When you think of real estate investing, customer service might not be the first thing that comes to mind. In fact, it might be close to the last! However, you might be surprised at a few of the many ways that great customer service can help you get ahead in house flipping. By using some of the same strategies that retailers and hospitality pros use, you can get more deals, improve your negotiation skills, and get more offers when it’s time to sell your flip homes. How? Check out a few of my favorite customer service secrets for better house flipping.
Whether you’re talking with a motivated seller or a buyer, always listen before you start talking. Being a great listener will do a few things for you. It’ll make your sellers and buyers feel like you care about them, which will make them more comfortable talking with you and working with you. It’ll also help you understand what your sellers and buyers want and need.
If you understand your sellers’ and buyers’ motivations, and what’s driving them to ask for a higher or lower price, then you have leverage in the conversation. You can use that information to work with them instead of just taking “no” as their final answer and moving on.
For example, if a seller’s mortgage holder has agreed to a short sale, they might need a slightly higher price than you’re offering to get out from under their mortgage. Or they might be looking for enough money to cover what they owe on their mortgage, as well as move-in expenses for their new house. When you know these things, you can get an idea of whether or not a slight increase in price will do the trick, and if it’s in your budget, you can move on with negotiations from there.
ALWAYS BE FRIENDLY AND EMPATHETIC
When you pick a mechanic for your car, you want one who’ll be able to repair and maintain your car at a decent price, but that’s not all you look for. You also look for someone who’s approachable and who understands that you need your car to get to and from work. In other words, you value friendliness and empathy, even when you’re just getting your oil changed.
Think of how much it can matter when people are choosing to buy or sell their homes. Above all else, always be nice, and make an effort to understand and empathize with your buyers’ and sellers’ points of view.
BE A GREAT COMMUNICATOR
Expert retailers and hospitality pros always emphasize the importance of good communication. If a customer has a question and you don’t have the answer right away, you need to respond and let them know you’ll be in touch with an answer soon. After they make a purchase, it’s your responsibility to follow up with them to ensure that they’re happy with your product or service.
So how does that apply to the real estate investing business? Great communication will help keep you on sellers’ and buyers’ radar. They’ll know that you’re on top of answering questions they may have, and they’ll be more likely to make an offer or accept your offer if you stay in touch and are clear about all the information you need to give them (or information you need from them).
The next time you go shopping at a high quality retail store or you go out to eat at your favorite restaurant, pay attention to the customer service. See how it makes you feel and, if it’s really good, how you can apply the same techniques to your real estate investing business.