When the REN is killing his potential deal

The below was an actual conversation between two people. It happened two days ago. A Real Estate Negotiator (REN) and a potential customer. They were on their way to visiting a condo unit in Gelugor, Penang. The unit was at Level 19. Their conversation as follows:

Potential Buyer:  How many floors are there for this development?

REN: We are looking at a unit on Level 19. It’s considered near the top. Total floors I think is 28 floors.

They arrived at the lift, went into the lift and the number of levels shown is until Level 35. 🙂

REN: Sorry, I remembered wrongly.

After viewing the facilities which the REN does not know well, the potential buyer asked about the car park.

Potential buyer:  Where is the car park located?

REN: Oh, I have not yet checked but I have the car number plate for the current tenant.  It’s XXX XXXX. Just need to find the car and we know where the car park lot already.

Potential buyer: Oh… (Does not know whether to smile or …..)

— end of the conversation —

To be a good REN is not hard, really. By the way, I believe REN is a professional and thus should provide a professional service. This is because RENs get paid when the transaction is a done deal. I am speaking as both the buyer or the seller since I have been both before

Before. As a seller, I need my REN to represent me VERY WELL. The REN should ask me what would be the top three attractions that I personally like, as the seller. If the REN does not even know how to sell my property well, then how could I trust him? As a buyer, I need the REN to provide me with more information about the development, read about the area more and be ready to answer some of my usual queries. If I have to find out everything by myself as a buyer, then why do I need the REN?

During. Whether as a seller or a buyer, I expect the REN to know my development very well. For example including how to book the facilities, where is the actual car park lot, where can visitors park their cars or even if there is an internal jogging track. Yes, of course the REN should ask the owner well in advance or do his homework very well. The REN should also understand why I am selling if I am the seller so that he could provide me with the right advice on my price, offer etc. If I am the buyer, I expect the REN to know if I am buying for my own home or for investment. He can then advise me much better.

After. As a seller, I expect the REN to update me on home viewings, the potential buyers and perhaps adjust my expectations accordingly after many viewings for example. As a buyer, I expect the REN to call me and follow up and to offer further viewings of the same development or even very similar developments as the one I viewed. The REN should be able to offer me sound advice too on these comparisons for me to make a clearer decision. He should serve with the expectations that both the buyer and the seller would be his customers forever. It is certainly not a hit and run…

See, actually it’s not that tough to be a good REN, right? The best RENs earn HUGE money. The typical ones would struggle and the bad ones would never survive even a few months. The best RENs earn even more money as the year passes because their customers, both the sellers and the buyers would continue to use their services and even recommend their services to others. THINK. If the REN is a blur sotong (cuttlefish), would these recommendations happen? Treat it as a career and the world is full of opportunities. All the best RENs.

written on 17 Aug 2017

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3 thoughts on “When the REN is killing his potential deal

  1. Wow, this REN didn’t do homework eh? I think if I was the potential buyer, I would feel very doubtful about this agent and find somebody else…

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