxes, fees, and closing costs

• The financing options available to them and their eligibility for different types of mortgages

• The potential returns on investment if they plan to rent out the property in the future

Top 10 things sellers are asking to be educated on:

• Understanding the current real estate market and pricing trends

• Preparing the property for sale, including staging and repairs

• Choosing the right real estate advisor or broker

• Marketing the property effectively to potential buyers

• Negotiating offers and contracts

• Disclosing known issues or defects with the property

• Understanding the legal and financial aspects of the sale process

• Being aware of potential tax implications and deductions

• Knowing how to handle multiple offers and bidding wars

• Planning for a successful closing and transition to the new owner
  
  
  
  
  
  

In summary, education is a critical component of the real estate process, and real estate advisors who prioritize education for themselves and for their clients can provide valuable guidance and support, which will lead to repeat business and referrals, as satisfied clients are more likely to recommend their advisor to friends and family.