In real estate, reputation matters. A good one can literally be invaluable, and negative one will sink you faster than an iceberg. Every client you deal with can now take any gripe they have with you, real or imagined, and go online to announce it to the world. Negative reviews are especially frustrating because they are often one sided, and rarely is there a way to effectively dispute them or even offer your own side of the story. After all, people love to read a good juicy story of someone’s battle with a greedy seller or buyer, and few ever stop to consider that there is always a flip side to every coin.
That’s why it’s so important to insure that your image is one of integrity and fairness, and that you stick to that philosophy. People who are going to do the diligence to look you up online are going to find most of the info available rather easily. Having a legacy of goodwill from former clients will do a lot to offset the random complaint that might inevitably appear as you deal with more people.
To really grasp the importance of reputation, consider what greets the young couple who goes online to research the new town that they plan to move to.
Reputation when you are trying to sell a home can be a significant factor.
CC image courtesy of Philip Taylor PT
It’s unlikely that they’ll be able to travel much to check things out. For them, the only real option is to go online to do any real research. This will inevitably lead to realtor reviews. It’s a lot like EBay; they will naturally gravitate towards the seller with the most positive reviews. Or even more likely, the seller with the least negative reviews.
No one wants to get burned. First timers are among the main buyers of real estate, and are also the most leery of being taken advantage of. Being known as a shark may be great for your own bottom line, but just as in real life, you’ll scare away most people. The real estate world is not one in which it all comes down to one big score. Selling houses at reasonable rates month in and month out, year after year, is how you stay afloat and maintain great relationships with your clients and also keep a positive reputation.
In the end, that’s what every investor should strive for. Having a fair and reasonable approach to both buying and selling pays its own dividends that pay off far better than going for the kill.
Ed Michelson blogs for We Buy Ugly Houses Twin Cities. Visit their website for more real estate tips, or for help with selling a house in the Twin Cities.