Ethics and Integrity: Two Pillars of Your Real Estate Business

Ethics and Integrity: Two Pillars of Your Real Estate Business


Creating a thriving business is not just about achieving your financial goals. It is about listening to your customers and earning credibility. The fun begins when your business wins raving fans, and you gain the respect of your peers, competitors, employees, and customers.

However, there is a question.

What separates a successful business from its competitors? In other words, how do you gain credibility and authority in your market? Do you do it with hard work, money or systems?

It turns out the answer is simple but complicated at the same time.

There is no way to gain credibility in any industry if you do not practice business ethics. Integrity and ethics are two essential components of any business, and your company cannot survive without them.

Be Fair in Your Dealings

Real estate is a people business. Before you do anything, you want to be sincere with your customers. Treat them fairly. In the real estate world, your genuine concerns are not just limited to Sellers. The word ‘customer’ refers to everyone who meets you because real estate is a people business. Every contact and relationship presents an opportunity to build up credibility and reputation which as a result will accelerate your business.

Create a Win-Win Situation

A win-win situation occurs when both parties are happy with the results. When running the numbers make sure to spend the necessary time, on a case by case basis, to minimize risks but go out of your way, to help your customers.

As a residential redeveloper, you can help your clients in various ways. If your clients need help with moving, hire a moving company to help them out. If your customers need help understanding the process, spend some time to make things clear. In the end, it is your job to figure out the right solution in the right way. When you do this, you have achieved the right outcome which creates a win-win situation for everyone.

Create a Great Customer Experience

Creative thinking and out-of-box solutions can help you develop a rich experience for your customers. Successful real estate investors do not judge their customers. They are not trying to prove the customers wrong. They are working to help and uplift others genuinely. That means listening to your customers. It also sometimes, involves making a compromise when you could have gotten the deal. For example, someone contacts you for selling a house. After reading the situation, you realize that selling is not in the best interest of your prospective customer. You say, ‘no’ to the deal and direct your client in the right direction by explaining to them the ideal solution, which could be referring them to a credit repair specialist or a realtor, if the house could be spruced up and sold in the open market with some or minimum effort.

Appreciate the Efforts of Your Teammates

A simple ‘thank you note’ goes a long way. Just saying ‘ok’ or ‘good’ is not enough. Someone who is providing a great service to help you accelerate your business deserves better than an ‘ok’ sign. Let me repeat. Real estate is a people business. You are working with people for people. So it is essential to make your team members feel important. Treat them like you would treat your clients. Listen to their suggestions.

This does not mean that you do not establish boundaries or guidelines. Just take a few seconds to appreciate the hard work of someone who is genuinely helping your business.

A Few Other Tips to Help You:

  • Successful business owners do not speak negatively of anyone whether a customer or a teammate.
  • Respect privacy and professional boundaries.
  • Use a solution-oriented approach for problems.
  • Never treat your customers like a paycheck. Money is a by-product. The real reward lies in creating solutions and achieving results for your customers.

 

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