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Sure, the job description is to list and sell property, but let’s be honest, as real estate agents we’re in the service industry. We deliver an outcome on behalf of our clients.
Key to our success in the service we provide is our ability to ‘close the loop’.
What do I mean? Well it’s about completing the task at hand, achieving the outcome, and getting the result – quickly, effectively and decisively – with minimum stress for our clients. That’s where our value lies.
But it begs the question: How good are you at closing the loop? Because it’s an area where some agents struggle, creating more work and a whole lot more stress than is necessary for themselves, their clients and their team.
Let’s talk loops
In our business there are countless situations where agents have the potential to leave loops open.
Take for example the scenario where an agent lists a property and it soon becomes apparent that residence is in need of a price reduction. So the agent ‘chats’ with the owner.
Rather than chatting, the agent should actually be ‘informing and directing’.
The agent needs to be clear in their dialogue and their demeanour that the reduction is a necessity if the property is to sell.
Any hesitation to have this ‘tough conversation’ delays the required price realignment. Days on market are extended and the loop remains open. The agent then has to repeat the process before the loop can be closed. It’s more work and greater stress for everyone involved.
The same happens with buyer negotiations.
A buyer digs their heels in, remaining firm on their offer, so the agent finds themselves in another loop.
They’re in a situation where they’re going back and forth with buyer and seller to reach an agreement, or perhaps they’re even quietly hoping that the ‘next’ buyer will bring a better offer.
It’s an unclosed loop, without resolution.
The impact of open loops
The reality is, leaving loops open for extended periods adds to the workload of an agent.
It reduces results and creates unnecessary emotional strain among all stakeholders. Ultimately, this also affects the client’s perception of the agent.
The added stress, to-ing and fro-ing and lack of decisive action leaves a legacy.
Bringing loops to a close
The best agents focus on closing the loop.
They have an unwavering commitment to:
- Bringing things to a head.
- Bringing negotiations to a result.
- Bridging the gaps and differences between two opposing parties.
They do this by:
- Digging deep to find out if a buyer is ready and has the capacity to buy.
- Digging deep to find out the real motivation of a seller.
- Having critical conversations.
The best agents do this in the knowledge this is how they offer real service to their clients. They know their real value lies in the ability to close the loop and achieve the outcome required.
My advice? Make a conscious effort and be aware of all the ‘open loops’ you are navigating. Learn to bring things to a close – to an outcome.
That’s how you protect your time, achieve better results, and become a master of your craft.
Manos Findikakis is the CEO of Agents’Agency.
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