Thursday, September 16, 2010

When Is It Time To Sever Your Relationship?

The first thing you were probably thinking was that I was referring to a client firing their broker. WRONG!

This one is for all of the brokers out there and all you clients pay attention!
: )

When is it okay to say enough is enough? When do you tell your client that someone you’ve invested a lot of time working for and spent money on that it’s time for them to find another broker to help them?

One of the things I’ve noticed in this recession is as Real Estate Professionals we’ve had to work harder, longer and for less money. Yet we still do it.

Why? Because we love it! We are passionate about what we do and we love helping people. At least I can say I do!

I can’t speak for the 120,000 brokers in NYC, but what I say is what I mean.  Don’t just take my many happy clients’ words for it, experience it for yourself. If you are thinking about moving or just want to know what the market is like, give me a call. There is no risk and I am not looking to talk you into anything. I am here to listen.  And, if you find a good broker who will actually listen to you, isn’t that a good thing?

Back on topic…

I asked when it’s a good time to severe your relationship with your client because almost every day I hear from colleagues the horror stories they encounter with their clients. Now, there are two sides to every story and I’ve been on both sides. But, how much time is appropriate to spend on a client who says they want to move? Am I scaring you? It's not my intention. Sometimes it's important for a client to see what brokers go through in order to help you. Consider this just "useful information!"

Did you catch that phrase up above? “They want to move?” I didn’t hear anyone say “Need to move” which makes a huge difference.  It’s not a clients fault because they weren't qualified properly. Most brokers are hungry for that deal that needed to take place yesterday. And I understand that. 

In my opinion if I don’t make the deal today but two months from now, it’s a deal. And I’ve hopefully helped someone and fulfilled my fiduciary responsibility.

But what I’ve learned is after XX days/weeks and XX number of apartments I’ve shown, if you can’t get a consensus from your client, maybe it’s best to let them go. The hardest clients to work for are the ones who have small budgets but want a laundry list of demands for their new home. Sure in a perfect world that is fine, but this is New York City! As a client you have to be able to compromise. 

If your broker is as good as they say they are, they will know to ask you about  the four major criteria:

1) Location 
2) Price
3) Size
4) Amenities

Followed by what is most important of all of those. 

If you want stainless steel appliances, central A/C and a walk in closet in the West Village, then you need to let go of wanting to only pay $2200 for a one bedroom and be prepared to pay $4000.

This is just the reality. For people looking to move it’s important to know what you are getting into. Even those who “have lived in NYC for 10 years” may not know how the market is today. It’s a fact the market changes monthly (if not weekly these days) and the market will determine what you will pay for rent, what the inventory is and also whether or not you will have to pay a fee of not.  

Of course, the FEE / NO FEE market issue is another beast and I look forward to writing about that next. So stay tuned!

**Editors note: Please don’t take what is said in this post the wrong way. This blog is designed to educate people who are searching for a new home, doing some research, and for brokers who want to keep up with what others are doing. It’s an open forum and I welcome and encourage comments and contributors. Please contact me directly at 323-697-0799 to discuss your needs.

My services are sought after specifically because I tell people what they need to know, not what they always want to hear. There is a huge difference. Many of my clients come to me after they have had an unfortunate experience with another broker. If you feel you are not getting the attention or service you deserve from your current broker, it’s okay to say goodbye. Give me a call.


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