by Deva Jeganathan / Founder of The Property Direct and Operational Partner of KL Property Partners
We have sourced and purchased over £30 million worth of properties in the UK. 70% of the deals were made through estate agents and local auction agents. That is why it is extremely important to build a long-term relationship with them. It requires plenty of time, but once the relationship is established, they quite literally do all the work for you.
To build long-term relationships with estate agents, consider these points:
1. Visibility is credibility:
Being on the estate agent’s mind is crucial. Connect and build a relationship with your estate agent by meeting them face to face every time you pass by or are near their office. Keep them in the loop by calling at least once in two weeks. It is also helpful to be in constant communication through e-mails.
2. Be open and honest:
Let the agent know your intentions clearly. Tell them your views about their deals honestly and never take a deal on board if you think you probably won’t be able to deal with it. Decide whether the deal is going to be bought through cash purchase or mortgage, and stick to that decision. Changing the method of purchase during the process will upset the estate agent and will also damage the buyer’s reputation.
3. Keep up your promises:
Always stick to the completion time. Try to conduct a survey within two weeks after the offer has been accepted. Any obligations agreed between the vendor and the buyer should always be kept, as this will increase the buyer’s credibility with the estate agent.
4. Never bypass:
Try to maintain integrity throughout the process. It is not a good idea to use the deal, sourced by your estate agent, and complete it with the vendor directly, bypassing the estate agent. This will damage your relationship and will demonstrate lack of integrity.
5. Viewing with agents:
When you view a property with a new estate agent for the first time, besides making decision about the property itself, it is also very important to establish a good relationship with the new agent. Creating a good rapport immediately makes a good first impression. And everybody knows that the first impression is always the best one.
7. Add value:
Why not pay a bigger commission if the estate agent deserves it. If you agreed to pay your estate agent a certain percentage for closing the deal, but they also did an amazing job during the purchase and negotiation process, pay them a bit (or a lot, that’s up to you) more as an appreciation for going that extra mile. This will motivate the agent to work for you even better next time.
8. Thanks-giving and celebration:
Celebrate with your estate agent after the completion of the deal. You can also send them cards, small gifts or invite them for an evening drink for Christmas, Easter or any special occasion. After all, they have contributed to your success.
The Property Direct
KL Property Partners
KL Property Partners
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