Trust- The Best Superpower for Real Estate Agents in 2022 & Beyond
We all know that the real estate sector is a promising industry but it is also highly competitive. 2022 has been quite a year for the property industry in Australia after COVID restrictions have been deployed across the country.
Undoubtedly, real estate purchase decisions are one of the most stressful activities in most people’s lives as it involves huge financial decisions with a huge risk involved. That is where trust plays a main role to build a connection between a real estate agent and their customers.
With many unprecedented market challenges faced by the real estate industry, trust has become the most important aspect of the real estate industry in 2022.
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In this blog, we will learn about some of the best tips on how agents can help in building & retaining the trust of customers.
Why Trust Is So Important In Real Estate Sector?
Though trust is not the most important factor for customers in general, it is becoming the most essential part of the real estate sector in 2022.
The expectations and demands of customers and business changes especially during 2020-2021 due to the COVID outbreak in almost every industry sector, not just real estate.
This change was highlighted more specifically by Accenture in the study of more than 25000 consumers across 22 countries into the motivations that matter for today’s consumers states that 50% of consumers had re-evaluated what they valued in life & their expectations from the businesses they deal with.
The group was named “Reimagined” by Accenture where consumers firmly believed that they will leave the brands that don’t recognize their new priorities and are even willing to pay extra for the ones who do.
The above points clearly say that consumers are increasingly more interested in the company’s integrity that they engage with & they want services that come with reputation and trust.
As we talk about the real estate sector that involves buying and selling of property, it is the market for high-value and high-risk decisions where personal investment can multiply greatly.
A renowned public relations and marketing consultancy firm, Edelman says 81% of consumers must trust a brand to buy from them if it’s a big investment especially.
Trust is the most critical aspect of the customer journey considering that today’s consumers have so many options when they look for agents.
Some agents are open about what they offer and can showcase clients’ success stories, which can add considerable value for customers in a highly competitive market.
If you are an agent, it is important to ensure that you are transparent about your services, which will ensure credibility with time. Also, make time to talk with old clients who can share testimonials as consumers rely on genuine online reviews and recommendations to help them figure out the best agent to go from when they want to sell or buy a home.
Top Ways That Shows How Agents Can Build & Retain Trust
As we are now aware of the importance of trust in the real estate industry when a consumer wants to get in touch with agents, here are some of the best tips recommended by the experts to help agents build trust to attract and retain customers for a long time.
- Go for a good website
With high competition, customers have more choices than ever! Building a good real estate website can be a great way to showcase your values and credibility. 53% of customers do their research before they finally decide to purchase from a brand.
A strong and dynamic website is a must for real estate agents to make a place and convince the potential target audience to go with your services rather than going with another agent.
Take time to do competitors’ research and make a well-planned strategy before building a website.
- Showcase Reviews & Testimonials
As we know buying and selling homes is a big decision, and customers will go to the real estate agent who understands that and take care of their needs very deeply.
Your brand plays a great role in attracting customers & building trust, which is why genuine feedbacks from your happy clients are a must.
Research by Sprout says 53% of customers are likely to prefer brands that are transparent about their services, past experiences, etc.
Ensure that you feature positive reviews and testimonials on the website to help customers value your services and build trust.
- Unique & Customized Experience
One negative experience is enough to break the trust of your customers & make them walk out of your brand forever.
In 2021, a Zendesk study found that 80% of customers can switch to a competitor because of a single bad experience.
50% of Australian customers feel a good experience is more important today than it was one year ago, which means real estate agents must use all tools & technologies to personalize every customer’s journey & build a personal connection.
- Maintain Transparency
The famous economist, Theodore Levitt once said- the purpose of any business is to create and keep customers.
This cannot be more true with the HubSpot study that says 93% of customers are likely to repeat business at brands that offer excelling customer service.
To build trust from your customers, honesty and transparency holds the important values that agents must offer to them to make themselves trusted.
Ensure that you offer the services that are as good as you claim to make & always be open about challenges if any.
- Be Empathetic
Research by PwC says that 81% of Australian consumers believed in interacting with a real person more as technology upgrades instead of online consultation.
This clearly shows that agents shouldn’t just keep the focus on technology innovations to build trust among consumers.
Technology is evolving every year and is surely helping in enhancing the customer journey but your real focus as an agent should be on delivering a personalized experience and that is best possible when you interact with customers through face-to-face interaction.
Even though we live in the age of advanced digital transformation, trust and humanity are still one of the most important factors that stick customers towards the brand for a long time, without the thought of switching to competitors.
The trust factor gained huge attention mainly after 2020, i.e. the COVID pandemic! That is because people faced physical movement restrictions that made them stay at home and relied mainly on digital services.
The same goes with the real estate industry, consumers started relying on virtual home tours, video consultations, etc. However, when they want to close the deal for buying or selling a home, trust is still considered the agent’s best superpower in 2022 and beyond.
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