Episode #227 Resetting Clients’ Unrealistic Expectations (Without Being the Bad Guy) with Keri Shull

  • In this episode of The Hyperfast Agent Podcast, listen as Keri Shull presents at the 2020 HyperFast Sales Summit about her reality check analysis that ensures agents and their clients stay on the same page! Episode Highlights: 
    • Keri’s reality check analysis will help make a productive mindset shift that will last forever.
    • Every agent has dealt with clients whose desires just did not line up with the market.
    • Over 85% of a realtor’s clients are going to be unrealistic about their expectations and money.
    • When clients don’t get what they want, they become upset, disappointed, and could even fire you.
    • Clients will ghost you for another agent when you fail to set their expectations properly.
    • Without having the conversation upfront that establishes you as the expert that listens, they will not refer you even if you do find them a house.
    • A mistake that many experienced agents make is telling clients that their expectations do not exist.
    • Rather than telling someone that their expectations don’t exist, show them, or they will not like you.
    • The goals of the initial meeting are to build rapport, understand what they want, and get a signed buyer agreement.
    • There’s no way to shift your clients to reality without understanding their motivations.
    • Keri recommends that before shifting your client, you gather all the information about their “why”.
    • It’s important to use the facts of the market to support your reality check questions.
    • Too many agents make the mistake of trying to shift expectations over the phone, effectively destroying any rapport.
    • Focus on what has been sold in the last 90 days and compare it to their actual criteria without putting their price range in.
    • When you see that their criteria and market price don’t align, it’s important to normalize the situation for your client.
    • Don’t forget to reset the client’s expectations after giving them their initial reality check.
    • If you don’t reset the client’s expectations, they will rent or research enough to shift on their own.
    • By anchoring at the budget that they tell you, you inadvertently get them stuck at that number.
    • Keri immediately connects her lender with the client to build rapport and share financials.
    • It’s extremely important that you discuss the budget with your clients in monthly terms.
    • Agents have a tendency to peck with ultimatums and scenarios that make the client feel like their dream is being changed.
    • Continuously reiterate the important points to them so that they know you’ve been listening.
    • Before you make any comments or present any scenarios, do the math, or they will think you’re stupid.
    • It depends on the situation where you should start “pecking” (i.e. features, price, or location).
    • What makes the shift so hard is that most of the time, you are dealing with a couple who probably have different opinions.
    • Practice “stacking” out loud or you run the risk of remaining a “pecker” for your entire career.

    3 Key Points:

     

    1. It’s human nature to be unrealistic with expectations, especially when looking for your dream home at the price that you desire. It’s up to agents to set those expectations correctly.
    2. Many real estate agents make their clients feel small when they show them that their criteria do not line up with the market. Make it a point to normalize the situation and make them feel comfortable.
    3. First-time home buyers tend to think of their budget on the basis of monthly payments whereas experienced home buyers think of the total cost.

    Tweetable Quotes:

    • “I want it to be a mindset shift about how you operate when you’re working with buyers forever.” – Keri Shull
    • “The trick of doing the reality check well is understanding their “why.” – Keri Shull
    • “You don’t move on to resetting their expectations without their commitment.” – Keri Shull
    • “If you have weird emotions with money, leave it at the door because you can’t solve your clients’ problems without knowing how to fix that in yourself.” – Keri Shull
    • “The process of shifting someone’s expectations only works if they feel listened to and cared about.” – Keri Shull

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