StreetEasy Experts are undeniably talented, successful real estate agents. But what makes them Experts? Experts have a history of deals in the particular neighborhood, building, or type of listing in which the buyer has shown interest. This is paramount in a market like New York City – with its five boroughs, 300+ neighborhoods, condos, co-ops, townhouses, etc. – where specialized knowledge is power. They’re not just great agents, they’re great agents for exactly what the client desires and needs.
Here’s how Experts can demonstrate why they’re Experts, with insights from Kara McMahon, a StreetEasy Business Advisor who helps agents stay on top of their game.
Lead the way
You’re the Expert – guide the process and set mini-goals and agendas along the way. If you leave the next steps in the prospect’s hands, you may not hear back for a while, if at all.
–Kara McMahon, StreetEasy Business Advisor
Kara sees too many agents leave the process in the client’s hands. Experts need to lead the way and maintain control of the process.
“Keeping the consumer on a schedule will help keep you in control and formalize the process. This will combat unresponsiveness and ambiguity around next steps,” Kara says. “It will also help to tighten the sales timeline.”
Experts can do this by avoiding open-ended questions and commands, like “What do you think?” or “Let me know if you need help or see anything you like.” Instead, they should use specific language with calls to action, such as:
I’m going to send you some additional listings today. Is it fair to request your feedback by Friday? That way we can set up the appropriate showings for the weekend.
“You’re the Expert – guide the process and set mini-goals and agendas along the way. If you leave the next steps in the prospect’s hands, you may not hear back for a while, if at all.”
For more on leading the way, download our scripts for Maintaining Momentum.
Know the sub-market
Kara also believes in educating the buyer, but not just for education’s sake. It should prepare them for what to expect in their specific market of interest.
“Educating and preparing the prospect for current market conditions, sometimes within that specific neighborhood, will ensure they’re clear on expectations,” according to Kara. For instance, is it currently a buyer’s or seller’s market in Tribeca? What’s inventory like for brownstones in Cobble Hill? How competitive is the market for luxury condos on the Upper East Side?
Don’t just know the New York City market, know the sub-market, down to the neighborhood, property type, or even building.
Give specialized guidance
As an Expert, knowing the building or neighborhood is important, but it’s the nuances of specific properties and features that will truly capture the buyer’s attention.
–Kara McMahon, StreetEasy Business Advisor
New York City is a unique market, and the advice and guidance you give to your clients should be equally unique. Knowing things like loopholes and workarounds, esoteric value-adds to a property, or how to get approved by a certain co-op board can separate an Expert from just any real estate agent.
“As an Expert, knowing the building or neighborhood is important, but it’s the nuances of specific properties and features that will truly capture the buyer’s attention,” Kara says. “Be ready to point out aspects of a property that may not be obvious to the client. This type of preparation will help you stand out from the start and build value as a buyer’s agent, acting in the buyer’s best interest.”
For example, if you have a client searching for a three bedroom apartment in a neighborhood where three bedrooms are rare, suggest a two bedroom with an office that can be converted into a bedroom. If a client’s budget is a little too low for their desired neighborhood, suggest a more affordable nearby nabe with a similar feel. If you’ve done numerous deals in a certain co-op building, tell your client everything you know about the board and give them all the tools they’ll need to get approved.
Know how to work different connection types
Based on their deal history and experience, StreetEasy Experts can receive five different types of connections: Building, Like Listing, Townhouse, Luxury, and Buyer Match. These connection types aren’t created equal, and knowing how to work each of them can be a valuable Expert differentiator.
- Building connections are interested in a particular apartment building. If it’s a co-op building, use your knowledge of the building’s co-op board to help the buyer get approved. Based on your previous deals in the building, assist the buyer in coming up with a realistic but winning bid.
- Like Listing connections have shown interest in listings similar to ones you’ve had success with in the past. Make note of the things the buyer likes about the listing, using the M (Motivation) in ALM. Ask questions like “What about this listing caught your eye?” When looking for other properties to show the client, keep their answers to this question in mind.
- Townhouse connections are often searching at a higher price point and looking to put down roots in a more traditional home. However, it’s still important to pay attention to these buyers’ wants, needs, and motivations, which can vary from client to client. They may want a yard, more square footage, a lack of building rules and restrictions, lower carrying costs, or a sense of true ownership.
- Luxury connections are looking for a luxury apartment. Be respectful of how these buyers like to operate: they tend to be more hands-off, have very demanding schedules, are self-sufficient, and usually have some homebuying experience. They also may be looking for something that’s purely an investment. Impress these clients by being polished and personable, knowing the market inside and out, and bringing valuable insight that they couldn’t find on their own.
- Buyer Match connections are matched with you based on what they were searching for – for example, a two-bedroom condo in Chelsea under $2M. “Approach these like a blank canvas,” suggests Kara. Similar to Like Listing connections, ask questions to determine their needs, wants, and the “why” behind their search to narrow in on a few properties where you can set up showings.
For more on this topic, download our guide on Types of Connections – and How to Work Them.
Leverage your network
Experts have specialized experience in a neighborhood, building, or property type, and the same should go for their network. Let’s say an Expert has a client buying a co-op and needs a mortgage lender. Why not refer the client to a mortgage lender who specializes in co-op purchases? Or, even better, one who has experience in that particular building or neighborhood?
The same goes for real estate attorneys, inspectors, stagers, photographers, movers, etc. – make sure they’re Experts, too!